Compare debt consolidation loans

Why compare debt consolidation loans

Find out which loans you are eligible for without harming your credit score and apply online.

You can compare debt consolidation loans from the UK's biggest brands

Compare loans in 3 easy steps

Provide information

Enter a few details about what you are looking for.

Compare quotes

Save money by comparing instant quotes online.

Apply online

You can then apply online and your application will be processed directly by the loan provider.

What is a debt consolidation loan?

A debt consolidation loan can simplify your monthly finances by combining existing debts into one manageable payment – with one lender, one interest rate, and one clear repayment plan.

Compare options from trusted UK lenders and find a loan that fits your budget and your goals.

Register with MoneySpider and join our exclusive rewards club that can save you up to £1,800 a year from over 300 high street brands, including major supermarkets!

Struggling to manage multiple repayments?

A debt consolidation loan allows you to combine several existing debts, such as credit cards, overdrafts, or other personal loans, into a single loan with one monthly repayment.

This can help:

  • Make repayments easier to manage

  • Potentially reduce your overall interest rate

  • To avoid late fees and missed payments

  • Give you a clearer timeline for becoming debt-free

It’s important to note: a debt consolidation loan does not reduce the total amount you owe, but it may help you manage your repayments more effectively.

What to consider before applying for a debt consolidation loan

Will I save money overall?

Compare the total cost of your existing debts against the new loan offer.

Can I afford the monthly repayments?

Use a budget planner to be sure.

Are there any early repayment fees on my current debts?

Check with each existing lender before consolidating.

Am I improving my financial situation long-term?

The goal is to simplify and reduce, not extend, your debt.

Start comparing today

Whether you're looking to simplify your repayments or lower your monthly outgoings, a debt consolidation loan might help you regain control. Always compare carefully and consider if it’s the right option for your financial situation.
It’s quick, secure, and won’t affect your credit score.

Is a debt consolidation loan right for me?

Using a loan to consolidate your existing debts can make repayments simpler and, in some cases, reduce your monthly outgoings. However, it’s an important financial decision and one that should be considered carefully.

If you’re thinking about using a new loan to repay existing credit cards, loans or other debts, it’s important to look at more than just the interest rate or the size of your new monthly payment. Take time to compare the overall cost of the new loan with your current arrangements.

A longer loan term may reduce what you pay each month, but it could mean paying more overall – even if the interest rate is lower than what you’re currently being charged. You should also check whether your existing lenders will apply any early repayment charges.

Debt consolidation isn’t the right choice for everyone. Think about whether it’s affordable for you now and in the long term, and whether it supports your wider financial goals.

FAQ

Need more help?

When you compare through MoneySpider, we use a soft search, which won’t impact your credit score. If you go on to apply directly with a lender, they may run a hard credit check, which could appear on your credit file.
Most unsecured debts can be consolidated, including credit cards, store cards, overdrafts, and other personal loans. You cannot usually include secured debts like a mortgage or car finance unless you’re taking out a secured loan (which comes with added risks).
Not necessarily. Some lenders offer debt consolidation loans to people with less-than-perfect credit. However, your credit history can affect the interest rate and terms you’re offered.
Not always. While a single repayment can be more manageable, it’s important to compare the total cost of borrowing, including fees, to ensure it’s cost-effective for you. Always review your options carefully.
No. A debt consolidation loan is a form of borrowing – you repay the loan over time with interest. A debt management plan (DMP) is a structured agreement with creditors, often through a third party, and may affect your credit rating more significantly.

Helpful guides & articles

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 against it.