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. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.Get started Lloyds Debt Consolidation Loan Overview compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. We may also receive compensation if you click on certain links posted on our site. We may receive compensation from our partners for placement of their products or services. While we are independent, the offers that appear on this site are from companies from which receives compensation. May also receive compensation if you click on certain links posted onį is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. Our partners for featured placement of their products or services. While we are independent, we may receive compensation from
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