What credit score do I need for a bank debt consolidation loan?
Credit reference experts, Experian, state that to be approved for a bank debt consolidation loan you need to have a good or excellent credit score rating. However, those that want to borrow with a poor credit score may still be able to do so. They are more likely to be offered a higher rate of interest, which could make debt consolidation unworthwhile.
Does a debt consolidation loan go into your bank account?
Most of americashpaydayloan.com/installment-loans-fl/ the time the money from a debt consolidation loan will be deposited into your bank account. If youve applied for a loan with the same bank that you have your current account with then the funds are typically deposited within the same day of approval unless you apply on bank holidays. If you are getting a debt consolidation loan from a bank you dont have an account with, it can take a little longer for the funds to be deposited.
Some lenders may want to make sure you are going to use the money for debt consolidation. And as a result, they may not deposit the money into your account. Or they may request proof that you have used the money to pay off the existing debts. But this is not that common.
Which banks offer debt consolidation loans?
After researching the UK market, most high-street banks offer debt consolidation loans. Namely, you can currently find debt consolidation loan products with:
- NatWest
- Halifax
- TSB
- Lloyds
- Royal Bank of Scotland
- Barclays
- HSBC
You can also get personal loans that are allowed to be used for debt consolidation at Santander. When you are searching for a debt consolidation loan from a bank, make sure to search for generic loans and check the terms as well.
What is the best bank for debt consolidation?
There is no way to say with absolute certainty which bank debt consolidation loan is the best. Thats because each debtors financial and personal circumstances are different.
Some debtors may require to borrow more than what is available with one lender, while others may want to spread costs out for longer than the standard maximum repayment loan term of 60 months.Continue reading→