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Debt Consolidation Loan

Simplify your borrowing. Take back control.

For people looking to combine debts into one competitive loan with a clear repayment plan.
Borrow £2,500-£15,000
Repay over 6-60 months
Maximum 16.50% APR
Loan calculatorAbout this loan
Example: £6,500.00 borrowed over 18 months at 16.50% APR. Total repayable: £7,318.86.
Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Calculate your consolidation loan

Debts you want to consolidate

Remove
Add another debt
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  • Enter each debt and the amount you owe
  • Add the APR and minimum payment from your statement
  • Tell us what you can afford per month

We'll show whether a consolidation loan could help over the next 60 months.

Your result

Based on what you've entered, consolidating could reduce the total interest you pay.
Based on what you've entered, a consolidation loan may not reduce your costs. See other options if you're struggling with debt.
Your total debt exceeds our maximum consolidation loan of £15,000. You may want to consider consolidating only some of your debts, or see free debt advice for other options.
At the amount you can afford, the loan would take longer than 60 months to repay, which exceeds our maximum term. Consider increasing your monthly payment or see free debt advice for other options.
Important: Your current interest charges exceed your repayments, so your balance is likely to grow. Consider increasing your payments or seeking free debt advice.
If you continue as you are, clearing your debts could take longer than 60 months.
You could save
in interest
And be debt-free
sooner
Apply for this loan

Side-by-side comparison

  • Current situation
  • Consolidation Loan
Your current debts
Total owed£0
Monthly repayments
£0
Average APR
0.00%
Est. time to clear
Unknown
Debt may grow
Total interest
-
Unknown
With a consolidation loan
Loan amount£0
Monthly repayment
£0
APR
0.00%
Repaid over
-
Total interest
-
Please note: This is an illustrative example. Results are guidance based on the information you have entered, do not constitute financial advice. The rate you're offered depends on the loan term and the amount chosen, as well as your individual circumstances.

About this credit union loan

  • Combine credit cards, overdrafts, and other existing borrowing into one fixed repayment.

    Borrow £2,500-£15,000
    16.50% APR

    If juggling multiple repayments feels overwhelming, our Debt Consolidation Loan can help. Bring everything together into one clear monthly repayment, often at a lower overall cost. With a clear end date and competitive rate, it’s a straightforward way to simplify your finances and move forward with confidence.

    • Borrow between £2,500-£15,000

    • Repay over 6 to 60 months

    • 16.50% APR

    Product Terms & Conditions
    If you’re worried about debt or finding it hard to keep up with payments, free and confidential help is available from MoneyHelper

  • Key features

    • Pay off credit cards and other existing debts

      You can use this loan to pay off existing credit cards, overdrafts, personal loans, or other types of regulated borrowing.

    • Save money on interest

      The interest rate on a consolidation loan is often much lower than on your existing borrowing. If so, you'll save money on interest.

    • Combine into one monthly repayment

      Just one fixed, predictable payment each month, making it easier to budget and plan.

    • We can pay off creditors on your behalf

      In some cases, we can contact your credit card provider and other lenders to pay them directly.

  • To apply for this loan you must:

    • Be between 18-74 years old
    • Be a member of London Mutual Credit Union or eligible to join.
    • Have multiple existing credit commitments (e.g. credit cards, loans, or store finance)
    • Be prepared, in some cases, for the loan to be paid directly to your creditors
    • Maintain a reasonable credit history showing you are keeping up with your current committments.
    • Employed by one of our salary deduction partners, with repayments taken directly from your pay
    • This product is not suitable for those already struggling to keep up with repayments or in financial difficulty

    We're more likely to say yes if:

About borrowing with us

Got questions? We've answered some common ones to help you get started. If you need more information, our Help Centre is just a click away.
Visit help centre

  • How does a debt consolidation loan actually reduce monthly stress?

    By combining multiple debts into one fixed repayment, a consolidation loan removes the need to juggle several bills, due dates, and interest rates. This often makes budgeting easier and more predictable.

  • Can I consolidate credit cards, overdrafts and other loans together?

    Yes. A consolidation loan can bring together most forms of borrowing — from credit cards and store cards to personal loans and overdrafts — into a single structured plan.

  • Will taking a debt consolidation loan affect my credit score?

    In the short term, your credit file will show a new loan. Over time, however, making regular repayments on a debt consolidation loan can help improve your credit history by showing consistent repayment behaviour.

  • What’s the difference between a debt consolidation loan and a balance transfer card?

    A balance transfer card usually applies only to credit card debt and may come with short-term promotional rates. A consolidation loan lets you combine a wider range of debts into one fixed repayment, often over a longer term.

  • Can I still make extra payments on a debt consolidation loan?

    Yes. You can make overpayments or clear your loan early, which can reduce the total interest paid and help you become debt-free faster.

  • Can a debt consolidation loan help me save money overall?

    It can. By moving borrowing from high-interest products like credit cards to a lower-rate consolidation loan, you may reduce the total amount of interest you pay.

  • Do I need to work for a partner employer to get a consolidation loan?

    Yes. Our debt consolidation loans are available exclusively to employees of our salary deduction partners.

    This includes several NHS Trusts, all members of the UK armed forces, Southwark, Lambeth, Camden and Westminster council employees, as well as employees of Transport for London.

Visit help centre

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