A debt consolidation loan is a type of loan that’s used to combine all your existing debts into one loan. All you’ll need to do is use our Consolidation Loan Calculator to calculate the amount you need to apply for and if approved, we will directly pay off the debts you owe. You’ll then repay the loan over the agreed term.
Not only could a debt consolidation loan make your debt easier to manage, but it can also reduce the amount of interest you pay and your total monthly payments, by having all your debt in one place at a lower interest rate.

Whether a debt consolidation loan is a good option for you will depend on your financial situation.

Pros:

• Reduced monthly repayments
• Lower overall interest rate
• Easier to manage
• Boost your credit score

Cons:

• Missed repayments have consequences on your credit score and your ability to borrow in the future
• There may be settlement fees on your debt from your existing creditors
• There may be 0% options available

You can consolidate:

• Personal & Payday Loans
• Credit & Store Cards
• Mail Order Catalogues
• Overdrafts
• Buy Now Pay Later (that are not interest-free)

You will need to supply us with written confirmation from your creditors of the following:

• Balance or Settlement Figure (for loans)
• Reference/Account Number
• The creditor’s Sort Code and Account Number

These will usually be on your PDF statements or within your online portals.

Your 1^st payment will be from your January salary.

Yes, interest on your loan will accrue from the date your loan is granted.

No, if you wish them to start from your 1^st available payday in November or December, just let us know.

Yes, a savings amount will be set up alongside your loan payment. Usually around 10% of your loan payment.

We offer loans from £1,000 – £15,000