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Early Repayment Charge (ERC) is a fee that sometimes applies when re-paying debt early.It is less common with credit or store cards but more common with loans.

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A debt consolidation loan could be used to pay off your existing credit cards, store cards and other personal loans.

You could consolidate all your debt into the one loan and only have one payment to make each month.

And it makes sense, especially when you consider that the Representative APR on credit card purchases in the UK (as stated in the UK Cards Association September 2015 Report) is 17.9%.

At Lending Works the representative APR on a £5,000 loan over three years is currently just 6.4%.

You can find out more and set your own preferences here. Our rates depend on your circumstances and loan amount and may differ from the Representative APR.

Available to existing Nat West current account customers over 18.But more importantly, by leaving yourself with a single loan with an APR lower than the collective of your previous debt(s), you’re potentially saving a fortune in interest, and therefore reducing your overall liabilities.Debt consolidation and credit cards The most common type of debt our customers look to consolidate is that of their credit card; which is why these type of loans are sometimes referred to as ‘credit card refinancing loans’.After all, you’ve just made a responsible decision to reduce your overall debt.With an ostensibly ‘clean slate’, it may be tempting to now up your spending.The good news is that applying for this type of loan is usually very straightforward.