Debt Consolidation Loans UK
Lenders need lots of information to make their decisions
When applying for debt consolidation loans UK customers will be asked for lots of information. Lenders need to make sure that you can afford the repayments and that by taking a debt consolidation loan you're not going to end up in even more of a financial mess.
When considering debt consolidation loans UK lenders will ask for a dizzying range of information: not just your income but how much you spend and what you spend it on. You'll be expected to provide details of all your outgoings – not just the debts you intend to consolidate – and the lender will ask for details of how much you spend on food, entertaining, car running costs and even cigarettes. It's important to tell the truth, not least because lenders can and will check your credit rating to see if you're telling porkies.
The reason for all the questions is because when they consider debt consolidation loans UK lenders will only consider responsible borrowing: in other words, they want to be sure that you can afford the repayments and that you won't simply borrow the money without changing your spending habits. For that reason you may be offered a loan on certain conditions, such as cutting up and returning your credit cards or surrendering your Switch card.
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