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Apply for a Consolidation Loan

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What is a consolidation loan?

A consolidation loan is a loan you take out with the purpose of paying off existing creditors. This could be a good option for you if you have several debts. It can help you reduce the monthly repayments to your creditors, however in most cases, lenders will require you to be a homeowner and you may have to secure the loan against your property.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. All rates vary subject to loan amount, loan type and status. Repaying your debt over a longer period of time may increase the amount you pay.

Simply Money is a profit seeking business and may receive commission from the loan. Free and impartial debt advice is available from not-for-profit debt advice bodies such as the Money Advice Service.

You should think carefully before opting for a consolidation loan:


  • Your debts will generally run on over a longer period of time.
  • You could reduce the total amount you have to pay back if your debts have high interest.
  • As many debt repayments are consolidated into one monthly payment, it's easier to manage your finances.


  • Your debts will generally run on over a longer period of time.
  • If your circumstances change you won't have as much flexibility negotiating your monthly payments.
  • It is likely there could be fees payable to arrange your loan depending on the lender you go with.
  • You risk losing your home if you don't keep up the repayments if you secure the consolidation loan against your property.
  • You may not be able to consolidate all of your debts.
  • A higher amount of total interest may be payable if you take a consolidation loan out over a longer period of time.
  • Consolidation loans may have an adverse effect on your credit rating.