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You can then spend this money on the things you need.You can apply for a loan term from 12 to 120 months depending on the loan amount and purpose.After all, interest rates on these loans are reasonable, perhaps half as much as what a bank might charge you for a personal loan.If your cash flow is really tight and you are making big payments on debts with high interest rates, using a 401(k) loan may take some pressure off your monthly payments.Just remember that the maximum repayment period might be lower for certain loan purposes.We offer loans to cover costs big and small and you can be specific about the amount you need, down to the pound.Installment debt is one that involves a regular payment with a start and end point, such as a mortgage, auto loan or student loan.Regular, on-time payments on these types of loans helps your credit profile because it shows creditors that you’re responsible and can handle long-term payments.
Let’s say you have ,000 in credit card debt and your card has a 17.99% interest rate/17.99% APR, and you are making the minimum monthly payment.* You recently checked out your debt consolidation options and qualify for a 36-month personal loan with a 12.5% interest rate/15.742% APR.
If your objective is to lower your monthly payment, you could consider consolidating your existing personal loan to a 60-month term personal loan.
Longer terms typically allow you to pay a lower monthly payment, so you’ll have extra cash to put toward a different goal, like saving up for a down payment on a mortgage, or increasing your monthly contributions to your 401k or emergency fund. Instead of making the minimum payment on your credit card for years on end, personal loans set realistic payment plans to help you get out of debt in a reasonable time and save money in total lifetime interest.
Debt consolidation is just one strategy you can use to help with your finances.
Essentially, it’s a way to pay off one or more lines of credit in exchange for a loan that’s better suited to complement your financial goals.
Loans are available to UK residents and over 18s only.