Debt Consolidation Loans
Cut outgoings by £800+ per
month
Borrow from £10k to £500k
- 1 lower interest rate
- 1 longer repayment term
- 1 affordable monthly payment
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DEBT CONSOLIDATION LOANS
See your monthly payments
by trying our loans calculator
You need to be a homeowner, as the loan is secured against your home.
Please note this calculator is a guide only, and assumes you're consolidating debt with a secured loan. We will search both personal and secured loans. The actual rate offered will be based on your individual circumstances.
Representative Example: If you borrow £34,000 over 10 years, initially on a fixed rate for 5 years at 5.89% and for the remaining 5 years on the Lender's standard variable rate of 10%, you would make 60 monthly payments of £428.34 and 60 monthly payments of £472.06. The total amount of credit is £38,775 (this includes a Lender Fee of £695 and a Broker Fee of £4,080). The total repayable would be £54,029.30. The overall cost for comparison is 10.2% APRC representative. This means 51% or more of customers receive this rate or better.
What is a debt consolidation loan?
A debt consolidation loan lets you combine multiple debts into one loan with a single monthly payment.
Instead of juggling several credit cards, loans or overdrafts, you borrow enough to pay them all off in one go and then repay just one lender with one interest rate.
Why consolidate debt?
Make your finances simpler
Instead of making payments to multiple different lenders, you'll have just one monthly payment to manage.
Reduce your monthly outgoings
By consolidating existing debts, you could reduce your outgoings by more than £800 per month, though you may pay more interest overall as a result.
Remember, if you repay existing loans with a new loan, you may be extending the term and increasing the amount you repay in total.
Homeowner loans are secured against your property. This means your home may be at risk if you fall behind with your payments. We are a broker and we arrange secured loans from a panel of lenders. We receive commission upon completion. Fees may be payable depending on your choice of financial product. The rate you're offered and the fees will depend on your circumstances and will be discussed prior to you proceeding with your loan. 10.2% APRC Representative.
Personal loans are unsecured. 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. We receive commission upon completion. A Broker Fee is not payable. 47.4% APR Representative (fixed).
Can I put all my debt into one payment?
You can put most types of debt into a debt consolidation loan, including:
- Personal loans
- Credit cards
- Store cards
- Overdrafts
- Secured loans
The only kind of debt you can't consolidate is a mortgage.
You're in safe hands
- Tailored advice from a qualified expert
- Your own case manager throughout
- Our app to track your application 24/7
- Access to your documents in a few taps
Every Ocean adviser is CeMAP qualified - this means they've been formally trained to give mortgage and secured loan advice right here in the UK.
So, when you call, you're talking to someone who knows their stuff, and wants to help.
How do debt consolidation loans work?
- Your loan will be paid into your bank account as one lump sum
- This money is used to pay off your existing debts
- You then pay back your debt consolidation loan with interest over a set period of time
- The cost of your loan will depend on the amount, interest rate, fees, and length of borrowing
If you’re applying for a secured debt consolidation loan, we can help you choose which debts to consolidate.
How do I get a debt consolidation loan?
Complete our online form
We'll check your eligibility and rate
You'll finalise your application and receive your funds
Here’s a real customer’s story:
We helped Richard* cut his monthly costs by £874
by swapping his expensive credit cards, loans, and overdrafts for a secured loan.
Old monthly payments
£1,138
New monthly payment
£264
Remember if you repay existing loans with a new loan, you may be extending the term and increasing the amount you repay in total.
*Customer name has been changed to protect their confidentiality. Average reduction in outgoings of more than £800 per month for customers taking a loan to repay existing credit commitments in the last 12 months.
Our trusted lenders
We work with a wide panel of lenders, comparing 100s of loans, so you don't have to.
Can I get a debt consolidation loan with bad credit?
Yes, you can still apply with bad credit.
We work with lenders who consider varied credit histories, so you might find options even if you've been rejected elsewhere.
If you choose a secured debt consolidation loan, lenders focus less on your credit score due to the security you provide.
Will I be accepted?
- Be aged 18 years or older
- Have been a resident of the UK for at least three years
What to consider when applying
Which debts to pay off
You might want to prioritise debts with the highest interest rates, as this could save you the most money over time.
With a secured loan, we'll give you advice on which debts to consolidate.
What type of loan would work best for you
You may find a secured homeowner loan offers you lower rates, and more time to pay the money back.
An unsecured personal loan could suit you better if you don’t have property to use as security, or you need a smaller loan amount.
Your financial situation
Use a loan calculator to work out what your monthly repayments will be, and make sure they’re manageable (both now and in the future).
Let's make
it a yes
Got questions?
How much can I borrow?
How much you can borrow depends on the type of loan you choose.
With a secured loan (homeowner loan) through us, you could borrow between £10,000 and £500,000 over 3 to 30 years.
With an unsecured loan (personal loan) through us, you could borrow between £1,000 and £15,000 over 1 to 5 years.
How much will a debt consolidation loan cost?
The total cost of your loan depends on the amount you borrow, the repayment term (length of borrowing), and the interest rate you're offered.
Lenders typically charge an APR (Annual Percentage Rate), or APRC (Annual Percentage Rate of Charge) for secured loans, which includes interest and any fixed fees.
Spreading your loan over a longer repayment term means lower monthly repayments but you’ll pay more interest overall.
What does CeMAP qualified mean?
CeMAP stands for Certificate in Mortgage Advice and Practice. It's a qualification recognised by Financial Conduct Authority (FCA), which UK advisors take to give mortgage and secured loan advice.
All our advisors have a CeMAP qualification, so they've been properly trained on everything to do with mortgages and secured loans. They'll explain your loan without jargon, check it suits your circumstances, and talk you through the risks before you make a decision.
Does debt consolidation affect your credit score?
Initially, applying for a debt consolidation loan may temporarily lower your credit score due to the hard credit check that’s completed. If you apply for a secured loan with us, a hard credit check is only done once we've found you a loan - we use a soft search to check your eligibility.
However, if you make regular, on-time payments and avoid taking on new debt, consolidation could improve your score over time by demonstrating responsible borrowing habits.
Remember, before applying, you can use our eligibility checker to see how likely you are to be approved, without affecting your credit score.
How long does it take to get a loan?
The time it takes to receive your money depends on the type of loan you apply for.
Secured loans are typically funded within 2 or 3 days after your loan offer has been issued by the lender.
Personal loans tend to be quicker, and in many cases, you may receive the money the same day you apply.
Last updated
Reviewed by: Matt Waller
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