Debt Consolidation Loan

Arrears

This is any payment that's made after the date it's due

Consolidation Loan

A consolidation loan is a loan taken primarily for the purpose of clearing off other debts. It will help you pay back your loans or borrowings such as credit or store card to help you from paying interest on other loans.

Credit History

This is a record of all your financial activities. Everyone that had any kind of dealings with a financial institute will have a credit history.

Credit Rating

If you are over the age of 18 you will have a credit rating. Sometimes it is referred to as credit score. This is used by finance companies when giving out loan or other types of lending.

Interest Rate

Interest rate is a charge on the money a lender will lend you. If you have borrowed money on interest rate 10% for example, for £10,000 you will pay back £11,000.

Lender

Lender is the person or company that lends you money. If you apply for a consolidation loan through us your lender will be some of the companies we work with; for example, loans.co.uk or Hanover Sterling.