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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:
APR Representative (variable)

A debt consolidation loan is exactly what it says on the tin: a loan designed to help you get on top of any outstanding credit you have, by moving all your debt into one place. That means one monthly repayment, one interest rate, and one lender.

We get it might seem a little overwhelming, but it really is quite straightforward. With a debt consolidation loan you’ll:

  • Take out a loan that will cover all your outstanding credit
  • Use the loan to pay off your creditors in full
  • Make single monthly repayments until your loan’s complete.

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Whether you opt for a secured or unsecured debt consolidation loan will depend on two things:

  • If you own your own home or not, and
  • How much money you need to borrow

Secured debt consolidation loans

A secured loan is one that’s ‘secured’ to the equity you have in your property, and for this reason is only available to homeowners. As with any type of credit, sticking to your repayments is essential but with a secured loan, your home could be on the line if you don’t.

Unsecured debt consolidation loans

If you’re not lucky enough to own your property, you need to borrow less money, or you simply don’t like the idea of putting your home at risk, an unsecured debt consolidation loan could be an option.

As the name suggests, this type of loan isn’t secured to anything and eligibility is based purely on you and your finances. For this reason, unsecured loans are accessible to more people, but it means a patchy credit history could hinder your chances of being accepted (although not necessarily with us).

The answer to this one depends on which type of loan you decide on:

  • With a secured debt consolidation loan you could borrow between £10,000 and £100,000 over 3 to 25 years.
  • With an unsecured debt consolidation loan you could borrow as much as £10,000 for up to five years.

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In a nutshell, yes. That’s not to say there aren’t exceptions, but some lenders and credit brokers, including us, specialise in helping people with a less than perfect history of managing credit.

How easy it is for you to access a debt consolidation loan with bad credit will depend on just how ‘bad’ your credit report is. For example, missing one credit repayment a few months ago is less likely to result in a failed application than if you’d gotten a County Court Judgement (CCJ) last week.

Yes, as with all types of lending, when you first take out a debt consolidation loan it’s likely to put a little dent in your credit score. That’s because to complete any credit application, your lender must run a hard search on your credit record and this will show on your report, plus you’ll also be increasing your outstanding credit.

However, this impact’s only short-term, and if you stick to your loan repayments on time and in full a debt consolidation loan could eventually serve to boost your credit score.

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There are four ways a debt consolidation loan could and should help you:

  • Streamlined monthly payments - instead of worrying about keeping up with multiple monthly repayment amounts (and all the stress it brings!), a debt consolidation loan narrows that down to one set sum.
  • One interest rate - part and parcel of the one monthly repayment, is one interest rate. So no more confusion over how much you’re paying in interest and to who, it’s all under one umbrella.
  • One lender to deal with - once you’ve used your debt consolidation loan to pay off your creditors, you won’t be receiving letters/phone calls/emails from several lenders any more, which we understand can feel very overwhelming. Instead, you’ll have one point of contact.
  • Become debt-free quicker - taking on a debt consolidation loan could help you clear your credit sooner if you end up paying less interest and are able to put that extra money towards clearing your debt.

Advantages and disadvantages

If you’re still not sure if a debt consolidation loan’s right for you, here are some pros and cons to help you reach your decision.

Secured debt consolidation loans


  • Often carry lower interest rates than unsecured loans
  • Generally easier to obtain because they carry less risk for lenders
  • Can borrow more money and for longer than unsecured loans
  • More likely to be accepted with a poor credit record


  • You could be risking your home if you fall behind on repayments
  • Taking out a loan over a longer period means you’ll be paying interest for longer, which could result in paying more overall than with individual debts

Unsecured debt consolidation loans


  • One interest rate is likely to be less than several combined
  • You won’t be putting your property on the line


  • Limited to how much you can borrow versus a secured loan
  • Harder to obtain with a patchy credit record
  • Shorter repayment durations available

The reality is you can use any sort of loan to consolidate your debts. So, if a standard unsecured loan isn’t an option for you for whatever reason, you might decide using a guarantor to access a loan and streamline your debts is the way forward.

Here at Ocean, some of our lenders offer guarantor loans and non-guarantor loans, so this might be something to consider if you feel like you’re running out of options.

Yes, as long as you take out your loan with a reputable lender and keep up to date with your repayments, you shouldn’t run into any problems with a debt consolidation loan and they’re as safe as any other form of borrowing.

Other types of loan we offer