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Compare debt consolidation loans

Clear your debt with a debt consolidation loan by combining your debt and making a single monthly repayment. Find consolidation loans with low APRs to save on interest.

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1

Check your eligibility

Answer a few quick questions. This will not impact your credit score.

2

Compare personalised loans

See the exact amount you’ll need to pay each month. No estimates.

3

Apply online

You could get your money within hours. Complete your application on the lender’s website.

See the interest rate you’re eligible for before you apply

With real interest rates you'll see exactly how much you’ll need to pay each month. And which lenders will pre-approve your application before you apply.

6 results found, sorted by lowest representative apr. How we order our comparisons.
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Freedom Finance Personal Loan
Loan amount
£1,000 to £25,999
Representative APR
6.8% APR variable (£23,000 to £23,999)
Loan term
2 years to 7 years
Freedom Finance is a credit broker and not a lender. The %APR rate you will be offered is dependent on your personal circumstances.
Representative Example: The Representative rate is 14.47% APR (variable) so if you borrow £10,000 over 5 years at a rate of 14.47% p.a (variable) you will repay £230.57 per month & £13,833.94 in total.
Eligibility
UK Resident
Maximum AgeUnlimited
Minimum Age18 years
Minimum Income£12,000
Credit Rating Acceptedfair
Aspire Money Personal Loan
Loan amount
£500 to £25,000
Representative APR
30% APR (£13,001 to £25,000)
Loan term
1 year to 5 years
No upfront fees and can source loans that don't require a guarantor. Please only apply if you are aged 18 to 65.
Aspire Money is a credit broker and not a lender.
Representative Example: The Representative APR is 49.7% APR (fixed) so if you borrow £5,000 over 36 months at a rate of 49.7% p.a (fixed) you will repay £243.57 per month & £8,768.52 in total.
Eligibility
UK Resident
Maximum AgeUnlimited
Minimum Age18 years
Credit Rating Acceptedpoor
Everydayloans Personal Loan
Loan amount
£1,000 to £15,000
Representative APR
99.9% APR (£1,000 to £15,000)
Loan term
2 years to 5 years
No effect on your credit rating on initial application. No fees or charges. T&Cs apply.
Representative Example: The Representative APR is 99.9% APR (variable) so if you borrow £3,000 over 2 years at a rate of 71.3% p.a (variable) you will repay £238 per month & £5,706 in total.
Eligibility
UK Resident
Minimum Age21 years
Minimum Income£15,000
Credit Rating Acceptedpoor

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      Last updated: 27 May, 2021

      What are debt consolidation loans?

      Debt consolidation loans let you borrow money, to pay off all your existing debts. By merging all the money you owe into a single loan, consolidation loans let you switch to just one monthly repayment to a single lender. It can be used to pay off credit cards, store cards, overdrafts and other personal loans.

      Can you get an unsecured debt consolidation loan?

      Most debt consolidation loans are only available to homeowners, so they tend to be secured loans. But unsecured consolidation loans can still save you money on your debts, and you don’t need to own a property to get one.

      Unsecured consolidation loans are not secured against anything you own, such as a property or vehicle. Use our comparison table to find an online personal loan, which you can use to consolidate debt.

      How to get a debt consolidation loan

      When you start looking for debt consolidation loans, uk wide, there are a few steps you can take to make sure you get the right one for your needs.

        How much debt can you consolidate?

        Debt consolidation loans go up to £25,000. That means you could consolidate up to £25,000 of debts using an unsecured debt consolidation loan.

        How long can I borrow for with a debt consolidation loan?

        You’ll find that debt consolidation loans, UK wide, usually offer terms of between one and five years.

        If you think you’ll need longer to pay back your debt consolidation loan, it’s worth remembering that some lenders offer loan terms of up to seven years. But you’d only be likely to get such a long term if your consolidation loan is over £10,000.

        Our loan repayment calculator can help you to see how changing the term can affect your monthly payments. By trying out different options with a range of debt consolidation loans, you can see if debt consolidation is suitable for you.

        What are the pros and cons of debt consolidation loans?

        Pros

        • Reduce monthly payments
        • Could be cheaper to pay off
        • Only owe money to a single lender

        Cons

        • Could take longer to pay off
        • May have to pay fees
        • Could cost more in the long run

        How can I get the cheapest debt consolidation loan?

        It’s only worth doing debt consolidation if you can find a debt consolidation loan that gives a cheaper interest rate than you’re already paying cumulatively on your debts.

        Although there are no best loans, our comparison can help you compare debt consolidation loans, and find the deal that is right for you. Check out consolidation loans, UK wide, and compare interest rates. Then get your own quote from each lender.

        What are the alternatives to debt consolidation loans?

        Debt consolidation may not be your only option. Even the best consolidation loans might not be the best way to consolidate debt, depending on your situation. It’s sensible to look into alternatives as well.

        You could look at opening a 0% money transfer card, for example. You can use these to move money into your back account, for a small transfer fee. And then you pay them back, interest free, over a set amount of time.

        Or, you could think about opening a 0% balance transfer card. These are good for people with credit card debts. You can move what you owe onto a single, new card, for a small fee. Then you can pay them back, interest free, over a set period of time.

        Unsecured debt consolidation loan FAQs

        No, you can choose which debts to pay off. However, if you keep any open you have to show you can afford to pay them back alongside any new loan.

        No, it is usually paid to you and then you need to pay off each of your debts separately.

        Yes, lenders will check your credit record when you apply for a loan. If you are worried about bad credit here is how to overcome it and find a loan.

        Will a debt consolidation loan affect my credit rating?

        A debt consolidation loan is just like any other form of borrowing. As long as you keep up with the repayments you’ll be fine. In fact, you’ll improve your credit score by lowering your debt in the long term.

        Conversely, if you don’t keep up with the repayments, it will negatively affect your credit rating. So you need to make sure you find a debt consolidation loan you can afford.

        You may be charged a fee and your credit record will be damaged. Here is what to do if you cannot pay back your loan.

        About our loans comparison

        Our comparison tables include providers we have commercial arrangements with. The number of listings in our tables can vary depending on the terms of those arrangements, as well as other market developments. They are all from lenders regulated by the Financial Conduct Authority. For more information you can also see how our website works.

        We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more about how our website works.

        You do not pay any extra and the deal you get is not affected.

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