Debt Consolidation Loans

Get all your debts into one manageable monthly payment 👍

Choose amount: £4000
How many months?Representative APR

If approved, you could receive funds by 5:34 PM

What is bad credit debt consolidation?

A way of reducing your monthly loan repayments 😃

  • By consolidating unsecured debt into one new lower payment.
  • By taking out a new loan at a lower rate over a longer-term. *
  • For people with a poor credit rating.

Should I Consolidate My Debt?

Signs that you should consider consolidation:

  1. You’re struggling to meet your monthly loan and other bills.
  2. You want to ease the pressure by reducing your loan repayments.

* If you are extending the terms of the debt, you could be increasing the total amount you repay.


Representative 49.9% APR

Borrow £3,250 over 36 months at a Representative Rate of 49.9% APR at an annual interest rate of 41.16% (fixed), you pay 36 instalments of £158.57. Total charge of credit is £2,464.57, total amount payable £5,714.67.

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Frequently Asked Questions

  • 1

    How do consolidation loans work?

    One new loan to pay off multiple existing loans, credit cards, and overdraft 💸

    • Lower monthly payment - the monthly payment for the new loan should be much less than the combined monthly repayments of all existing credit commitments.

    If you have a bad credit score and currently have expensive loan repayments, this is very possible.

    • More affordable - the new monthly payment should be comfortably affordable and sustainable for you.

    Note, if the debt is over a longer period than the existing loans, whilst the monthly repayments may be less, the total interest repaid could be more in total.

  • 2

    Can I get a consolidation loan with bad credit?

    It's possible, see below 👇

    • Many ‘bad credit loans’ are expensive, such as payday, instalment or doorstep loans, so it likely that these types of loans will not be suitable consolidation loans:
      • Expensive rates typically 365% - 1,575%
      • Small loans typically only up to £2,000 maximum
      • Short loan terms up to 12 months, making monthly repayments fairly high.

    • Guarantor loans can be more suitable
      • Better rates typically 29% - 54.9%
      • Larger loans up to £15,000
      • Longer loan terms up to 5 years

    • Do your homework - once you’ve (1) calculate your total debt (2) calculate your monthly debt costs (3) worked out your budget

    To find out is an unsecured or guarantor loan is a viable option for you

  • 3

    When is consolidating a good idea?

    1. Reducing total monthly repayments - when your total monthly loan/credit repayments are becoming too much to manage, and a new loan could reduce your total monthly commitment.
    2. Debt becomes affordable – if the new lower loan repayment makes takes your debt from being unaffordable, to comfortably affordable.
    3. Simplifying your finances - when you need to simplify your finances, where juggling loans, credit cards, and overdrafts are causing stress and missed payments.

    When the above reduces your stress and anxiety over your debts, in a sustainable way forward, consolidation can be a good idea.

  • 4

    When is consolidating a bad idea?

    1. If you cannot afford the new repayments – even if the new loans monthly repayments are lower than your existing debts, if you cannot comfortably afford it this will not solve your debt problem.
    2. If monthly repayment is not much lower and total interest costs are higher – it’s possible that you could reduce your monthly payments a little bit, but overall, the loan lasts longer than your existing credit commitments, so the total interest payment is much higher.

    In these situations, you've not made much positive reduction per month but increased your total commitment – not a good idea.

  • 5

    How do decide if a debt consolidation loan is right for me?

    1. Calculate total debt – add up the total balance of all your debts (including fees or charges for early repayment)

    The total amount you would have to borrow to fully pay off all your existing commitments.

    1. Calculate monthly debt costs – add up all of your monthly debt costs (credit cards, store cards, loans, overdrafts).
    2. Work out your budget – using the Citizens Advice Bureau budgeting tool , calculate the amount you can genuinely afford to pay on a new loan (needs to be sustainable for you).
    3. Get new loan costs – get quotes for loans that you would qualify to get.

    Note, be careful not to make multiple applications to companies, if they all do credit searches on you, this could affect your credit score.

    Once you have done steps 1-4, you’ll be able to see if the new loan is right for you:

    • Reduces your total monthly credit repayments?
    • Make your debt more affordable?
    • Simplifies your finances?

    More FAQs

  • 1

    Can debt consolidation help with payday loans?

    YES 👍

    By consolidating your payday loans into an unsecured loan or guarantor loan, you could

    1. Pay lower interest rates
    2. Spread repayments over a longer period reducing the monthly payment
    3. Make the debt more affordable

    To find out is an unsecured or guarantor loan is a viable option for you Get Quotes  

    To find out how you can improve your credit score by consolidating your payday loans, see

    Note, if the debt is over a longer period than the existing payday loans, whilst the monthly repayments may be less, the total interest repaid could be more in total. 

  • 2

    Will debt consolidation help my credit score?

    It depends 🤔

    If you have a damaged credit file already?

    • Have your existing debts have become unmanageable?
    • Have you missed repayments already?
    • By consolidating will you have a new lower payment you can comfortably afford?

    When you make all the monthly payments on-time and pay off the debt in full - this will help to repair your credit score.

    If you pay off Payday Loans

    • Some lenders do not like to lend to those who use payday loans.
    • They believe is shows a negative sign regarding money management.

    By consolidating payday loans into another loan may not specifically improve your credit score but improve your file in the eyes of some lenders.

  • 3

    What other options are there if a consolidation loan is not suitable?

    If you’ve done your homework and find out that

    1. You don’t qualify for a suitable loan, or
    2. The loans you’ve had a quote for don’t reduce your monthly commitments, or
    3. Your income has gone down so you do not have affordability for a new loan

    Then there are other debt options you can consider.

  • 4

    More questions?

    If you have any other questions

Why use this website?

We've been helping people get easy access to the very best loan deals since 2015

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Easy access to all the best deals. One simple form to
over 35-lenders.

(zero impact on your credit file)

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This site is free for you to use - all loans cost the same as if you went to the lender directly.

(we’re paid by the lenders)

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We are fully FCA regulated and Information Commission Office registered

(we’re a Surrey-based firm)

How to get quotes and a loan?


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Effortlessly find the loans you are pre-approved for in less than one minute - our amazing system will check with over 35-lenders all for you.


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Choose lowest rate loan and finish application

Quick, easy, and online

Simply choose the best loan for you and finish off the quick online application with your chosen lender.

Get Accepted for a Loan

Choose amount: £4000
How many months?

If approved, you could receive funds by 6:40 PM

  • 2-minute online application
  • Over 35 UK lenders
  • Instant online quotes
  • No obligation
  • No mark on your credit file
  • Zero fees (we’re free to use)
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