Debt is something that almost everyone seems to have. But there’s manageable debts and unmanageable debts. With credit card interest rates often as high as 35% and payday loans with astronomical rates, it’s better to move borrowing from these expensive forms of credit to something more manageable. And there’s never been a better time to do this, with Clydesdale Bank (CBonline.co.uk) offering an amazing 4.9% APR loan that can be used for debt consolidation.
The loan is available for sums between £1000 and £25,000, and at least half of those applying for sums between £7500 and £15000 are accepted with a low interest rate of 4.9% APR. This rate is obviously credit-profile dependent, but it’s worth a shot applying and with fixed interest rates you’re not at the mercy of sudden interest rate hikes that regularly affect credit card users. Of course unlike a credit card you will have to pay off the balance as well as the interest, but at the end of the loan term – between one of five years depending on your choice of loan length – you’ll be debt free.
The loan is very simple to apply for, and despite being a Scottish bank anyone from the UK is able to apply as long as they meet the eligibility guidelines. Anyone aged 23 to 74 who earns at least £15,000 a year is eligible, and those who bank with Clydesdale can even apply from age 18. An instant online decision is available, although you’ll then need to print off, sign and post some paperwork. Despite this many get access to the funds within a week, and are able to cut the cost of servicing their debt to a fraction of what they were previously paying.
As the loan isn’t dedicated to debt consolidation, but advertises that it can be used for this purpose, you can combine your reason for taking the loan with other purpose. For instance you could also use it to buy a car to get to a new job, or to do home improvements in order to get a better price if you’re considering moving. Should your financial circumstances improve you can also pay off the loan early, in full or in part, with just 58 days interest charged as a penalty for doing so.
