Can I pay off other debts with this loan?
You can potentially reduce monthly outgoings and make your finances more manageable by using a guarantor loan to pay off other debts.
- This will depend on the total costs of your other monthly debt repayments.
- By consolidating existing shorter-term loans, you might lengthen the time it takes to clear the debt.
- This could mean you pay more interest in total, although this depends on your circumstances.
For more information see our debt consolidation page.
IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY