
Buy a car, get a new sofa, indulge in a few luxuries. Before you know it, you've built up a wedge of debt on cards and high-interest loans, and as the monthly payments increase, you wonder what to do next.
One of the easiest things to do is consolidate your debt.
That means taking out one loan to pay off your other debts. You end up with one monthly payment, making it easier to manage. And because the Virgin loan has a typical rate of 6.9% APR, you could save a fair whack too, so you've got a bit of breathing space.
Here's an idea of how the Virgin Personal Loan could work:
Type of borrowing | Amount |
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Car loan | £4,000 |
Credit card | £2,000 |
Store card | £600 |
Sofa payments | £1,500 |
TOTAL | £8,100 |
Virgin Personal Loan | £137.08 per month* |
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* Cost of borrowing £8,100 without Payment Protection over 72 months. Total you’d have to pay back £9,869.76. There is a charge of £25 for optional next day cash into your bank account. Up to £25,000 credit available. Typical rate 6.9% APR.
If you were making individual monthly payments on each of these items, at high interest, the chances are your total monthly outlay would be a lot more than the single monthly payment of £137.08 you'd pay on the Virgin Loan, and the total amount you'd have to pay back a lot more than £9,869.76.
Why not challenge us to save you money? If you've got several debts you're paying off monthly, work out your total cost, then go to our calculator and see how much you could be paying instead with a Virgin Personal Loan.