Need help with your debt problems? Here at Loanexplorer we can offer you consolidation loans to pay off debt. By reducing your monthly repayments to an affordable amount that you can manage, you will be on the path to becoming debt free. Our aim is to offer you a hassle free solution to your debt problems and a loan to pay off debt is an ideal way to consolidate existing debts.

Clear Debts Quickly

If you need to pay off debt we will complete a comprehensive search of suitable lenders to find you a fantastic loan deal. We have access to some of the lowest rates in the UK and think that you can benefit from our great offers. Consolidating existing debts gives you the opportunity to not only reduce monthly repayments but also the option to reduce interest charges by repaying a larger monthly amount. Let’s look at an example.

Example

You owe £5000 at 10% APR payable over 5 years, with an early repayment fee of £250. Your monthly repayment is about £106 and you pay back £6374 in total.

You also owe £10,000 at 9% APR payable over 15 years, with an early repayment fee of £750. Your monthly repayment is about £101 and you pay back £18,257 in total.

To pay them both off immediately you need a loan of £16,000 – enough to cover both loans plus their early repayment fees.

If you kept both the original loans you would repay £207 a month, and £24,631 in total.

A 16,000 loan at 9% APR over 10 years costs you about £203 a month, and in total you pay back £24,321. You pay less both monthly and in total.

Although only a small saving, this example shows the benefits of debt consolidation. Even with early repayment fees it’s possible to save money by consolidating. Why not work out your own situation with our loan repayment calculator, or apply for a free consolidation loan quote above.

Become Debt Free

So if you are in debt and you are finding it difficult to pay the creditors, then why not consider a loan to pay off all your other debts, all you have to do is complete our simple online application form and we will do all the hard work.