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Understanding debt consolidation loans
Are you managing multiple debt payments, to different lenders, with varying payment dates and amounts? Keeping track can be daunting, making timely repayments a challenge. Debt consolidation could be the solution for you.
A debt consolidation loan is a loan which you take out to repay your other debts. These could be credit cards, car finance, personal and unsecured loans, or other types of borrowing, which typically charge higher interest rates than secured homeowner loans.
By consolidating your various debts into one secured loan, you can benefit from a lower interest rate and you can spread the repayment of the loan over a term of up to 30 years. You will only need to make one monthly payment to Selina each month, rather than paying off each of your different credit accounts every month, making your finances much simpler and more predictable.
Why apply for a secured loan?
As a homeowner, you may be eligible for a secured loan.
Simplify with a secured debt consolidation loan
At Selina Finance, our second charge mortgages (often known as secured loans or homeowner loans) can merge your existing debts into one manageable, lower monthly repayment, typically at a lower interest rate.
You should make sure that a debt consolidation loan is the right choice, as your property may be at risk if you do not meet your monthly repayments. It may not be beneficial to consolidate all of your debts - for example, you may be better off keeping 0% interest rate credit rather than consolidating it. Our advisors will be able to support you throughout the process, and will ensure that you are getting the right loan and consolidating the right items of credit for your individual needs.
One lower monthly payment
No more juggling of multiple repayments at high interest rates. Consolidate it into a single, affordable monthly instalment without having to worry about multiple payments coming out on different days.
Exclusively for homeowners
You need to own your home and have a mortgage still outstanding to be eligible. Homeowner loans are secured on your property, which potentially allow you to unlock a larger loan at a lower rate and over a longer term.
Simple, fast process
We have a straightforward digital process which minimises the amount of effort, and allows you to get your money as quickly as possible. You could get your money up to 66% faster by choosing us over a similar lender.
Here’s how we helped Mr and Mrs Johnson consolidate their debts and upgrade their kitchen
With total debts of £60,667 spread over six separate monthly payments, the Johnsons took a Selina homeowner loan of £83,250 over a 26 year term. They were able to reduce their monthly payment significantly, from £1353 to £738.
This lower monthly payment included the £20,784 of additional borrowing they needed for their kitchen renovation, which meant they did not need to borrow separately from another lender.
Why consolidate your debts?
How to apply
