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You consolidate loans by rolling all your little loans into one bigger one.
To come out ahead, you need to find a consolidation loan with a low interest rate and a reasonable term.
You can consolidate using a personal loan or a balance transfer credit card.
This means you no longer owe money to multiple lenders.
If an ERC applies, remember to take it into account when working out the cost of a new loan. Check all outstanding balances, interest rates and any penalties for paying off the debt early. The interest you receive on your savings might be lower than the interest you pay on a loan so you might want to consider paying off your existing debt with any savings you have.
Use our loan calculator to find the right debt consolidation loan for you based on your current debt calculation. If you're struggling with excessive mothly payments, you may be able to arrange a new payment plan or a 'repayment holiday'.
A debt consolidation loan offers you a way to merge all of your outstanding unsecured debts (like credit cards, store cards, overdrafts and personal loans) into a single debt.
Rather than juggling several monthly payments to different lenders each month (and remembering the different interest rates), you can make one fixed payment to a single lender.
You could also use our Quick Quote tool to find out if you're likely to be approved for a loan, how much you could borrow, the interest rate and your monthly repayment amount.