What is a debt consolidation loan?
A debt consolidation loan is a type of loan that's used to combine all your existing debts into one pot. All you’ll need to do is apply for a loan for the amount you owe in existing debt and if approved, you can use the funds to pay off your other borrowing. You’ll then pay off the loan over time, usually in monthly repayments.
Not only could a debt consolidation loan make your debt easier to manage, it can also reduce the amount of interest you pay by having all your debt in one place at a lower interest rate.
MoneySuperMarket can help you compare debt consolidation loans from across the market, from a range of providers. Our online comparison tool can find a deal to suit your needs, all without harming your credit score.