Debt consolidation loans

Get personalised loan offers to help move your debt into one, more manageable place

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Get a debt consolidation loan that works for you

and your credit score

Move your debt into one place and

take control of your finances

Compare as many offers as you like

without harming

your credit score

Compare debt consolidation loans from up to 5 lenders and find the right one for you

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2. Compare your offers

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3. Apply for your loan

We’ll tell you what your approval chance is, so you can apply with confidence.
If you’re looking for a

better way to manage your debt

, a consolidation loan could help.
Tell us what you’re looking for and we’ll show you

personalised offers

for debt consolidation loans.

What’s a debt consolidation loan?

It’s a new loan you’d use to pay off your existing debt

A debt consolidation loan is a lump sum of money you can use to pay off your existing debt. If you have debt on other loans or credit cards, you could pay off what you owe and then you’d only have to focus on the monthly repayments for the new loan. And the new loan could come with a lower interest rate, which could mean saving on interest.

Consolidation just means moving several debts into one

Debt consolidation loans can be a good option if you want to feel more in control of your monthly repayments. They can come with high interest rates so it’s important to understand the total amount you’ll need to repay over the loan period.

It can be secured or unsecured

A secured debt consolidation loan means using something like your home or your car to guarantee the loan. If you can’t make the repayments, you risk losing your property. An unsecured loan means your property isn’t linked to the loan.

The application process

You can apply for a debt consolidation loan in the same way you’d apply for other loans.

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The benefits of debt consolidation loans

Debt consolidation loans can help you feel more confident about managing your debt.
You could feel more confident about your debt – because a single loan can be easier to manage.
The new loan may come with lower monthly repayments than the amount you were paying back across the other debts.
You could build your credit score – because having one repayment to think about means you’re less likely to miss a payment.

The risks of debt consolidation loans

All loans are a form of debt so there are some risks you should be aware of.
The lender will do a when you apply for the loan. Hard searches impact your credit score – even if you’re not accepted.
You might have to pay additional charges – like switching fees or early termination charges.
Depending on your credit score and the type of debt you're consolidating, you might be offered high interest rates.

Alternatives to debt consolidation loans

There are some other options out there if you’re not sure a debt consolidation loan is right for you.

Balance transfer cards

If your debt is mostly on credit cards, you could look into making a balance transfer to a new card instead. A is used is when you open a new credit card account and move your existing credit card balance over. You could save on interest because some balance transfer cards come with 0% interest periods.

Guarantor loans

If a friend or relative meets your lender’s criteria, they could help you get a loan by promising to make the repayments (as a last resort) on your behalf using a .

Secured loans

A is usually for homeowners – you use your home as security to get a large amount of money. If you can’t make the repayments, you risk losing your home.

Getting a debt consolidation loan with a bad credit score

If you have a bad or low credit score, you could still get a debt consolidation loan.
You might have to pay more interest but, at ClearScore, we work with lenders who specialise in helping you find the best loan for your score.
Some of our lenders will offer secured loans which could increase your chances of being approved.
Learn more about .
Representative 39.9% APR.

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Frequently asked questions

Other types of available loans

There are lots of loans out there – it’s important to find the right one for you.

Personal Loans

 – also called an unsecured loan – is a one-off sum of money that you pay back over an agreed term (number of months).

Guarantor loans

are usually for people with a bad, or no, credit score because someone else in the agreement – the guarantor – meets the lender’s criteria and is responsible for repaying the loan if you can’t.

Secured Loans

 is usually for homeowners – you use your home as security to get a large amount of money. If you can’t make the repayments, you risk losing your home.

Loans for People on Benefits

You could still get a loan if you’re on benefits. Some lenders specialise in , or with a bad, no, credit history.

Car Finance Loan

With a , there are a few different ways to pay for a new car, like UPL or hire purchase.

Loans for bad credit

are designed for people who have a bad credit score or a poor repayment history, but these loans can come with high interest rates.