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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 Rates may be withdrawn at any time.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.
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.
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!
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:
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.
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.
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
Loans to help with your higher value needs. New and existing members can apply.
Moderate credit history considered
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.