Debt consolidation loans up to £25,000
Struggling with multiple repayments? Consolidate everything into one manageable monthly payment. Check your eligibility without affecting your credit score, and you could start saving money straight away.
Representative Example:
£7,500 loan repayable over 36 months. Monthly payments of £281.47. Rate of interest 17.9% p.a. (fixed). Representative 22.8% APR. Total amount repayable £10,132.92 (includes loan fee of £445).
From 7.8% to 48.9% APR £1,000-£25,000 over 1-5 years available.
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Consolidate your debts with Lendable
- Combine your debts into one simple repayment
- Borrow the amount you need from £1,000 to £25,000
- Most approved customers get their loan in under an hour
Why choose a Lendable debt consolidation loan
Save money with lower rates
If you’re paying higher rates on credit cards, store cards, or other debts, consolidating could save you hundreds or even thousands of pounds in interest, particularly if you reduce the overall term of your borrowing.
Simplify your finances
Instead of juggling multiple payments with different due dates and interest rates, you’ll have one fixed monthly payment to manage. That makes budgeting easier and your monthly payment will be done in one go.
Get back in control
Clear your existing debts straight away with same-day funding, then focus on one manageable repayment plan. Bear in mind that if you reduce your monthly payments by extending the term, you could end up paying more interest over the life of the new loan.
How to get a debt consolidation loan
Get a quote
See what rate you’re likely to be offered in minutes. The initial check won’t affect your credit score.
Pay off your debts
Once approved, we’ll transfer the funds directly to your bank account to clear your existing debts as soon as possible.
Make your payments
From here, you make one fixed monthly payment to Lendable instead of multiple payments to different lenders.
What is a debt consolidation loan?
A debt consolidation loan is a personal loan used to combine several existing debts into one. You take out a single loan, use the money to pay off your other debts such as credit cards, overdrafts, store cards or other personal loans and then repay the one remaining loan in fixed monthly instalments.
How it works in practice
Work out what you owe. Add up everything: credit card balances, overdrafts, store cards, other loans. That total is the amount you need to borrow.
Get a quote. Use an eligibility checker to see what rate you might be offered. This uses a soft search, so it won’t affect your credit score.
Pay off your debts. Once the loan lands in your account, pay off your existing balances.
Make your repayments. You now have one monthly payment, one interest rate, and one clear end date.
What can I consolidate?
- Credit cards - clear high-interest balances that may be costing you the most.
- Store cards - pay off expensive store cards and catalogue debts that often carry premium rates.
- Personal loans - replace existing loans at higher rates with one loan at a better rate.
- Overdrafts - clear persistent overdraft charges and fees once and for all.
- Other unsecured debts - combine any unsecured borrowing such as car loans into one payment with a fixed end date.
Can I get a debt consolidation loan with bad credit?
Yes, it is possible to get a debt consolidation loan with a poor credit score. A low score doesn’t always reflect your current ability to manage money, circumstances change, and a score is only a snapshot.
However, debt consolidation loans for customers with lower credit scores typically carry a higher interest rate than the lowest advertised rates. It’s worth checking your eligibility first to get a personalised quote with a soft search that won’t affect your credit score. That way you can see whether consolidating makes financial sense before you commit.
Debt consolidation loan FAQs
Will consolidating my debts improve my credit score?
It can, but it depends on how you manage things afterwards. Consolidating multiple debts into one loan can improve your credit utilisation ratio, that is the percentage of your available credit you’re actually using, which is a factor in your credit score. Making consistent, on-time repayments on your new loan also builds positive payment history. However, the hard credit check when you apply may cause a small, temporary dip.
Should I close my credit cards after paying them off?
It depends on the card. Store cards and cards with annual fees are generally worth closing as they will cost money even if you don’t spend. Older credit cards with no annual fee can be worth keeping open and unused. Length of credit history and available unused credit both contribute positively to your credit score. The key is discipline - make sure to pay off your cards on time and in full to avoid high interest and spiralling debts.
What debts can I consolidate with a personal loan?
Most unsecured debts: credit cards, overdrafts, other personal loans, catalogue debt, and buy-now-pay-later balances. You can’t typically use an unsecured personal loan to consolidate secured debts like a mortgage or a car finance agreement where the lender owns the asset. Before consolidating, check whether any of your existing debts carry early repayment fees as personal loans may charge one or two months’ interest if you pay them off ahead of schedule.
Is a debt consolidation loan a good idea?
It depends on your circumstances, whether the new interest rate is lower than what you’re currently paying, and whether simplifying your finances will help you stay on track. If you’re paying high interest on credit cards and can consolidate at a lower APR, the savings can be significant. But if you extend the repayment term to reduce monthly payments, you may pay more in total interest over the life of the loan even at a lower rate. Compare the total cost of the new loan against the total remaining cost of your existing debts, not just the monthly payment.
How do I know if I’ll save money by consolidating?
Add up the total interest you’ll pay on your current debts if you continue making your existing payments until each one is cleared. Then compare that to the total interest plus any fees on the consolidation loan. If the consolidation loan is cheaper in total, you’ll save money. Be careful with the repayment term though, choosing a longer term lowers your monthly payment but increases total interest. Also check your existing agreements for early repayment charges, which would add to the cost of switching.