Debt consolidation loans aren't right for everyone.
It's important to check all of the other options available and make sure you're making the right choice.
The rate you are offered depends on your personal circumstances, the loan amount and the repayment term, and may differ from the Representative APR.
In our view, HSBC's debt consolidation loan is the best offering in the market because it offers the lowest interest rate, while also waiving its processing fee.
In contrast to a balance transfer loan, a debt consolidation loan helps you to pay down all of your personal debt over a long period of time.
This is especially the case if you have racked up enough debt that will take you more than 12 months to full repay.
Consolidating your debt can save you a lot of money in the long run.
So whether you have credit card debt or multiple outstanding loans, you may be better off combining your debt into one affordable, hassle-free Lending Works loan. Furthermore, our guide to debt consolidation loans will tell you everything you need to know about the merits of this type of personal loan.
Once your debt is consolidated the difficulty in juggling several commitments will be relieved and you can once again feel on top of your finances whereas before it may have been a struggle.