Debt consolidation loans

A debt consolidation loan is a type of loan that could cover the cost of other existing debts you hold. It could help manage debt into one simple fixed monthly payment.

Important information: How much we lend and the rate available are dependent on our assessment of your circumstances. You must be aged 18 or over and a UK resident. You must have had a Lloyds Bank current account for at least one month.

How debt consolidation loans work

  • Add debt you have with other lenders to your debt consolidation loan. We’ll pay the money to your current account and you’ll need to pay it to the other lender yourself.
  • Manage your debt into one simple fixed monthly payment. Please note, this may not be the cheapest option depending on the rate we offer you.
  • Borrow between £1,000 and £50,000 and pick a term from 1 to 7 years.
  • If approved, the money could be in your account the same day, 9am to 8.30pm, or before 9am the next working day.
  • It's easy to keep track of your loan using online banking or the Mobile Banking app. You can also phone us or visit us in branch.
  • Get peace of mind with one fixed monthly payment.
  • The amount you can borrow and rate offered will depend on your personal circumstances.

Things to consider

Decide how much to borrow. Will you be able to afford to pay the loan back if your circumstances change?

Check if you’ll pay more interest in total. You may pay a higher rate of interest or make repayments over a longer period.

Review your finances. Can you cut your spending at the same time as paying back the loan?

Look at other ways to borrow. There may be other borrowing options that suit you better.

Have you got car finance (PCP or HP) elsewhere?

See if you could get a better deal by switching your car finance to us.

See our car refinance options.

Apply for a debt consolidation loan

To apply for a debt consolidation loan, you need to:

  • be aged 18 years or older
  • be a UK resident (except for the Channel Islands and the Isle of Man)
  • have held a Lloyds Bank current account for at least one month
  • be in paid employment or have a regular income, and not be a full-time student
  • have a good credit score, with no history of bad credit, such as County Court Judgements (CCJs) or bankruptcy.
Apply now

Good to know

Repayment holidays - You can apply for up to two one-month repayment holidays every 12 months, but they can’t be two months in a row.

  • You’ll need to have made at least one repayment towards your loan, and have a direct debit in place before you can apply. 
  • You won’t need to make your usual repayment during your repayment holiday.
  • We’ll still charge daily interest on your loan. This means you’ll pay more in total and it will extend your loan’s original term. 

Make extra payments with no extra charges.

Pay off your loan early if you want. We may charge up to 58 days' interest for early settlement.

Get a quote for a debt consolidation loan

Tell us how much you want to borrow and over how long to get a quote. This won't affect your credit score.

If you go on to apply, you’ll get a loan decision online.

 

It's simple in our app

Scan the QR code to get it.

Register for online banking, if needed.

Once you're in, select Apply, Loans and Car finance, then Loan calculator.

Or you can register on our website.

Already bank online?

We'll take you to the right place to get started.

Log in to get a quote

It's simple in our app

Register for online banking, if needed.

Once you're in, select Apply, Loans and Car finance, then Loan calculator.

Get the app

Or you can register on our website.

Already bank online?

We'll take you to the right place to get started.

Log in to get a quote

Have you got car finance (PCP or HP) elsewhere?

Consider switching your current car finance to us.

Have a look at our car refinance options.

Let’s look at the details

More about loans

What is a personal loan?

Secured vs unsecured loans

Choosing the right way to borrow

Related products

Car finance

Other borrowing options

 

You may also like

Money worries

If you are struggling with your finances, or worried about the increased cost of living, you are not alone. We can help.

Support with money worries

Borrowing options

When borrowing money, you need to make the right choice for you and your circumstances.

Borrowing options

Existing customers

Already have a loan with us? We have a range of flexible ways to help you.

Existing customer

Explore personal loans

Whether you’re planning a large purchase, or simply want to get your finances in order, a personal loan could help bring your plans to life.

Explore loans

Two people putting bags in a car.

Explore personal loans

Whether you’re planning a large purchase, or simply want to get your finances in order, a personal loan could help bring your plans to life.

Explore loans