Choosing how many months you repay the loan over is an important decision.
If you go for a longer loan term than your debts currently run over, this may reduce how much you pay each month, but the total amount you pay back might be higher due to paying more in interest.
So even if your circumstances have left you with bad credit consolidation loans could still be an option.
If you don't own your own home or are not willing to risk losing it if you can't make your payments, an unsecured loan may be your best bet, as your home will not usually be put at risk if things go wrong.
However, many of the loans available to those with bad credit will only be offered to home owners.
If you own your own home, you might be offered a secured loan that uses your equity as collateral, but be careful, as these loans often take a long time to pay off and can put your home at risk if you can't pay back what you owe.
The amount you borrow will affect which loans are available to you and the interest rates they'll charge.
Whether you are looking to consolidate credit cards, another personal loan, other debts or a combination; You can apply online and complete the online application in 10 minutes or less. Or you can apply over the phone (1300 275 669) by speaking with one of our Australian-based personal loan advisors.
Getting your individual rate is quick and easy and won’t affect your credit score.You will know your rate before you apply by clicking on and complete the short form on our Veda partner page.You will receive your rate within one minute and this rate won't change when you continue and submit your online application. It simply means to bring all of one’s personal debts together – consolidating them – into one single regular payment.Managing multiple debts can be stressful, tiresome and resource-heavy; therefore With a debt consolidation loan, our customers can enjoy flexible payment options and simplify the management of their finances.(fixed) plus an arrangement fee of 2.9%, you will repay £211.86 per month & £5,084.64 in total.