Paying off your debt using a personal loan could give you the chance to take control of your finances.
Managing your finances
Paying off your debt using a loan could give you the chance to take control of your finances.
Even if you’re only borrowing or repaying small amounts, it can be hard to:
- track interest rates and know the real cost of your debts
- understand which debts cost you the most, and
- choose which debts to pay back first.
Paying off your debts using a loan could leave you with 1 manageable monthly payment. This could give you the chance to take control of your finances and manage your debt at your own pace.
To apply for a loan
Is using a loan to consolidate your debts right for you?
Consolidating your debts with a loan might make your monthly payments more affordable and manageable. However, it may take longer to pay off your loan than your original credit. You could end up paying more in interest.
Loan applications involve an assessment of your individual circumstances. We can’t guarantee that your application for a loan will be successful. It’s important to consider all of your borrowing options carefully. Get independent advice if you’re unsure what to do.
If you’re in financial difficulties, we don’t recommend that you increase your debts. Don’t borrow more than you need. If you take out more credit, you’ll add to your debt, meaning you could end up taking longer to pay it off.