You should check the financial implications of converting unsecured debts, which are generally fixed rate interest for the term of the loan, into secured loans that are almost always variable rate loans.
That means of course that your rate can shift both up and down with UK base rate lending as well as at the discretion of the lender themselves. It’s definitely worth checking the terms of any proposed secured loan in detail and asking yourself if you could really afford repayments in the event of a shift upwards in interest rates.
Another important thing to bear in mind is that such offers (debt consolidation no credit check) are typically made to people with a poor credit history who would not get an unsecured loan.
If you are thinking of consolidating your debts it could be a sign that you are experiencing deeper problems in paying your existing debts. If you are in this position, you should speak to us: we can explore all your options and alternatives to going down this route.