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 age 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. Where we can, we'll pay the money to the other lender automatically.
  • 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 over 1-7 years.
  • If approved, the money could be in your account the same day, 9am-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

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

You may pay more interest overall - you may pay a higher rate of interest or make repayments over a longer period.

Reviewing your finances - can you cut overall spending while paying the loan back? 

Other borrowing options - there may be other borrowing options that are better suited to your personal circumstances.

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.

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 are not 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 - apply to take up to two non-consecutive repayment holidays  of one month each in a rolling 12-month period (subject to approval).  

  • 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 that you’ll pay more overall 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

 

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