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Debt consolidation loans

Compare the best loans for debt consolidation.

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What is a debt consolidation loan?

A debt consolidation loan lets you combine multiple debts into one single loan from one provider. You’ll make one monthly repayment instead of juggling several, making your finances easier to manage.

It doesn’t reduce the total amount you owe, but it could lower your interest rate and help you pay off your debts more efficiently.

Key points:

  • Combine multiple debts into one

  • Single loan and single monthly payment

  • Total debt amount stays the same

  • Easier to manage and track your repayments

couple on laptop managing finances current accounts
Average debt consolidation loan amount
£10000^
Average debt consolidation loan APR
15.6%^
Most common loan term
5^

How much could a debt consolidation loan cost?

Use our calculator to estimate the cost of your debt consolidation loan. See how much it could cost you each month, and how much you would pay in interest.

Loan calculator

Find out what monthly repayments would be, how much you'll pay overall and how much you could borrow.

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Based on the information you supplied, you would be borrowing XXX and repaying the loan in XXX monthly instalments of XXX. The total sum to repay, subject to XXX% APR over the full loan term would be XXX. This assumes there are no extra fees and that your payments are made on time and in full.

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Based on the information you supplied, you could borrow XXX at a monthly repayment rate of XXX to be paid over XXX monthly instalments. Over the full loan term at XXX% APR, the total amount repayable would be XXX. This assumes there are no extra fees and that your payments are made on time and in full.

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The maximum personal loan is £50,000

If you need a larger amount, consider a secured loan, which will allow you to borrow more but uses your home as collateral. Be aware that lenders can sell your house if you fail to keep up with repayments.

How does a debt consolidation loan work?

Here’s how to consolidate your debts with one manageable loan:

  • Work out what you owe

    Add up all the debts you want to combine so you know how much to borrow.

  • Apply for a debt consolidation loan

    Complete a quick application and pass a credit check. You’ll need to share your income, expenses, and bank details.

  • Pay off existing debts

    Use the new loan funds to clear your outstanding balances, starting with your most expensive debts.

  • 4 icon

    Repay the new loan over time

    You’ll make one monthly payment to your new lender until the loan is fully repaid.

With one loan, one rate, and one repayment, it’s easier to stay on top of your finances.

What are the pros and cons of a debt consolidation loan?

  • Pros:

    • Easier to manage with one payment each month

    • Could improve your credit score if you pay on time

    • Potentially lower interest rate than your existing debts

    • Clearer view of your total debt and repayment timeline

    • Some lenders offer short payment breaks at the start

  • Cons

    • You’re taking on new debt

    • You could pay more overall if the term is longer

    • May face upfront costs, fees, or higher-than-advertised rates

    • You must repay in full each month (unlike credit card minimums)

    • Consolidation doesn’t remove the underlying cause of debt

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Can I get a debt consolidation loan?

Your eligibility depends on the lender and your circumstances, but you’ll usually need to meet these criteria:

  • Aged 18 or over

  • UK resident

  • Regular income

  • Good credit history

  • No bankruptcy, CCJs or IVAs in the past six years

  • Some lenders may require you to be an existing customer

Is a consolidation loan right for me?


Debt consolidation loan cost factors

There are a number of things that help to determine the cost of a loan:

  • Amount borrowed

    Higher loans mean higher total repayments.

  • Annual Percentage Rate (APR)

    The lower the rate, the cheaper the loan.

  • Loan term

    Longer terms usually mean smaller monthly payments but higher interest.

  • Fees

    Watch for early repayment or arrangement fees.

  • Market conditions

    Lenders may adjust rates over time.

  • Credit history

    Better credit can unlock lower rates.

What are the alternatives to debt consolidation loans?

If a personal loan isn’t right for you, other options may help manage your debt:

  • cards icon

    Balance transfer card

    Move existing credit card debt to a 0% balance transfer credit card for a set period.

    Find a card
  • money card icon

    Money transfer card

    Transfer funds into your current account to clear overdrafts.

    Find a deal
  • house money icon

    Remortgaging

    Consolidate debts by remortgaging, though it may extend your mortgage term.

    Compare deals

  • Negotiation

    Ask if your lender(s) can reduce interest or set up a temporary repayment plan.

Bad credit considerations

You may still be able to get a debt consolidation loan with bad credit, but:

  • There may be fewer lenders to choose from

  • You might face higher interest rates

  • Borrowing limits could be lower

  • A secured loan may be easier to obtain, but remember, your home is at risk if you miss payments

Commonly consolidated debts

You can use a debt consolidation loan to pay off:

  • Credit cards

  • Personal loans

  • Store cards

  • Overdrafts

  • Payday loans

Before applying for a debt consolidation loan

  • Understand the terms and conditions

    Check all fees, rates, and repayment periods carefully.

  • Ensure repayments are affordable

    Missing payments can damage your credit score.

  • Cut up or close down credit cards

    To avoid building new debt.

Our expert says…

Consolidating debt could be the right option if you’re struggling with high interest rates and not clearing what you owe quickly enough. But remember that taking on new debt is a big decision and a loan might not cover all you owe. So it's vital that before you apply, you make sure you’re happy with the terms of the new loan, including how much you’ll be paying each month and for how long.

Kara Gammell Personal Finance & Insurance Expert

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How to compare debt consolidation loans with MoneySuperMarket

We make it simple to find the right loan for you, and show you which rates you’re guaranteed to get.

  • Tell us a bit about yourself

    Tell us a little about yourself, your finances, and the loan you want.

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    We’ll browse the market

    Comparing offers from a wide range of lenders.

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    Compare loans

    Sort by overall cost and your likelihood of being accepted.

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Worried about your financial situation?

You’re not alone. According to our charity partner CALM (Campaign Against Living Miserably), 8 in 10 people have had money worries in the past year, and 250,000 worry daily.

CALM offers free, confidential advice to help you manage debt and talk about money concerns.

If your finances are affecting your mental health, call CALM’s helpline on 0800 585858 (open 5pm–midnight daily).

CALM logo transparent

Will consolidating my debt hurt my credit score?

Applying for a debt consolidation loan can cause a temporary dip in your score due to a hard credit check. But making repayments on time can improve your score over time.

Do banks offer debt consolidation loans?

Yes, many banks and lenders offer loans for debt consolidation, both secured and unsecured.

Can I consolidate debt with a credit card?

Yes. A balance transfer credit card can help move your debts onto a lower or 0% interest card.

Is a debt consolidation loan right for me?

It depends on your circumstances and spending habits. If you make repayments on time, it can make your debt more manageable.

Is a debt consolidation loan unsecured?

It can be either secured or unsecured. Your credit score often determines which type you’ll qualify for.

Will a debt consolidation loan clear all my debts at once?

It can — but only if you use the funds to pay off your existing balances in full.

How long does it take to get a debt consolidation loan?

Online lenders can sometimes approve and pay out within a few days. Secured loans may take longer due to additional checks.

Lenders

Curious about who’s behind the loans? Take a look at each lender’s page below to learn more:

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Reviewed on 12 Dec 2025 by

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Alan Cairns

Senior Content Editor

Source: UK Government https://assets.publishing.service.gov.uk/media/6634fedd4d8bb7378fb6c264/Explainer_-_pets.pdf

Source: UK Government 2024, https://www.gov.uk/government/news/cat-microchipping-now-mandatory

Source: UK Government https://assets.publishing.service.gov.uk/media/6634fedd4d8bb7378fb6c264/Explainer_-_pets.pdf

Source: UK Government https://assets.publishing.service.gov.uk/media/6634fedd4d8bb7378fb6c264/Explainer_-_pets.pdf

Based on the 10 percentile of monthly premiums our customers were quoted less than £5.26 for pet insurance based on quotes created on MoneySuperMarket in the month of November 2025 where only 1 pet was included in the quote.

Based on the loan enquirys made on MoneySuperMarket between September 2025 and November 2025.

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