Settle your credit card balance at a lower cost
Easy online application.
Get a fast, no obligation quote that does not affect your credit score.
We will perform a hard search before disbursing your loan.
Hard searches do appear on your credit file.
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Apply to settle your credit card balance
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We will settle the balance with your credit card provider
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You repay us in monthly instalments by Direct Debit
*Loan proposals offered to UK residents only, subject to Lendwise terms and conditions.
Credit Card Balance Settlement
Settle your Credit Card Balance and repay at a lower cost over a period of time suitable to your financial needs.
Representative Example: Assumed borrowing of £2,000 over 36 months at 19.99% APR representative. Monthly cost of £72.67 . Total amount repayable of £2,615.66. Interest rate of 18.36% p.a.(fixed) including total fees of £0.00. Available for loan amounts between £1,000 – £20,000.
The Lendwise Credit Card Balance Settlement Loan allows you to repay your credit card debt at a lower rate over a suitable period of time depending on your financial affordability. There are no other hidden costs or charges and you can overpay or settle the balance fully at any point without any additional cost, penalty or charge. Lendwise will settle the balance with your credit card provider and set up your Lendwise loan for repayment. The loan application takes approximately five minutes to complete. We aim to respond to you within 2 business days (usually much faster). Our Credit team will review your application to ensure affordability of repayments and will come back through the Lendwise dashboard if there are any questions or something is not clear. We aim to provide applicants who pass our lending criteria within two business days with a provisional loan proposal. Once you have read and accepted your offer you will be asked to provide us with a proof of identification, proof of address, proof of income. We aim to verify those documents within two business days and provide you with a loan agreement. Once you have read and signed that we will schedule the settlement payment to your credit card provider. You have the right to withdraw your application at any stage before signing the loan contract. You also have the right to withdraw from your signed loan agreement within fourteen (14) days of signing it. In such case you will be liable for any amounts disbursed at that point and interest accrued within those days. We will perform a quotation search (known as soft search) when you submit your application. We will also request to review your bank statements through open banking, by connecting the account where your salary / income is paid in. Before signing a loan agreement Lendwise will also perform a credit check (known also as a hard search). Our aim is to ensure that the repayment plan offered to you is affordable and within your means. We will generally decline any applications where the applicant has a history of defaults, arrears, bankruptcies, court orders or similar. We will also decline any applications where the applicant or household show signs of financial stress. You will be required to sign a Direct Debit mandate and each month the scheduled payment will be collected via Direct Debit. The Lendwise Credit Card Balance Settlement Loan can make it simpler to look after what you owe. Pay off your Credit Card loan balance quicker by paying less interest if you’re eligible for the Lendwise loan with a lower interest rate than you’re currently paying. Need more help? You can call a free helpline such as the National Debtline [link] on 0808 808 4000, or get in touch with the Citizens Advice Bureau [link]. We don’t currently offer joint loans. So, we can work out whether you can afford the loan you’re asking for, we need to know:
Frequently asked questions
What is the Lendwise Credit Card Balance Settlement Loan?
Are there any hidden costs or charges?
Do you pay the amount directly to the credit card provider or do the funds come to me?
How long does it take?
What happens once I have applied?
Do I have the right to withdraw my application?
Will a credit assessment be undertaken?
When and how does Lendwise collect each monthly payment?
What could the potential benefits be?
If you are unsure that taking this offer is suitable for your circumstances you can talk to a debt management expert (see details below). They can help you go through the advantages and disadvantages and may be able to offer other options.
Can I apply for a joint loan?
What do you need to know about my income and expenses?
