Answer 2 out of 5
 
4 helpful answers
A:

Hi

I can't really see any problem why you would not be able to get a loan here in the UK to pay off the loan in India. When you apply for a loan, in this case lets call it a 'Debt Consolidation' loan you will be asked by the lender various questions such as what you need the loan for etc.

In your case it's for debt consolidation and that's all they need to know. They may ask what type of debt e.g. credit cards etc, but they are not concerned whether you are paying the debt in India or the UK.

All they are more interested in is whether you can repay the loan or not. However as a self employed person I would be more concerned as you will obviously end up paying a slightly higher interest rate than if you were employed by a company.

You also need to consider whether the loan should be secured or unsecured as both of those loan types have their own pros and cons.

Hope that helps.

The Consolidation Loan Guy

Posted 2 years ago
leighlin was invited by Yedda to answer this question.

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