What are the best debt consolidation loans with low interest?
For the best debt consolidation loans with low interest in the UK, here are a few options to consider:
- NatWest Debt Consolidation Loan
- HSBC Personal Loan
- Santander Personal Loan
- TSB Personal Loan
- Lloyds Bank Personal Loan
It's important to compare offers based on your credit score, as the rates can vary significantly. Additionally, some lenders might offer specific promotions or better rates for existing customers.
As an alternative, you can also take out a personal loan. Your possible expenses:
Personal loan calculations for 1 year (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 5,000 | 8.40% | 228 |
| 5,000 | 9.40% | 255 |
| 5,000 | 10.40% | 282 |
| 10,000 | 10.50% | 569 |
| 10,000 | 11.50% | 623 |
| 10,000 | 12.50% | 677 |
| 20,000 | 12.60% | 1,365 |
| 20,000 | 13.60% | 1,473 |
| 20,000 | 14.60% | 1,582 |
| 25,000 | 15.00% | 2,031 |
| 25,000 | 15.70% | 2,126 |
| 25,000 | 16.70% | 2,261 |
Can I refinance a personal loan?
Yes, you can refinance a personal loan in the UK. Refinancing involves taking out a new loan to pay off an existing one, often to secure a lower interest rate, extend the repayment period, or reduce monthly payments.
If interest rates have dropped or your credit score has improved since you took out your original loan, you might qualify for a lower rate. Refinancing to a loan with a longer term can reduce your monthly payments, making it easier to manage your budget.
If your financial situation has changed, refinancing might help you better manage your debt. Refinancing can be a way to consolidate multiple debts into one loan with a single monthly payment.
Review the terms of your existing loan, including the interest rate, remaining balance, and any fees for early repayment. Compare offers from different lenders to find a new loan with better terms. Consider the interest rate, loan term, and any fees associated with the new loan.
Use a loan calculator to determine how much you could save by refinancing. Factor in any fees, such as early repayment penalties on your current loan or origination fees on the new loan.Once you find a suitable option, apply for the new loan. You’ll need to provide personal and financial information, including details of your existing loan.
If your refinancing application is approved, use the funds from the new loan to pay off your existing loan. Ensure that the old loan is completely paid off to avoid any further interest or fees. Begin making payments on the new loan according to its terms. Ensure you stay on top of repayments to maintain a good credit score.
See the similar FAQ about UK banks:
- HSBC loan repayment reward offer
- HSBC: how to apply for a loan
- How to claim PPI from HSBC?
- MandS Bank loan calculator
- Where do I fins calculators of Clydesdale Bank?
- Wire transfer in HSBC: how to make?
Details of companies offering the financial services:
118118MONEY
Head office’s address: London
Contact center: 02920-548-118
Web-site: https://www.118118money.com/
ABC Finance Limited
Head office’s address: Point North Park Plaza, Cannock WS12 2DF
Contact center: +44 1922-620-008
Web-site: https://abcfinance.co.uk/
Cash Compare
Head office’s address: London
Web-site: https://www.cashcompare.co.uk/
Everyday loans
Head office’s address: 1st Floor North, 2 Dukes Meadow, Bourne End, Buckinghamshire, SL8 5XF
Web-site: https://www.everyday-loans.co.uk/
Evolution Money
Head office’s address: 9 Portland Street, Manchester
Contact center: 0161-814-9158
Web-site: https://enquiry.clarity-uk.com/
Got Capital
Head office’s address: 131 Finsbury Pavement, London
Contact center: +44(0)203 7500096
Web-site: https://gotcapital.co.uk/
Halifax
Head office’s address: The Mound, Edinburgh EH1 1YZ
Contact center: 0345-720-3040
Phone: +44 (011) 3242 19 84
Web-site: http://www.halifax.co.uk/
Stock code: HALP
Lloyds Bank
Head office’s address: 25 Gresham Street, London EC2V 7HN
Contact center: 0345-300-0000
Web-site: https://www.lloydsbank.com/
Swift code: LBGTGB22
Reference number: 119278
Stock code: LLOY
ABN: 00002065
BSB: LBGT
NatWest Bank
Head office’s address: 250 Bishopsgate, London, EC2M 4AA
Contact center: 0800-88-11-77
Phone: +44 345 788 8444
Web-site: https://www.natwest.com/
Swift code: NWBKGB2
Reference number: 121878
Stock code: GBP1
ABN: 00929027
BSB: NWBK
Norton Finance
Head office’s address: Norton House, Mansfield Rd, Rotherham S60 2DR
Contact center: +44 800-694-5566
Web-site: https://www.nortonfinance.co.uk/
Ocean Finance
Head office’s address: Marlowe House, Watling St, Hockliffe, Leighton Buzzard LU7 9LS
Phone: +44 333-123-0022
Web-site: https://www.oceanfinance.co.uk/
Pegasus Finance
Head office’s address: Technology House, Station Rd, Alton GU34 2PZ
Contact center: 800-066-2882
Web-site: https://www.pegasuspersonalfinance.co.uk/
Shawbrook Bank
Head office’s address: Lutea House, Warley Hill Business Park, The Drive, Great Warley, Brentwood, Essex, CM13 3BE
Contact center: 0345-266-6611
Web-site: https://www.shawbrook.co.uk/
Swift code: WWLLGB2B
Reference number: 204574
ABN: 00388466
BSB: WWLL
Tesco Bank
Head office’s address: 2 S Gyle Cres, Edinburgh EH12 9FQ
Contact center: 0800-591-688
Phone: +44 131 203 5000
Web-site: http://www.tescobank.com
Swift code: TPFGGB2L
Reference number: 186022
Stock code: TSCO
ABN: SC173199
BSB: TPFG
TSB
Head office’s address: Henry Duncan House, 120 George Street, Edinburgh EH2 4LH
Phone: +44 (034) 5975 87 58
Web-site: http://www.tsb.co.uk
Swift code: TSBSGB2A
Reference number: 119278
Stock code: 94AQ
ABN: SC095237
BSB: TSBS