With many people feeling like they are unable to trust banks and other financial institutions nowadays, Lending Works are a peer-to-peer solution for financial needs such as getting a debt consolidation loan.
I usually find loans confusing, as there seems to be a lot to consider from different companies and banks. I have known people that have had more than one loan, plus credit card debts, with different interest rates for each. In this case, combining the loans into one debt consolidation loan made sense to them. Lending Works have a low-cost fixed-rate debt consolidation loan available that keeps its rates low due to bypassing the need for having a bank to lend the money for the loan. An added bonus is that if you wanted to pay the debt off early, there are no extra costs involved.
I have been looking at the debt consolidation loan calculator as I was curious as to how much I would need to pay back per month on a consolidation loan of £3,000. You can see in the screen shot from the website, below, that at 5.9% APR, I’d be paying back £132.59 per month. You can use this calculator to find out how much your monthly payments would be for loans up to £25,000.
I think this idea of peer-to-peer lending, which you can find out about here, is an interesting one. I like the idea of having one debt, rather than several debts with different banks or financial companies. The interest rates are good too.
Have you tried any debt consolidation companies? Would you consider putting all your debts into one loan?
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Disclosure: This is a Sponsored Post. Please see the Lending Works website for Terms and Conditions as well as current rates.