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Debt consolidation

Debt consolidation loans can help you manage your existing debts by combining them into one loan with one rate and one repayment amount.

£

Loans displayed from 27 companies have term lengths between minimum 6 months and maximum 10 years and maximum 49.9% APR.

Sainsbury's Nectar Cardholders Loan
Apply
2.7%
APR Representative
£217.01
Monthly repayments
Total repayable
£7,812.36
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 2.7% per annum would result in a representative rate of 2.7% APR, monthly repayments of £217.01 and a total amount repayable of £7,812.36.
  • Permanent UK resident
  • Aged 18 to 80
  • Good credit history
  • £7500 or more income
  • Have a Nectar Card
cahoot Personal Loan
Apply
2.8%
APR Representative
£217.33
Monthly repayments
Total repayable
£7,823.88
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 2.8% per annum would result in a representative rate of 2.8% APR, monthly repayments of £217.33 and a total amount repayable of £7,823.88.
  • Permanent UK resident
  • Aged 21 or older
  • No bankruptcy or CCJs
Zopa Personal Loan
Apply
2.9%
APR Representative
£217.65
Monthly repayments
Total repayable
£7,835.40
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 2.9% per annum would result in a representative rate of 2.9% APR, monthly repayments of £217.65 and a total amount repayable of £7,835.40.
  • Aged 20 or older
  • 3 years of address history in the UK
  • Annual income of at least £12,000
  • Good credit history
  • No bankruptcy or CCJs
Clydesdale Bank Personal Loan
Apply
2.9%
APR Representative
£217.65
Monthly repayments
Total repayable
£7,835.40
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 2.9% per annum would result in a representative rate of 2.9% APR, monthly repayments of £217.65 and a total amount repayable of £7,835.40.
  • UK resident
  • Good Credit Quality
  • No bankruptcy or CCJs
  • Aged 23 to 74
  • Minimum annual income of £15,000
Yorkshire Bank Personal Loan
Apply
2.9%
APR Representative
£217.65
Monthly repayments
Total repayable
£7,835.40
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 2.9% per annum would result in a representative rate of 2.9% APR, monthly repayments of £217.65 and a total amount repayable of £7,835.40.
  • UK resident
  • Good Credit Quality
  • No bankruptcy or CCJs
  • Aged 23 to 74
  • Minimum annual income of £15,000
Tesco Bank Personal Loans
Apply
3.0%
APR Representative
£217.97
Monthly repayments
Total repayable
£7,846.92
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 3.0% per annum would result in a representative rate of 3.0% APR, monthly repayments of £217.97 and a total amount repayable of £7,846.92.
  • Permanent UK resident
  • 18 & older
  • Good credit quality
Santander Personal Loan
Apply
3.0%
APR Representative
£217.97
Monthly repayments
Total repayable
£7,846.92
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 3.0% per annum would result in a representative rate of 3.0% APR, monthly repayments of £217.97 and a total amount repayable of £7,846.92.
  • Permanent UK resident
  • 21 & older
  • Good credit quality
Nationwide Personal Loan - Current Account holders only
Apply
3.0%
APR Representative
£217.97
Monthly repayments
Total repayable
£7,846.92
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 3.0% per annum would result in a representative rate of 3.0% APR, monthly repayments of £217.97 and a total amount repayable of £7,846.92.
  • Permanent UK resident
  • Aged 18 or older
  • Existing customers only
  • No bankruptcy or CCJs
AA Debt Consolidation Loan for non-members
Apply
3.2%
APR Representative
£218.62
Monthly repayments
Total repayable
£7,870.32
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 3.2% per annum would result in a representative rate of 3.2% APR, monthly repayments of £218.62 and a total amount repayable of £7,870.32.
  • Permanent UK resident
  • Aged 21 or older
  • No bankruptcy or CCJs and homeowners are more likely to be accepted
Post Office Money Personal Loans
Apply
3.2%
APR Representative
£218.62
Monthly repayments
Total repayable
£7,870.32
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 3.2% per annum would result in a representative rate of 3.2% APR, monthly repayments of £218.62 and a total amount repayable of £7,870.32.
  • You must be aged between 21 and 70
  • You must have been a permanent UK resident for 3 years
  • You must have an annual income of at least £12,000 and have a UK bank or building society account
  • You must not have a history of CCJ’s or bankruptcy
Hitachi Personal Loan
Apply
3.3%
APR Representative
£218.94
Monthly repayments
Total repayable
£7,881.84
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 3.3% per annum would result in a representative rate of 3.3% APR, monthly repayments of £218.94 and a total amount repayable of £7,881.84.
  • Aged 21 or older
  • Permanent paid employment, self-employed or retired with a pension
HSBC Personal Loan
Apply
3.3%
APR Representative
£218.94
Monthly repayments
Total repayable
£7,881.84
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 3.3% per annum would result in a representative rate of 3.3% APR, monthly repayments of £218.94 and a total amount repayable of £7,881.84.
  • have a bank or building society account with a Direct Debit facility
  • Channel Island and Isle of Man customers must have an HSBC current account
  • have an annual income/pension before tax of £10,000 or more
  • be a resident of the UK
  • be over 18
AA Debt Consolidation Loan for non-members
Apply
3.3%
APR Representative
£218.94
Monthly repayments
Total repayable
£7,881.84
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 3.3% per annum would result in a representative rate of 3.3% APR, monthly repayments of £218.94 and a total amount repayable of £7,881.84.
  • Permanent UK resident
  • Aged 21 or older
  • No bankruptcy or CCJs and homeowners are more likely to be accepted
HSBC Personal Loan For Current Account Holders
Apply
3.3%
APR Representative
£218.94
Monthly repayments
Total repayable
£7,881.84
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 3.3% per annum would result in a representative rate of 3.3% APR, monthly repayments of £218.94 and a total amount repayable of £7,881.84.
  • have an HSBC current account, other than basic
  • have an annual income/pension before tax of £10,000 or more
  • be a resident of the UK
  • be over 18
NatWest Debt Consolidation loan (Existing Current Account Customers Only)
Apply
3.4%
APR Representative
£219.26
Monthly repayments
Total repayable
£7,893.36
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 3.4% per annum would result in a representative rate of 3.4% APR, monthly repayments of £219.26 and a total amount repayable of £7,893.36.
  • Must be a UK resident
  • Aged 18 or over
  • Only available to current account holders
Royal Bank of Scotland Debt Consolidation loan (Existing Current Account Customers Only)
Apply
3.4%
APR Representative
£219.26
Monthly repayments
Total repayable
£7,893.36
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 3.4% per annum would result in a representative rate of 3.4% APR, monthly repayments of £219.26 and a total amount repayable of £7,893.36.
  • Must be a UK resident
  • Aged 18 or over
  • Only available to current account holders
Sainsbury's Personal Loan
Apply
3.6%
APR Representative
£219.91
Monthly repayments
Total repayable
£7,916.76
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 3.6% per annum would result in a representative rate of 3.6% APR, monthly repayments of £219.91 and a total amount repayable of £7,916.76.
  • Permanent UK resident
  • Aged 18 to 80
  • Good credit history
  • £7,500 or more income
Fluent Personal Loan
Apply
4.0%
APR Representative
£221.19
Monthly repayments
Total repayable
£7,962.84
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 4.0% per annum would result in a representative rate of 4.0% APR, monthly repayments of £221.19 and a total amount repayable of £7,962.84.
  • Aged 20 or older
  • 3 years of address history in the UK
  • Annual income of at least £12,000
  • Good credit history
  • No bankruptcy or CCJs
Nationwide Personal Loan - Members only
Apply
4.2%
APR Representative
£221.83
Monthly repayments
Total repayable
£7,985.88
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 4.2% per annum would result in a representative rate of 4.2% APR, monthly repayments of £221.83 and a total amount repayable of £7,985.88.
  • Permanent UK resident
  • Aged 18 or older
  • Existing customers only
  • No bankruptcy or CCJs
QuidCycle Debt Consolidation Loan
Apply
6.2%
APR Representative
£228.27
Monthly repayments
Total repayable
£8,217.72
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 6.2% per annum would result in a representative rate of 6.2% APR, monthly repayments of £228.27 and a total amount repayable of £8,217.72.
  • Aged or older
  • No bankruptcy or CCJs
Lending Works Personal Loan
Apply
10.41%
APR Representative
£241.81
Monthly repayments
Total repayable
£8,705.16
Fees
£639
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 4.5% per annum and a fee of £639.00 would result in a representative rate of 10.4% APR, monthly repayments of £241.81 and a total amount repayable of £8,705.16.
  • Excellent Credit Required
  • Permanent UK resident
  • Aged 21 or older
  • No bankruptcy or CCJs
Ratesetter Personal Loan
Apply
10.9%
APR Representative
£243.38
Monthly repayments
Total repayable
£8,761.68
Fees
£21
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 10.2% per annum and a fee of £21.00 would result in a representative rate of 10.9% APR, monthly repayments of £243.38 and a total amount repayable of £8,761.68.
  • UK resident
  • 24 & older
  • Good credit quality
Lendable Personal Loan
Apply
21.9%
APR Representative
£278.60
Monthly repayments
Total repayable
£10,029.60
Fees
£260
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 17.0% per annum and a fee of £260.00 would result in a representative rate of 21.9% APR, monthly repayments of £278.60 and a total amount repayable of £10,029.60.
  • Permanent UK resident
  • Aged 20 or older
  • No bankruptcy or CCJs
Opal homeowner loan
Apply
35.7%
APR Representative
£322.17
Monthly repayments
Total repayable
£11,598.12
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 35.7% per annum would result in a representative rate of 35.7% APR, monthly repayments of £322.17 and a total amount repayable of £11,598.12.
  • Be employed
  • Minimum yearly income of £12,000
  • Aged 18 to 65
  • Homeowners and tenants considered
  • Adverse credit considered
TFS Guarantor Loan
Apply
39.9%
APR Representative
£335.25
Monthly repayments
Total repayable
£12,069.00
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 39.9% per annum would result in a representative rate of 39.9% APR, monthly repayments of £335.25 and a total amount repayable of £12,069.00.
  • Available to UK resident Only (excluding Northern Ireland)
  • Guarantor Must be a Home Owner and not a partner of the applicant
  • Aged 18 to 75
  • Bad Credit Specialists
  • CCJ's & Defaults considered
  • All income accepted including benefits subject to affordability
UK Credit Guarantor Loan
Apply
39.9%
APR Representative
£335.25
Monthly repayments
Total repayable
£12,069.00
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 34.1% per annum would result in a representative rate of 39.9% APR, monthly repayments of £335.25 and a total amount repayable of £12,069.00.
  • Aged between 18 and 65
  • UK resident
  • Guarantor must be homeowner
TRUSTTWO– Guarantor Loan
Apply
43.8%
APR Representative
£347.30
Monthly repayments
Total repayable
£12,502.80
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 36.9% per annum would result in a representative rate of 43.8% APR, monthly repayments of £347.30 and a total amount repayable of £12,502.80.
  • Applicant: UK resident, aged 18-74, £10,000 minimum income
  • Guarantor: Home owner/tenant, aged 25-74, £10,000 minimum income, not financially linked to the applicant
Suco Guarantor Loan
Apply
44.9%
APR Representative
£350.69
Monthly repayments
Total repayable
£12,624.84
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 37.7% per annum would result in a representative rate of 44.9% APR, monthly repayments of £350.69 and a total amount repayable of £12,624.84.
  • Available to UK resident Only (excluding Northern Ireland)
  • Guarantor Must be a Home Owner and not a partner of the applicant
  • Aged 18 to 75
  • Bad Credit Specialists
  • CCJ's & Defaults considered
  • All income accepted including benefits subject to affordability
1plus1 guarantor loan
Apply
47.8%
APR Representative
£359.56
Monthly repayments
Total repayable
£12,944.16
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 47.8% per annum would result in a representative rate of 47.8% APR, monthly repayments of £359.56 and a total amount repayable of £12,944.16.
  • Customer must be 18-75 years old, must not be bankrupt or subject to an IVA, must be able to afford repayments
  • Guarantor must be 18-75 years old, have a good credit rating and be able to afford repayments if the borrower fails to pay
Guarantor My Loan
Apply
48.9%
APR Representative
£362.92
Monthly repayments
Total repayable
£13,065.12
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 40.5% per annum would result in a representative rate of 48.9% APR, monthly repayments of £362.92 and a total amount repayable of £13,065.12.
  • You and your guarantor are at least 21 years old
  • You earn a minimum of £600 per month
  • Your guarantor earns a minimum of £1,000 per month
  • Your guarantor must have reasonable credit
  • Neither you, or your guarantor are currently bankrupt or engaged in an IVA
Amigo Guarator Loan For Debt Consolidation
Apply
49.9%
APR Representative
£365.97
Monthly repayments
Total repayable
£13,174.92
Fees
£0
Representative Example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 49.9% per annum would result in a representative rate of 49.9% APR, monthly repayments of £365.97 and a total amount repayable of £13,174.92.
  • UK resident (including Northern Ireland)
  • Aged 18 to 75
  • Any credit quality
  • CCJ allowed
  • Bankruptcy or IVA are not accepted
  • Any income including benefits is accepted but subject to affordability

Warning: Late repayments can cause you serious money problems. For more information see our debt help guides.

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Debt consolidation loans explained

If you have debts, then borrowing more money might seem counterintuitive, but there are good reasons (as well as risks) for considering a debt consolidation loan.

What are debt consolidation loans?

Managing debts from more than one lender can be tricky, especially if you're paying a high rate of interest. A debt consolidation loan, as the name suggests, can help consolidate all of your debts into one loan.

That loan would be used to help to pay off all of your debts and treat it as one debt, instead of several. As a result, there would only be one monthly repayment to manage, rather than many.

But convenience isn't the only reason to use a debt consolidation loan. Some loans offer lower rates than what you might be paying back on all of your credit card bills and other debts. Read on to learn how debt consolidation loans can help you.

Four reasons for taking a debt consolidation loan

  1. Minimise the cost of monthly debt repayments. With a debt consolidation loan, like most personal loans, the term for repaying the debt can generally be any length of time between 12 months and ten years. If you're trying to pay off a credit card balance, your debt will continue to accrue interest for as long as you fail to completely clear the debt. Spreading the repayment of all of your debts over a few years could mean that your monthly repayments are smaller than if you paid them all off individually.
  2. Reduce how much interest you pay. Secondly, you should aim to pay less interest with a debt consolidation loan. Due to the fact that all of your debts will be consolidated into one balance, and, especially if some of your credit cards had a high rate of APR, you should be be paying an overall lower rate of interest.
  3. Easier to manage. Quite simply, managing several debts can be much harder than managing just one. From ensuring your payments are made on time to transferring the correct amount each month and budgeting for your other day-to-day expenses can be much harder than paying towards a single debt each month.
  4. Build a better credit history. There's more risk in missing a payment when you have to keep on top of several debts. By making a single regular repayment, which would hopefully be less likely to accrue further interest when it's easier to manage, you'll be creating a better financial history for yourself. This can improve your credit score, which appears on your credit report for all lenders to see – and can affect your chances of gaining access to future credit products.

Debt consolidation loan risks

There are obviously risks in taking out any kind of credit product, but if you are already in debt, then taking out an additional loan can potentially have a much larger impact on your finances.

Most importantly, a debt consolidation should never be the first option you look at if you do have debts. The priority should be to first assess what you can do to manage your outgoings and plan to repay your debts on time.

With a debt consolidation loan there is also the risk of paying debts for much longer than you need to, so it's worth looking at the long-term situation. For example, how long would you need to realistically pay off all of your debts if they were consolidated into one loan?

Finally, if you do decide to take out a debt consolidation loan, then do not continue to spend on the credit cards which you have consolidated, as you'll end up back at square one.

When you do decide to take out a debt consolidation loan, then make sure you have a budget worked out for all your day-to-day spending, so that you minimise the need to take out any extra credit.

Applying for a debt consolidation loan

The rate advertised is subject to your application and status according to the provider, so you're not guaranteed to get the headline rate.

With that in mind, don't base all of your future debt management plans on the rate you find advertised. The lender will look at your circumstances, the amount you want to borrow, how long you want to borrow for, and your credit score to help decide if your application will be approved or declined.

The smaller your debts and the better your credit rating, the more chance you have of getting a loan, so if there's anything you can do to improve your situation prior to applying then be sure to do so. For example, getting yourself on the electoral register at your current address will improve your credit score.

Getting declined for a loan will show up on your application and could affect your score, so do check the details of the loan and if your circumstances generally fit the eligibility criteria.

Meeting the minimum eligibility criteria is no guarantee of approval for a debt consolidation loans, but there certainly isn't any point applying if you don't meet all of the minimum criteria.

Read more about Debt consolidation loans in our uSwitch loan guides.