Debt Consolidation Loan

Tidy up your finances by consolidating outstanding borrowing into 1 manageable repayment

For all members

Borrow between £5,000 – £25,000

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Interest Rates

Loans £5,000 – £9,999  (20.9% APR)
Loans £10,000 – £25,000 (6.4% APR)

Are you looking to manage your debts and reduce your monthly outgoings, or is knowing when you’ll be debt-free more important to you? 

If you’ve got outstanding borrowing with one or more lenders, our new Debt Consolidation Loan could help tidy up your finances and save you money.  By consolidating credit cards, store cards, overdrafts, personal loans and other borrowing into one manageable repayment with a lower rate of interest, we could help.

Why a Debt Consolidation loan could help you

Juggling multiple repayments can make your finances complicated. By consolidating all your borrowing into one manageable repayment with a lower interest rate, we can help you tidy up your finances and reduce the amount you repay each month. Our Debt Consolidation Loan can help by:

  • Reducing the total amount of interest paid
  • Reducing your monthly repayments
  • Having a single repayment, straight from payroll or by Direct Debit, in one manageable place
  • Making budgeting simpler, with one payment instead of many

Could our Debt Consolidation loan help you tidy up your finances and save money? Try our Debt Consolidation loan calculator here to see how much you could save.

What debts can I consolidate with a Debt Consolidation loan?

Credit Cards

Overdraft

Buy Now, Pay Later

Personal Loans

What you’ll need to apply for a Debt Consolidation Loan

To apply for a Debt Consolidation loan you will need the following information to hand:

  • 1 recent full payslip, no more than one month old, showing your details and pay figures
  • Details of all your existing borrowing, including monthly payments, APR rates, and outstanding balances left to repay
Debt Consolidation Loan at a glance
  • Borrow between £5,000 – £25,000 to consolidate existing borrowing
  • Competitive interest rates starting from 6.4% APR
  • Maximum loan term is 7 years
  • We may pay existing lenders directly.
Things you should know
  • Top Ups are not permitted.
  • This loan is not available to members who are bankrupt or have an Individual Voluntary Arrangement (IVA) that shows on their credit report.
Speeding up your assessment with Open Banking

Open Banking is a safe and easier way to share your bank information with us, if you choose to. It lets you connect your bank account securely so we can see your recent income and spending. This helps us understand your situation and make a decision faster. Open Banking is read-only. That means:

  • We can see your recent transactions.
  • We cannot move your money.
  • We cannot make payments or changes to your account.
  • You stay in control at all times, and you can stop access whenever you like..

  • Using Open Banking is quick and usually takes just a few minutes. It also means you don’t need to find and upload bank statements, which can slow things down. If you’d rather not use Open Banking, you can still apply by sending us copies of your last three months of bank statements instead. These must show your name and be clear and complete. If anything is missing, it may delay your application. For most members, Open Banking is the easiest and fastest option.

    • Debt Consolidation Calculator

    Try our Debt Consolidation loan calculator to see if consolidation could help you tidy up your finances and save money.

    Debt Consolidation Calculator

    Loan FAQs

    For help and guidance on applying for a Retail CU loan and everything you need to know to guide you through the application process.

    Retail CU Loan FAQs

    Representative Examples

    Weekly repayments

    Borrowing £5,000 over 275 weeks will cost £28.47 a week. Total amount repayable is £7,771.60 which includes interest at 19.9% APR.

    Weekly repayments

    Borrowing £12,000 over 208 weeks will cost £81.31 a week. Total amount repayable is £16,913.45 which includes interest at 19.9% APR.

    Monthly repayments

    Borrowing £8,000 over 40 months will cost £268.23 a month. Total amount repayable is 771.60 which includes interest at 19.9% APR.

    4/Weekly repayments

    Borrowing £3,000 over 144 weeks (36 x 4/weekly repayments) will cost £109.01 every 4/weeks. Total amount repayable is £3,815.33 which includes interest at 19.9% APR.

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