We can help find the best debt consolidation loan for you from our trusted panel of lenders. Getting a quote won't affect your credit score.
What is a debt consolidation loan?
A debt consolidation loan is designed to help you get on top of any outstanding credit you have by moving some or all your debt into one place. That could mean one loan amount, one monthly payment, one interest rate, and one lender.
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No impact on your credit score
How do debt consolidation loans work?
- You can take out a loan that will cover some or all of your debt
- That loan is used to pay off your existing creditors in full
- You would then make a regular monthly repayment for the duration of your loan term
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No impact on your credit score
What can you use a debt consolidation loan for
What can you use a debt consolidation loan for
A debt consolidation loan is used to combine multiple debts into a single, more manageable loan. This can help to simplify your finances and potentially reduce your monthly outgoings.
Some common types of debts that can be consolidated with a debt consolidation loan include credit card debt, personal loans, bills, and other unsecured debts. However, it's important to note that paying off some types of debt may trigger early repayment charges.
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Types of debt consolidation loans
Secured loans
A secured loan (or homeowner loan) is tied to your property, and for this reason it's only available to homeowners. Sticking to your repayments is essential, and your home could be at risk if you fail to do so.
Personal loans
A personal loan could be a suitable option if you're not a homeowner and need to borrow a smaller amount or don't wish to use your home as security.
Personal loans: Ocean Finance is a trading style of Intelligent Lending Limited. We are a credit broker working with a panel of lenders to find you a personal loan.
Homeowner loans: Homeowner loans are secured against your property. We are a broker and we arrange secured loans from a panel of lenders. We receive commission upon completion. Any quote is inclusive of the Broker Fee and all associated costs which is calculated as 12% of the net loan amount, capped at a maximum of £4,495. Loans are subject to status, and the rate you are offered may change based on your individual circumstances.
Alternatives to debt consolidation loan
Remortgage
For larger debts, remortgaging could be the answer – this involves switching to a new mortgage deal, often with a different provider. Remortgaging may also provide an opportunity to raise additional borrowing to cover off other debts.
Credit card
You might find that for smaller debts, consolidating them with a credit card could be better suited to your needs. Be mindful of the credit card’s interest rate, as it can often be higher than that of loans.
Debt management plan
If you are struggling to make payments, a debt management plan may be a suitable option. This means having a provider manage your debt for you. It’s important to remember that doing this could negatively impact your credit score and restrict your access to credit in the future
Can you get a debt consolidation loan with bad credit?
Can you get a debt consolidation loan with bad credit?
Yes, there are companies such as Ocean who specialise in finding providers that offer loans to those with bad credit. This means that even if you’ve previously had a County Court Judgment (CCJ) or used a form of debt management, we may still be able to help.
“Loans can meet various financial needs, but it’s important to borrow only what you can afford to repay. Before taking out a loan, consider how much you need it and how likely you are to be able to keep up with repayments over the full term.”
Need help with debt?
Life can take an unexpected twist when we least expect it. If you're struggling with debt, talk to your lender straight away to see if there’s anything they can do to help. For more information and free, impartial advice, get in touch with:
Other types of loans
How could we help you?
Ocean has provided access to loans, credit cards and mortgages to people across the UK since 1991. In this time, we’ve pre-approved more than a million people, offering products and advice to suit their circumstances.
- All credit histories considered
- Check your eligibility without affecting your credit score
- Save time finding the right loan deal
You can learn more about Ocean on our about us page.
Homeowner loans are secured against your property. This means your home may be at risk if you fall behind with your secured loan or mortgage repayments.
Remember, if you consolidate your existing borrowing, you may be extending the term and increasing the amount you repay in total.
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