Debt Consolidation Loan

Debt consolidation

 

Our members borrow from the Credit Union for a variety of reasons. Recently, we have seen an increase in the number of members who are coming to us for help with debt consolidation. We have already helped many members to consolidate their debt(s), ranging from credit cards to store cards. The main aim’s of debt consolidation are to bring your debts together in one place to make them easier to manage, put you in a better financial position by getting a lower interest rate, where possible, and to try and create more disposable income each month. 

It may help to have settlement figures to hand from your current creditors as this will help you to work out your total current debt.  You can then compare the cost, rates and terms of your existing debts to what it would be on a consolidation loan with ourselves. To find out if our Debt Consolidation Loan is right for you, we suggest using our loan calculator. If this would put you in abetter financial position you may want to consider applying.

You can apply to borrow up to £25,000 if you have been with the Credit Union over two years and up to £15,000 if it’s less than two years. Regardless of the amount you borrow, the maximum repayment term can be over 90 months. With the Debt Consolidation Loan, there is one clear fixed interest rate of 9.9% APR for borrowing below £5,000 and 8.9% APR for borrowing totalling £5,000 and above. These rates will stay the same regardless of your credit score. We believe the clear rates help our members decide whether the repayments could be affordable before you apply.

As with our other products, if you would like to make overpayments you are more than welcome to do so and will not incur any extra charges or penalties. It could also save you money in interest, as it could help to repay your loan quicker as interest is accrued daily. 

To find out more about this product click this link: www.no1copperpot.com/debt-consolidation-loan/

If you have any questions please get in touch with us via webchat, email info@no1copperpot.com or call 0161 741 3160.

All loans are subject to status and our lending criteria.

 

 

 

 

 

 

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