Consolidating to one

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When consolidating debts, work out how big a loan you will need and check the interest rate, as rates are usually tiered depending on how much you borrow.

As a general rule, rates are lower the more you borrow, but don’t forget the golden rule: never borrow more than you can afford to repay.

Interestingly, people who are 75 require the second lowest loan amounts, possibly due to the long-term financial assets that many older people have.

When you compare loans with Money Super Market, you’ll be able to order results by how likely you are to be accepted so you can see who is most likely to say yes.If you see any loans that are secured, you should be wary of them.A secured loan is when the debt is held against an asset (usually property) – think carefully before securing other debts against your home because your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.This will help you try and avoid a rejection for credit, which will be recorded on your credit report and lower your credit rating.Our Eligibility Checker tool performs a soft search, which means there’ll be no record of the search on your credit report.

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