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Debt Consolidation Loans

If you're looking for a UK loan to consolidate your debts, we could help. We'll find you a debt consolidation loan that's right for your circumstances.

  • Reduce your monthly repayments
  • Personal and homeowner loans
  • No upfront fees
Did you know we can offer personal loans from £100-10k and homeowner loans for £10k-£100k?
Are you a homeowner?
You can also borrow this amount as a homeowner loan, available over 3 to 25 years. Would you prefer this?

Unsecured loans:
49.9%
APR Representative (variable)
Homeowner loans: We have helped people with rates from 4.3% APRC to 26.6% APRC.

What is a debt consolidation loan?

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.

It lets you consolidate debt in one place, rather than juggling several payments to different lenders each month (and remembering the different interest rates). With a debt consolidation loan, you can make one fixed payment to a single lender.

There are two types of loans: homeowner (also called secured) and personal (also called unsecured). The debt consolidation loan you choose depends on a few things, like how much you need to borrow, whether you own your home and how long you’d like the loan term to last.


Don't take our word for it

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Feefo reviews are gathered anonymously from genuine customers. Take a look at some of the comments from people Ocean has helped.

So very helpful and friendly, I received exeptional customer service throughout my loan application from the beginning, through to completion. I was kept updated and the speed that my application was processed was again, exceptional. I cannot thank you enough.
Excellent service keeping u informed from start to finish. Very knowledgeable and friendly staff
they were excellent from the start to end would defo recommend to others thankyou luke and team
Prompt service, kept informed throughout the whole process. Would definitely recommend. Competent staff dealt with our application.
Defo recomend
Great service would recommend it to anyone

How do debt consolidation loans work?

They let you consolidate debt by using the money from a debt consolidation loan to pay off any outstanding debts you have. This means you no longer owe money to multiple lenders.

Once you’ve cleared your existing debts, you will then make a single, more manageable monthly payment to one lender to clear your new loan.

Debt consolidation loans for bad credit

If you have a bad credit history, some lenders may not accept your application for a debt consolidation loan. If you have missed payments in the past, there’s a risk you’re an unreliable borrower who could do so again – but consolidation loans for bad credit could offer a great solution.

Here at Ocean, we specialise in debt consolidation loans for bad credit borrowers. Even if you have a thin credit history, you’ve missed payments before, or you’ve been issued with a CCJ, we will still consider you for debt consolidation loans, bad credit or not. Loans to pay off debt with bad credit can help improve your financial situation too.

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Common questions

How much can I borrow with a debt consolidation loan?

With Ocean, you can borrow between £100 and £10,000 with an unsecured debt consolidation loan, and between £10,000 and £100,000 with a homeowner debt consolidation loan.

You have the option of borrowing more than the balance of your combined debts with a debt consolidation loan. However, think very carefully before you do this.

If you apply for more money than you need, it is likely to take you longer to clear the debt and you will pay more interest.

Will a debt consolidation loan reduce the amount of interest I pay?

This depends on a few things, including the interest rate you’re offered on your debt consolidation loan and the type of debts you’re looking to pay off. If you’re currently paying off high-interest debts, like credit cards and overdrafts, a debt consolidation loan might save you money on interest.

However, because debt consolidation loans are often stretched over a longer term than other types of credit, you make repayments for longer – so you might pay more interest overall than if you’d stuck to your original agreements, even if the monthly payments are lower.

To work out if it’s worthwhile consolidating your debts, weigh up how much you’ll pay back overall with a debt consolidation loan and how much you’d pay if you continued to make several repayments each month.

Even if you’ll end up paying back more overall, this may be a price you’re willing to pay for simpler finances and a lower monthly payment.

Will I be out of debt sooner with a debt consolidation loan?

This depends entirely on the term of your debt consolidation loan. By choosing a longer repayment term than you’re currently on, you’ll pay less each month but you’ll be paying off your debts for longer.

If you keep your monthly repayments the same or increase them, you may be debt-free sooner – but this depends on the interest rate attached to your debt consolidation loan.

Will a debt consolidation loan affect my credit score?

Providing you make your repayments on time and in full each month – as you should with any type of borrowing – a debt consolidation loan will not affect your credit score. In fact, it could even help you improve it by showing you’re a responsible borrower, even with consolidation loans for bad credit.

By managing your new loan responsibly, you will show any future lenders that you can be trusted with credit. This will make borrowing easier in the future.

Can I get a debt consolidation loan online?

With Ocean, you can apply for a debt consolidation loan online. If you’re applying for an unsecured debt consolidation loan, the entire application can be completed online and you will receive an instant decision. Loans to pay off debt with bad credit in the UK, and for other purposes, can all be found online.

It will take a little longer if you apply for a secured debt consolidation loan as this type of loan is treated in a similar way to a mortgage. This means there’s more work to be done to process your application.

Other types of loan we offer