Is a debt consolidation loan right for me?
If you feel like you’re not getting on top of your finances, it might be time to reassess your situation. Look at the cards in your wallet and your account in your online banking and answer a few questions.
Credit cards and store cards Show more
- How many credit cards and store cards do you have?
- What are the annual fees?
- How much interest is charged?
- Are your repayments reducing the debt or only paying off the interest?
Personal loans Show more
- How many personal loans (including car loans) do you have?
- How much interest do you pay?
- When are your repayments made?
Total debts Show more
- What is your total debt?
- What is the total amount of interest you’re paying?
- What are the total fees you are paying?
- What does your repayment calendar look like – what day and how often?
What debts can I consolidate? Show content
What are the benefits of consolidating debt?
If you have a number of debts, it can be hard to know where to start. By rolling all your debts into one, you can focus on paying off one amount. Having just one figure to focus on can help to reduce your debt faster.
One manageable repayment Show more
Pay just one repayment weekly, fortnightly or monthly on your payday or a day that suits you. It’s much easier to keep track of which means you can avoid late payment fees and even improve your credit rating.
If you choose a fixed rate debt consolidation loan, you’ll have peace of mind knowing your repayment amount won’t change throughout the life of your loan.
Save on fees and interest Show more
Consolidating debt stops you from paying multiple annual fees or account keeping fees, and it means you’ll only pay one lot of interest.
Interest rates for personal loans are often less than rates for credit cards and store cards too, meaning lower repayments.
Reduce debt faster Show more
If you only pay the minimum repayment across multiple cards and loans, you may only be paying off the interest and not reducing your debt. By rolling it into one, your repayments will actually make a difference.
Add extra repayments to the amount you were previously paying and you’ll be able to pay off your loan sooner.
What is a fixed rate loan? Show content
A fixed rate loan means your interest rate is locked in from the day you take out your loan. If interest rates go up or down while you’re on your fixed rate loan, your repayments will remain the same.
What is a variable rate loan? Show content
A variable rate loan means that the interest rate you pay may go up or down throughout the life of the loan.
What loan is right for me?
If you think consolidating your debt could help you take control of your finances, we offer a personal loan which could help you. If you do take out a loan, it’s important to make sure you pay off your loans and credit cards.
- No monthly fees
- No fee for early payout
- Make unlimited extra repayments
- Choose between weekly, fortnightly or monthly repayment options
- Free redraw<|