Notts and Lincs Credit Union

Debt Consolidation Loans

For those making repayments of different amounts, at different times of the month, or all at different rates – a consolidation loan from Notts and Lincs Credit Union could help you take back control of your debts!  

Consolidation Loan Calculator

Who you owe
Remaining Balance (£)
APR (%)
Existing Monthly Repayment (£)
Total repayable
and wish to pay it off over --- (use the slider below)
Our Monthly Repayment: ---
Total Amount Repayable: ---
Representative APR: ---

You may pay £500 more per month

It may cost you £2000 more interest over the loan

Please be aware that this is not a loan offer and the figures quoted in this document are based on the Representative APR which may differ from the actual APR you qualify for after we have conducted a credit search. As a result, this should only be used as an indicative illustration.

The calculator is for illustration purposes only. Rates may be withdrawn at any time. We reserve the right to refuse any application.

What is Debt Consolidation?

A Debt Consolidation loan is a personal loan that you use to pay off your other outstanding debts and combine the balances into a singular loan account.

You can use this loan to consolidate credit cards, loan accounts, home credit, store cards, phones, overdrafts or other finance options.

How does it work?

  • You can consolidate multiple debts into one, up to a maximum balance of £15000 
  • We simplify your repayments into one payment amount
  • We save you money if your new loan is at a lower rate than your existing rates
  • Once your loan is approved, we repay your creditors directly
  • You may be asked to save alongside your loan repayments
  • Loan rates available based on your personal circumstances
pile of debts to consolidate

How do I apply?

Consolidation loans are available to new and existing customers, but you must open an account with us first to be able to apply.

Once set up (or if you already hold an account with us) simply fill in the form at the bottom of this page to get started and see how we can help!

Who can join our credit union?
  • Anyone who lives or works in Nottinghamshire or Lincolnshire
  • Those working for one of our Payroll Partners
  • Anyone living in Nottingham Community Housing Association Accommodation
  • Any new applicant must be able to provide valid ID in accordance with banking law
If you have any questions or concerns about whether or not we can lend to you, please see our Loans Page for more information on who is eligible to join and apply with us.
Key features:
  • No hidden costs
  • No application or early repayment charges
  • Affordable, flexible repayments
  • Competitive interest rates
  • Poor credit considered
  • You can grow your savings as you reduce your loan balance
  • The interest you pay stays in our local economy
  • You are borrowing from a not-for-profit organisation

What to Check before you Apply

We can help consolidate some or all of your debts into a single repayment at a fixed rate.  You first need to decide which debts you would like to consolidate using a loan from us – and you may already have an idea which debts these are.

When considering consolidating your debts, it’s important to think about which one of the following is the most important to you:

  • Reducing the overall cost of borrowing
  • Lowering your monthly repayments
  • Putting all of your existing debts into one regular payment for convenience

Bearing these points in mind, you can pick and choose which debts are most worth consolidating from your perspective. For example: if you have a credit card with a 0% interest rate, would the interest generated on that balance be worth the convenience of consolidation to you?

Once you’re sure which debts you want to tackle, we will need to know the amount you have left to pay, the repayment value, and the APR.

When adding up your debts, please also keep in mind there may be early settlement fees added by your creditors – you can usually find this information in your credit agreement.

Please note:

NLCU cannot guarantee that a consolidation loan will reduce the overall cost of borrowing. You need to consider the interest rates you’re currently paying and compare these with our Consolidation loan rates (below), taking into account any other product benefits you may have.  

If you want more information on consolidation loans, be sure to check this page from Money Helper

If you feel that your debts are out of your control, it may be worth seeking free advice from CAB or Money Helper instead.

Consolidation Loan Rates

£100 to £3000 @ 42.6% indicative APR 
Repayment terms up to 4 years

For people with poor credit history who are looking to build their credit rating.  Also available to families in receipt of Child Benefit, who agree to ask that their Child Benefits to be paid direct to the Credit Union.  

New and existing members can apply.

Poor credit history considered

£3000 to £4999 @ 28.8% indicative APR
£5000 to £7499 @ 21.9% indicative APR
£7500 to £10000 @ 16.9% indicative APR
Repayment terms up to 4 years

Loans to help with your higher value needs.  New and existing members can apply.

Moderate credit history considered

£1000 to £4999 @ 19.9% indicative APR
£5000 to £7499 @ 15.9% indicative APR
£7500 to £15000 @ 11.9% indicative APR
Repayment terms up to 4 years

These loans are only available for members who are homeowners or members who work for one of our Payroll Partners and agree to make loan repayments direct from their pay.  New and existing members can apply.

Good credit history required

**Please note that loans are all subject to status and meeting these criteria does not guarantee acceptance.