Debt Consolidation Loans
£10k to £500k
- Get a decision online
- Compare 100s of loans
- Know your rate before you apply
Ocean rated Exceptional on Feefo with over 3,379 reviews.
What is a debt consolidation loan?
A debt consolidation loan lets you combine multiple debts into one single monthly payment.
Instead of juggling several credit cards, loans or overdrafts, you borrow enough to pay them all off in one go and then repay just one lender with one interest rate.
Why consolidate debt?
Make your finances simpler
Instead of tracking multiple payments to different lenders, you'll have just one monthly payment to manage.
Reduce your monthly outgoings
Find a lower interest rate or spread the repayments over a longer period, though you might pay more interest overall as a result.
Remember, if you repay existing loans with a new loan, you may be extending the term and increasing the amount you repay in total.
Homeowner loans are secured against your property. This means your home may be at risk if you fall behind with your payments. We are a broker and we arrange secured loans from a panel of lenders. We receive commission upon completion. Fees may be payable depending on your choice of financial product. The rate you're offered and the fees will depend on your circumstances and will be discussed prior to you proceeding with your loan. 10.3% APRC Representative.
Personal loans are unsecured. Ocean Finance is a trading style of Intelligent Lending Limited. We are a credit broker working with a panel of lenders to find you a personal loan. We receive commission upon completion. A Broker Fee is not payable. 48.76% APR Representative (fixed).
Can I put all my debt into one payment?
You can put most types of debt into a debt consolidation loan, including:
- Personal loans
- Credit cards
- Store cards
- Overdrafts
You can’t include:
How do debt consolidation loans work?
- Your loan will be paid into your bank account as one lump sum
- This money is used to pay off your existing debts
- You then pay back your debt consolidation loan with interest over a set period of time
- The cost of your loan will depend on the amount, interest rate, fees, and length of borrowing
How do I get a debt consolidation loan?
Complete our online form
We'll check your eligibility and rate
You'll finalise your application and receive your funds
Here’s a real customer’s story:
We helped Richard cut his monthly costs by £874
by swapping his expensive credit cards, loans, and overdrafts for a secured loan.
Old monthly payments
£1,138
New monthly payment
£264
Remember if you repay existing loans with a new loan, you may be extending the term and increasing the amount you repay in total.
Customer name has been changed to protect their confidentiality. Average reduction in outgoings of more than £800 per month for customers taking a loan to repay existing credit commitments in the last 12 months.
Our trusted lenders
We work with a wide panel of lenders, comparing 100s of loans, so you don't have to.
Can I get a debt consolidation loan with bad credit?
Yes, you can still apply withbad credit.
We work with lenders who consider varied credit histories, so you might find options even if you've been rejected elsewhere.
If you chose a secured debt consolidation loan, lenders focus less on your credit score due to the security you provide.
Will I be accepted?
- Be aged 18 years or older
- Have been a resident of the UK for at least three years
What to consider when applying
Which debts to pay off
What type of loan would work best for you
You may find a secured homeowner loan offers you lower rates, and more time to pay the money back.
An unsecured personal loan could suit you better if you don’t have property to use as security, or you need a smaller loan amount.
Your financial situation
Use a loan calculator to work out what your monthly repayments will be, and make sure they’re manageable (both now and in the future).
Let's make
it a yes
Got Questions?
How much you can borrow depends on the type of loan you choose.
With a secured loan (homeowner loan) through us, you could borrow between £10,000 and £500,000 over 3 to 30 years.
With an unsecured loan (personal loan) through us, you could borrow between £1,000 and £15,000 over 1 to 5 years.
The total cost of your loan depends on the amount you borrow, the repayment term (length of borrowing), and the interest rate you're offered.
Lenders typically charge an APR (Annual Percentage Rate), or APRC (Annual Percentage Rate of Charge) for secured loans, which includes interest and any fixed fees.
Spreading your loan over a longer repayment term means lower monthly repayments but you’ll pay more interest overall.
Initially, applying for a debt consolidation loan may temporarily lower your credit score due to the hard credit check that’s completed.
However, if you make regular, on-time payments and avoid taking on new debt, consolidation could improve your score over time by demonstrating responsible borrowing habits.
Remember, before applying, you can use our eligibility checker to see how likely you are to be approved, without affecting your credit score.
The time it takes to receive your money depends on the type of loan you apply for.
Secured loans are typically funded within 2 or 3 days after your loan offer has been issued by the lender.
Personal loans tend to be quicker, and in many cases, you may receive the money the same day you apply.
Yes, you can usually pay off your debt consolidation loan early. However, some lenders apply early repayment charges, which could reduce your savings.
It's always worth checking your loan agreement for possible charges before making extra payments or paying off the full balance ahead of schedule.
Last updated
Reviewed by: Matt Waller
Fact-checked
This page has been reviewed to ensure it is accurate and compliant with FCA guidelines.
For more information on our fact-checking process, read our editorial policy.