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We never take a fee from customers for this broking service.
Instead we are usually paid a fee by the lenders – though the size of that payment doesn’t affect how we show products to customers.
Rather than making lots of separate payments to different lenders every month, you’ll only have to pay your consolidation loan provider.
With each separate existing loan you look to pay off with your consolidation loan, check whether there are any early repayment charges – and, if so, factor them into your calculations.
If you see any loans that are secured, you should be wary of them.
A secured loan is when the debt is held against an asset (usually property) – think carefully before securing other debts against your home because your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
When consolidating debts, work out how big a loan you will need and check the interest rate, as rates are usually tiered depending on how much you borrow.
To create this article, 17 people, some anonymous, worked to edit and improve it over time. If the interest rate on the new loan is lower than that on the previous ones, this can save the debtor money on his or her monthly payments.
If you think you might be able to pay off your debt consolidation loan early, check to see if there are any penalties for doing this.
Remember that the longer you take to pay it off, the more interest you will pay overall.
It allows us to use your personal circumstances to see your eligibility for loans – but this is not a guarantee of acceptance and should be used as a guide only.
Money Super Market is a credit broker – this means we’ll show you products offered by lenders.