New Debt Consolidation Loan Process

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!  

We’re proud to announce that we have updated our Debt Consolidation Loan Process. 

We now offer a separate service for Debt Consolidation loans exclusively, meaning we can tailor this loan service to all of those looking to take back control of their debts with a loan from the credit union. 

This is now available to all members of the credit union, old and new.  Please see our Debt Consolidation Page for more information.

We also have a useful Debt Calculator so that you can check and see how much we can help before you apply.

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

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 @ 26.8% indicative APR
£5000 to £7499 @ 19.9% indicative APR
£7500 to £10000 @ 14.9% 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 @ 14.9% 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.