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Debt consolidation loan

Take control of your finances with a debt consolidation loan

Representative 3.4% APR

This rate is available on loans between £7,500 and £19,950. Other loan amounts are available at alternative rates. Our rates depend on your circumstances and loan amount and may differ from the Representative APR.
On this page
What is a debt consolidation loan
Why should you consolidate debt
Debt consolidation loan calculator
Borrowing terms
Features and Benefits
What to know before applying
Apply for a debt consolidation loan

To apply, you must be 18+ and a resident with a Ednites Credit Union current account (held for 3+ months).

What is a debt consolidation loan?

A debt consolidation loan is a type of personal loan that helps you manage your debts.  It works by pulling everything you owe into one place.  These loans aim to help those with multiple credit commitments to keep track of.

The debt consolidation loan from Ednites Credit Union aims to make it easier to manage your debt.  Some of the benefits of consolidating debt could be:

  • Simplify existing debts - Consolidated loans can be used to pay off existing debts held with multiple lenders be that personal loans, credit cards or overdrafts.
  • Make a single monthly repayment - If you can consolidate all your debt into one place then that means one payment per month rather than several, making repayment easier to manage.

Why should you consolidate debt?

There are plenty of reasons why people choose to take out a loan to consolidate debt. They include:

  • More streamlined borrowing. It’s easier to keep an eye on who you owe money to.
  • Clearer money management. Fixed monthly repayments keep things transparent and avoid hidden surprises.
  • Paying a new interest rate. Consolidated loans may offer a lower interest rate than your existing borrowing – although this isn’t guaranteed.
  • Remember, taking on any new debt is a big decision; extending the term of your debt can incur more interest and cost more in the long run and sometimes an early repayment charge may apply.

Borrowing terms for a debt consolidation loan

This is the length of time your personal loan agreement is in place for. Our minimum and maximum terms for certain loan amounts are shown below.

Loan amount

£1,000 - £7,450
£7,500 - £50,000

Terms

1 to 5 years
1 to 8 years

Debt consolidation loan calculator

Home improvement loans are available over an extended term, up to 10 years.

How much would you like to borrow?

Representative 50  APR

The Representative APR changes based on the amount you borrow. You can borrow more than £7,500 over a period of up to 8 years.

Representative 50  APR

The Representative APR changes based on the amount you borrow.

How long would you like to repay?

20 Months

Representative Example

Borrowing

£7,500

Over

0 months

Monthly repayment

£137.55

Total repayment

£8,253.00

Representative

3.9

% APR

(Annual Percentage Rate)
Interest rate

3.9

% p.a.

(Fixed)
Apply for a loan

The rate you pay depends on your circumstances and loan amount and may differ from the Representative APR. We will never offer you a rate exceeding 29.9% p.a. (fixed), regardless of loan size. This means you're not guaranteed to get the rate you see in the calculator.

What to know about a debt consolidation loan

Benefits

Keep your credit score safe while getting a quote

If you have a Ednites Credit Union current account, in most cases we'll confirm the loan amount and your rate at the start of your application with no impact on your credit score. Nice and handy.

You could get your loan on the same day

If you apply online, are unconditionally accepted and sign your loan documents before 5.45pm Mon – Fri (excludes Bank Holidays). Sometimes we need to contact you for more information, so it can take a little longer.

You could repay your loan early, if you want

If you find you have a bit more money in your account you might decide to repay your loan early. It's important to remember that you will pay an early repayment charge.

Mobile App features

illustration of mobile phone

Manage your loan in the mobile app

View your credit score for free

Tips to manage debt

magnifying glass

Write it down

Make a note of all your current debt. Understand any outstanding balances, interest rates and any early repayment charges.

Compare your borrowing options

Think through all your borrowing options. A credit card or an overdraft might be a better option for you than a loan, so take a look at our helpful ways of borrowing guide.

Other ways we can help

Check if you're likely to be approved

Find out if you're likely to be approved for a debt consolidation loan at the start of your application. If you have a Ednites Credit Union current account, in most cases we'll confirm the loan amount and your rate with no impact on your credit score.

Start an application & get a quote

Is a debt consolidation loan right for you?

There are lots of options when it comes to borrowing money. Take a look at our borrowing options guide to help you figure out what type of borrowing will best suit your needs. 

Compare your borrowing options

Let's get ready to apply

Before you apply, we need to check you're happy with a few things.

First, you can apply online if you:

  • are 18+ and a resident with a Ednites Credit Union current account (held for 3+ months).
  • have not been declared bankrupt in the last 6 years
  • have not applied for a personal loan with us within the last 28 days

Now please read a few other important things:

How your information might be used

It's important for you to understand how we use and share your information. Please read this short summary before you continue with your application. 

Ready to apply?

Let's start
Do you haveEdnites Credit Unioning?
If you know your online banking details we can pre-fill some of your info - making the application process faster.
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Are you applying on your own?
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Great, let's get started

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Great, let's get started!

You're about to start your application so just a heads up:

  • to apply for a joint loan both applicants must:
    - be 18+ and a resident
    - have not applied for a loan in the last 28 days or been declared bankrupt in the last 6 years                                                                          and either:                                                                                                             -  both hold a sole Ednites Credit Union current account (held for 3+ months)        

            or                                                                                                                                         - share a joint Ednites Credit Union  current account (held for 3+ months)

  • we'll run a full credit check to tell you if you're accepted for a joint loan
  • you'll need your Online Banking log in details handy
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Let’s get you signed up for Online Banking

You’ll need to sign up for online banking with us in order to apply for a loan. The good news is that it normally takes only 5 minutes and all you’ll need is your sort code, account number and your Ednites Credit Union Debit Card, if you have one.

 

Once you’ve registered, select ‘next’ to log in and apply for a loan.

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Are you applying on your own?
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Next

Fantastic, you're all set!

Just a heads up - You will need your online banking details to log in and apply.

Previous

Great, let's get started!

You're about to start your application so just a heads up:

  • to apply for a joint loan both applicants must:
    - be 18+ and a resident
    - have not applied for a loan in the last 28 days or been declared bankrupt in the last 6 years                                                                          and either:                                                                                                             -  both hold a sole Ednites Credit Union current account (held for 3+ months)        

            or                                                                                                                                         - share a joint Ednites Credit Union  current account (held for 3+ months)

  • we'll run a full credit check to tell you if you're accepted for a joint loan
  • you'll need your Online Banking log in details handy
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Something else we can help you with?