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Debt consolidation

Put simply, debt consolidation involves paying off your existing debts with one single loan, leaving you with one monthly repayment. Our Personal Loan could help.

Features and benefits

  • You could receive a rate as low as 3.9% APR RepresentativeCloseAPRAPR stands for the Annual Percentage Rate of charge. You can use it to compare different credit and loan offers. We will tell you the APR for your loan or credit card before you sign an agreement. if you borrow £7,500 – £25,000 over one to five years
  • Paying off your existing debts with one single debt consolidation loan could save you money, reduce your overall monthly payments, and help you budget more easily. With a debt consolidation loan, you only have one monthly repayment to make
  • We offer an instant online decision on your loan application
  • Flexible repaymentCloseRepaymentWith a loan, we give you a sum of money up front and each month after that you pay back some of what you owe. That monthly sum is called your repayment. With our personal loans, your repayments are fixed. That means you’ll owe the same amount each month for the entire life of your loan. options, where you can make additional payments free of charge
  • Instant money in your account. Apply online to have funds immediately transferred to your bank account between 9am–8:30pm, or before 9am the following day
  • You have the option to apply for up to two repayment holidays of one month in a rolling 12 month period, subject to approval.

Keep in mind

  • Our loans are only available to Lloyds Bank current account holders who've had their account for at least one month.
  • How much we lend and the rate available are subject to our assessment of your circumstances.
  • Repayment holidays are available if you meet certain conditions. Interest will be charged if you take a repayment holiday, so you'll pay more interest overall and your original term will be extended.
  • If you make an early settlementCloseEarly settlementYou can fully or partly repay your loan at any time during the repayment period. If you choose to settle your loan before it’s completed its full term some of our loans may charge an early settlement adjustment. If you’ve taken out a Flexible Loan you agree to repay the capital plus the interest as it accrues. If you pay off your loan in full before the end of the agreed term, we’ll calculate what you owe us at the time which will include capital plus interest accrued but no additional charge. If you’ve taken out any of our other loans including the Personal Loan, the amount you agree to repay include the interest that is charged to the end of the loan term. If you make an early settlement we’ll reduce the charge for credit you have agreed to pay us which means you don’t have to pay all the interest. This reduction may be adjusted by up to 58 days’ interest – this is the early settlement adjustment. on the Personal Loan, we may charge up to 58 days' interest
  • If you’re looking to borrow money, it’s important that you make the right choice for your circumstances. Other borrowing options may be suitable for your needs.
  • If you refinance any existing debts you may pay a higher rate of interest or make repayments over a longer term. This means that you may pay more interest overall.

Representative example

You could borrow £10,000 over 48 months with 48 monthly repayments of £225.04. Total amount repayable will be £10,801.92. Representative 3.9% APR, annual interest rate (fixed) 3.83%.

This representative APR applies to loans of £7,500 to £25,000 over 1 to 5 years. Other terms and loan amounts are available at different rates. If you qualify for a loan we'll tell you the rate that applies when you get your personalised quote. The maximum APR you could be offered is 29.9% APR

You can also find out about our range of other borrowing options

Loan calculator

Use our handy loan calculator to work out how much your loan repayments could be.

Before you apply, make sure that you’ve done your homework.

For example, try adding together the monthly repayments for all your existing debts, and comparing this to a new borrowing quote based on the total amount it would cost to pay off these debts. This could give you an idea whether you can save money, although it’s worth finding out whether paying off any of your existing debts incurs any charges or early settlement adjustment.CloseEarly settlement adjustmentYou can fully or partly repay your loan at any time during the repayment period. If you choose to settle your loan before it’s completed its full term some of our loans may charge an early settlement adjustment. If you have taken out a Flexible Loan you agree to repay the capital plus the interest as it accrues. If you pay off your loan in full before the end of the agreed term, we'll calculate what you owe us at the time which will include capital plus interest accrued but no additional charge. If you’ve taken out any of our other loans, the amount you agree to repay includes interest that is charged to the end of the loan term. If you make an early settlement we'll reduce the charge for credit you have agreed to pay us which means you wouldn’t have to pay all of the interest. This reduction may be adjusted by up to 58 days’ interest - this is the early settlement adjustment.

Keep in mind that if you choose to extend your repayments over a longer term, you may pay more interest overall, even if the monthly repayments are lower. Your new loan may also incur a higher interest rate than you are currently paying.

You may also want to reduce credit limits on, or close, any credit cards or overdrafts that you are paying off with your new loan. This may help you manage your total debt.

More information on managing debt

Our responsibilities to you

We'll never encourage you to borrow more than you can afford. To help you get it right, we have lots of help and guidance.

Apply for a loan

To apply for a Lloyds Bank personal loan, you must be over 18 years old and a UK resident. How much we lend and the rate available is subject to our assessment of your circumstances.

Apply online

With our Personal Loan you can get a personalised quote and decision in minutes with no credit footprint.

Log on for a quote

Apply over the phone

If you hold a Lloyds Bank Current Account, call us on 0800 096 1242.

If you have a credit card, mortgage or existing loan with us, call us on 0800 068 1191.

Lines are open 8am–10pm seven days a week.

Apply in branch

Your local branch will be happy to help you apply for a Loan. We'll usually be able to give you an answer and transfer the money into your account the same day.

Find your nearest branch

Making sure you get a fair deal

We want to find a product that’s right for your circumstances, which is why we adhere to the Standards of Lending Practice, which are monitored and enforced by the Lending Standards Board.

To find out more you can read the statement of responsibilities, which details what’s expected of us, the lender and you the borrower.

Download the statement of responsibilities