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Debt consolidation loans
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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.
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 hard search 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.
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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 balance transfer card 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 guarantor loan.
Secured loans
A secured loan 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 loans for bad credit.
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Frequently asked questions
Yes – you could still get a loan. We’ll show you offers, tailored to your credit score.
Not all personal loans will let you consolidate your debt, so check the terms and conditions carefully before applying.
If you don’t have a lot of debt or it’s all on a credit card, you could look into making a balance transfer to a new card instead. You could also look into guarantor loans or secured loans.
If your credit score is looking good, you could apply to get a consolidation loan without a guarantor. But, a guarantor – who meets the lender’s criteria – could help you get accepted for the loan.
Not if you don’t want to. You can roll as many debts as you like into one loan, keep others separate, or consolidate them all. The choice is yours.
When you apply for any type of loan, the lender will carry out a hard search against your credit report. It’s common for a hard search to affect your credit score but, as long as you borrow responsibly, the impact should be short-term.
Other types of available loans
There are lots of loans out there – it’s important to find the right one for you.
Personal Loans
A personal loan – 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
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
A secured loan 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 loans for people on benefits, or with a bad, no, credit history.
Car Finance Loan
With a car finance loan, there are a few different ways to pay for a new car, like UPL or hire purchase.
Loans for bad credit
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.