Trading address: The Grange, Grange Road, Malvern, WR14 3HA. MoneyNerd a trading name of MoneyNerd Limited, registered in England (12915403). This will provide exceptional peace of mind and is an innovative inclusion.įinal tip? Keep Lloyds on your shortlist but don’t stop window shopping here! One of the best aspects of the Lloyds debt consolidation loan is the potential for two repayment holidays each year. Yet, these are representative and might not be achievable in any case. The representative rates they offer are not as appealing as other banks, such as Santander. Lloyds have pretty much excluded anybody who is not one of their customers from accessing their debt consolidation loans. Lloyds Debt Consolidation Loan, Yayy or Nay? This is useful because it negates the need to apply if you won’t be accepted – and therefore protects your credit file as no check will be completed for the provisional quote. This will give you a more accurate quote and tell you the likelihood of being accepted. Instead, you can use the personal quote tool. Sometimes these calculators are lead generators rather than helpful to potential customers. It is not clever enough to determine individual circumstances and is likely to provide better terms than you can really obtain. This will give you an idea of the terms you could get with a Lloyds personal loan.īut take the calculator with a pinch of salt. You can get a quote by using the Lloyds debt consolidation loan calculator. Can I Get a Lloyds Debt Consolidation Loan Quote? Other debt solutions are likely to be more beneficial to debtors. However, as mentioned earlier, large borrowing is not usually a good idea for debt consolidation. If you borrow more than £25,000, you will be able to extend the maximum repayment period by two years. ![]() Most loans can be rapid between one and five years. But take note, if you want to settle the loan early you will be subject to a fee of up to 58 days of interest. You can even make early repayments or settle the loan early. This is subject to approval but could help ease the pressure if an unforeseen purchase is needed while you repay. Lloyds offer their personal loan customers the opportunity to apply for two repayment holidays every year. Lloyds Debt Consolidation Loans Have Repayment Holidays (BONUS!)Īlthough the rates might not have you jumping for joy, there are other benefits of a Lloyds debt consolidation loan that will. The rate you can get will depend on personal circumstances. It is often the case that few people can get these low rates and some people can only get the highest APR rate of 29.9% – a huge difference. But this representative rate is slightly higher than the other big UK banks who can offer rates of 3% to 3.45%.īut don’t focus too much on the representative rate. The representative APR of Lloyds debt consolidation loan is 3.9% for amounts between £7,500 to £25,000, which is the same as NatWest. If you are a full-time student you will not be able to apply for a Lloyds debt consolidation loan. Moreover, you must have regular income or employment to apply. This is unlike Santander and other banks who offer their debt consolidation loans to non-customers as well – sometimes with less favourable terms. Other banks take a similar approach, such as NatWest where must have had an account for three months with them. You also need to have had a Lloyds account for at least one month, which will exclude a lot of people. To apply for the Lloyds debt consolidation loan, you must be at least 18 years old (not 21 like some competing banks) and you must live in the UK. Who Can Apply for a Lloyds Debt Consolidation Loan? “Haven’t had too many problems in regards to doing my banking, however, the customer service isn’t very pleasant to talk to on the phone.” This might put some people off trying for one of their loans. ![]() We were unfortunately not able to find any reviews about debt consolidation loans specifically, but we did get mixed messages about the bank’s customer service. There is a chance that a debt consolidation loan is not the most advantageous debt solution and you may be able to find a better option from the various debt solution services. ![]() However, if you need to access bigger amounts over £10,000, you should speak with a UK debt charity first. You can access from £1,000 to £35,000 through a Lloyds debt consolidation loan. Lloyds offer personal loans that can be used for debt consolidation. Get started Lloyds Debt Consolidation Loan Overview
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