Unsecured debt

Is debt consolidation only for secured loans or can I consolidate my unsecured loans? Speak to OSL's loan specialist about unsecured debt consolidation and let us help you to get on track with your debt.

The cost of a loan is important. A low cost unsecured loan may not be what it appears to be. Always check the interest rate and the total repayable and compare this to your existing debt. Be aware of broker fees and charges that may be applied to your loan amount. The new Consumer Credit Act forces all companies providing credit to be upfront with the total cost of a loan.

Financing or raising finance in the UK requires you meet certain criteria. Personal finance loans and unsecured, which means they are based on your ability to pay. Secured finance is typically secured against your home, it is based on both your ability to meet the monthly repayment and the equity in your home. This equity to loan ratio is know in the industry as LTV – which stands for Loan To Value. If you have some equity in your home, and you have a high income you can borrow up to 125% LTV – or, 125% the value of your home, minus the outstanding balance of your mortgage. Refinance loans take into account your mortgage or other debts and consolidate them into one loan agreement.