Debt consolidation calculator

Thinking of paying off your existing debts with a debt consolidation loan?

Use our calculators below to work out how much you could save. Consolidating all your high interest loans and credit cards with a lower interest loan, could be a good way to save money each month.

Our calculators will give you an estimate on how much you could save. You can also get an idea of the monthly repayments.

Relax and let us find you right debt consolidation loan

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“I managed to reduce my crippling monthly payments from £1,500 to less than £300. Lifechanging.”  

The loan they found for us was a god send saving us over £1000 a month.”

“Loan.co.uk managed to get me a secured loan to consolidate all of my debt and a big chunk of cash to remodel my garden, saving me £700 a month.”

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Compare loans from over 50 lenders to find the loan the suites you best. Just fill out the quick form. Our automated systems will find the best debt consolidation loan we have available for your circumstances.

 

  • Reduce your monthly repayments
  • Lower overall interest rates
  • No impact on your credit score
  • Pre-approval available
  • Get an online instant response
  • Fully FCA regulated

Why should I consolidate my debts?

This is one of the most effective ways to stop debt from growing out of control. If you have a lot of high-interest personal loans and credit cards, there are many reasons why consolidating them into one lower-interest loan can be beneficial.

What are the benefits?

One of the biggest benefits of debt consolidation is that it allows you to reduce the number of payments due each month and it can reduce your monthly repayments by up to 50% .

This means less stress and more money in your pocket every month.

Could you reduce your monthly outgoings?

Use our debt consolidation loan calculator below and find out – it takes seconds

If you consolidate your debt over you could pay

388.02

per month

and reduce your monthly outgoings by 166.98

You currently have 3000 of debt and have minimum repayments of 300 per month. The above quote is based on an interest rate of 6.04%, which is more than your current average interest rate of 18%.

This figure is an estimate based on a typical bank’s lending criteria. To get a free quote for your personal circumstances, click the button above. The amount you can borrow and monthly repayment will depend on your personal needs, circumstances, affordability and other lender criteria. All lending is subject to application. Loan.co.uk is a credit broker and not a lender.

This is a Representative Example based on borrowing of 3000 over 2 years. Annual Interest Rate 6.04%, fixed for 24 months, then variable. Representative APRC 7.9%, total amount repayable 3,997.38. Includes a broker fee of £2,995 and lender fees of £595.

IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.

Secured loans are often used for debt consolidation.

As these loans are secured on a property, they tend to be lower interest rates. You can also borrow larger amounts if you have the available equity.

Not a homeowner? Scroll down to see our criteria for personal loans.

I want to borrow...

£99

Over how long?

years

Optimum Credit Ltd

Initial Rate

3.3%

Total Repayments

£

Monthly Repayments

£

West One

Initial Rate

3.9%

Total Repayments

£

Monthly Repayments

£

Masthaven Bank Ltd

Initial Rate

4.19%

Total Repayments

£

Monthly Repayments

£

Shawbrook Bank Ltd

Initial Rate

4.20%

Total Repayments

£

Monthly Repayments

£

Precise Mortgages

Initial Rate

4.25%

Total Repayments

£

Monthly Repayments

£

Examples of Personal Loan Criteria

This is a small selection of some of our personal loan lenders. Press one of the buttons to get an online automated approval. This will not impact your credit score.

Thinking using personal unsecured loans to consolidate your debt? Make sure the interest rate on the new loan is lower than the ones you are paying off.

Loan Type:

Unsecured

Representative APR:

3.0% APR

Available Amounts:

£1,000 to £25,000

Min / Max Terms:

1 to 7 Years

+ More info

Eligibility Criteria

  • Must have been a UK resident for at least 3 years
  • Must be over 21 and no older than 70 when the loan term ends
  • Must have a regular income above £12,000 a year
  • Must have a good credit rating without a history of County Court Judgements or bankruptcy
  • Must have a UK based bank account or building society account that can pay direct debits
  • Must be able to meet the repayments as missed payments incur a charge and could have severe consequences on your ability to obtain future credit
  • *As an AA loans customer you’ll get 12 months Basic Breakdown Cover included at no extra cost, or an add-on if you’re already a Member.

Representative Example: Representative 3.0% APR. Based on a loan amount of £10,000 over 60 months at an interest rate of 3.0% p.a. (fixed). Monthly repayment £179.51. Total amount repayable £10,770.43. Maximum APR: 20.9%.

Loan Type:

Unsecured

Representative APR:

3.0% APR

Available Amounts:

£1,000 to £25,000

Min / Max Terms:

1 to 7 Years

+ More info

Eligibility Criteria

  • Must have been a UK resident for at least 3 years
  • Must be over 21 and no older than 70 when the loan term ends
  • Must have a regular income above £12,000 a year
  • Must have a good credit rating without a history of County Court Judgements or bankruptcy
  • Must have a UK based bank account or building society account that can pay direct debits
  • Must be able to meet the repayments as missed payments incur a charge and could have severe consequences on your ability to obtain future credit

Representative Example: Representative 3.0% APR. Based on a loan amount of £10,000 over 60 months at an interest rate of 3.0% p.a. (fixed). Monthly repayment £179.51. Total amount repayable £10,770.43. Maximum APR: 20.9%.

Loan Type:

Unsecured

Representative APR:

12.9% APR

Available Amounts:

£1,000 to £25,000

Min / Max Terms:

1 to 7 Years

+ More info

Eligibility Criteria

  • Must have been a permanent resident of the UK for at least 12 months
  • Must be aged 21 or over (at start of the loan)
  • Must have a current bank or building society account
  • No bankruptcies, CCJ’s, or active IVAs
  • Must not be unemployed
  • Must have a good credit history
  • Not available for the following loan purposes: bridging loan, business vehicle, business loan, holiday home, investment, mobile home, property purchase, income tax bill

Representative Example: Representative APR 12.9% (fixed). Based on a loan of £4,000 over 24 months at an interest of 12.9% p.a. (fixed). Monthly repayments of £188.66. Total amount payable £4,527.84. Maximum APR: 12.9%.

Loan Type:

Unsecured

Representative APR:

14.9% APR

Available Amounts:

£1,000 to £30,000

Min / Max Terms:

1 to 7 Years

+ More info

Eligibility Criteria

  • Must have been a permanent resident of the UK for at least 12 months
  • Must be aged 21 or over (at start of the loan)
  • Must have a current bank or building society account
  • No bankruptcies, CCJ’s, or active IVAs
  • Must not be unemployed
  • Must have a good credit history
  • Not available for the following loan purposes: bridging loan, business vehicle, business loan, holiday home, investment, mobile home, property purchase, income tax bill

Representative Example: Representative APR 14.9% (fixed). Based on a loan of £10,000 over 60 months at an interest of 14.9% p.a. (fixed). Monthly repayments of £232.53. Total amount payable £13,951.80. Maximum APR: 29.9%.

Loan Type:

Unsecured

Representative APR:

24.5% APR

Available Amounts:

£1,000 to £25,000

Min / Max Terms:

1 to 5 Years

+ More info

Eligibility Criteria

  • Must be aged between 18-70 (at time of application)
  • Must be a UK resident (excluding the Channel Islands and Isle of Man)
  • Have a net monthly income of £800+
  • Must not be unemployed
  • Bankruptcies, active CCJs and IVAs not accepted

Representative Example: Representative APR 24.5%. Based on a loan of £7,500 over 36 months at an interest of 19.5% p.a. (fixed). Monthly repayments of £286.84. Total amount payable £10,326.27. This includes £2,386.27 interest and £440 in fees. Maximum APR: 49.9%.

Loan Type:

Unsecured

Representative APR:

24.9% APR

Available Amounts:

£1,500 to £12,000

Min / Max Terms:

1 to 5 Years

+ More info

Eligibility Criteria

  • Must be a permanent resident of the UK for at least 12 months (Not IOM or Channel Islands)
  • Must be aged 20 or over (at start of the loan)
  • Must have a current bank or building society account
  • No current bankruptcies, CCJ’s, or active IVAs
  • Must not be unemployed

Representative Example: Representative APR 24.9%. Based on a loan of £4,000 over 36 months at an interest of 22.44% p.a. (fixed). 35 scheduled monthly payments of £153.97 and a final payment of £153.86. Total amount payable £5,542.81. Maximum APR: 35%.

Loan Type:

Unsecured

Representative APR:

26.9% APR

Available Amounts:

£2,000 to £15,000

Min / Max Terms:

2 to 6 Years

+ More info (only for homeowners)

Eligibility Criteria

  • Must be a homeowner
  • Must be aged 21 or over at the start of the loan
  • Must be a UK resident (excluding the Channel Islands and Isle of Man)
  • Must have a current bank account or building society account
  • Must be in permanent paid employment
  • Must not be currently bankrupt or in an IVA or debt management arrangement

Representative Example: Representative APR 26.9%. Based on a loan of £8,518 repayable over 49 months at an interest rate of 12.48% pa (fixed). 48 monthly payments of £274.60 and a final payment of £274.66. Total amount payable £13,455.46. This includes an acceptance fee of £395. Maximum APR: 40.6%.

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What can I use a debt consolidation loan for?

Consolidate Credit Card Debts

Credit Card Debts

Lots of credit cards have high interest rates.

Many borrowers overlook this because of how easy they are to use.

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Unsecured Loans

Unsecured and personal loans vary greatly in the interest they charge. Look carefully at what you are currently paying if you are consolidating these loans.

Approved personal loan

Bank Overdrafts

Unauthorised overdrafts can be some of the most expense ways to borrow money. Try to keep inside the authorised limit.

What is a debt consolidation loan?

A debt consolidation loan allows you to consolidate your high-interest debts into one lower-interest loan, making it easier to pay off your credit card bills and other debts in the long run.

Debt consolidation can be one of the most effective ways to stop debt from growing out of control.

Normally the debts you are consolidating are more expensive than the new debt consolidation loan.

Why would I use a debt consolidation loan?

Most credit cards have quite a high interest rate, but the minimum monthly repayment could be quite low. The problem with this is they don’t get paid off for many years.

Consolidating £15,000 of credit card debt with an average APR of 25% with a new debt consolidation loan of 7% APR, could make a lot of sense.

How does it work?

It’s simple. A debt consolidation loan is basically a new loan that pays off old debts. The money you borrow is used to pay off your other creditors. Once your old debts are paid off, you’ll have just one bill to worry about paying, the monthly payment on your consolidation loan.

What is an unsecured debt consolidation loan?

This is a loan that does not use any collateral for security, like your property or car. Therefore, the lender is relying on you to make all the payments.

A debt consolidation loan needs to have an interest rate lower than the debts you are paying off. For this reason, you will probably need a reasonably good credit rating.

What is a secured debt consolidation loan?

This is where the lender has a charge or title over something you own. One of the most common securities is a property. This would then be a secured loan or a second charge mortgage.

You need to make sure you can afford the monthly repayments otherwise the lender may look to take possession of the security.

If you are having problems making payments then it’s always better to tell the lender as soon as possible. Most lenders are sympathetic and will look like find a way to help you.

Is it a good idea to consolidate my debt?

It’s not always easy to get out of debt. But if you’re determined, there are some things you can do to make it easier and more likely that you’ll succeed.

One thing is to try to pay off as much of the debt as possible before you go into debt consolidation. Also, make sure your current loans and credit cards are update with the monthly repayments if you can.

If you’re struggling to find money to pay off your debt, then you may want to consider using a debt consolidation loan. A debt consolidation loan allows you to combine all your debts into one loan.

Loan.co.uk can give you qualified advice on the best way forward.

Representative Example for second charge mortgages UK:based on borrowing £18,000 over 120 months. Interest Rate: 5.5% fixed for 60 months with instalments of £213.33. Followed by 60 months at the lenders standard variable rate of 5.7% with instalments of £214.36. Fees: Broker fee (£1,062); Lender fee (£595). Total amount payable £25,756.4 comprised of; loan amount (£18,000); interest (£6,004.4) including broker fee and lender fee. Overall cost of comparison 7.902% APRC. This means 51% or more of our clients receives this rate or better for this type of product. We have arranged borrowing with rates from 3.4% to 29% APRC which has allowed us to help customers with a range of credit profiles. We are a broker not a lender.

Second charge mortgages have a minimum term of 36 months to a maximum term of 360 months. Maximum APRC charged 29%. If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.