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    Debt consolidation loans

    A debt consolidation loan is a personal loan which you use to pay off your other debts with. This should help you manage your remaining debt more easily.

    What are the benefits?

    Bringing all your debts into one debt consolidation loan could help you:

    • get on your way to becoming debt-free, with a clear date that your borrowing will be paid off by.
    • budget more effectively with one fixed monthly payment.
    • manage your debt more easily - it's simple to keep track of your loan using Internet Banking or the Mobile Banking app.

    Things to consider

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

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

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

    Can I apply?

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

    • be aged 18 or older
    • be a UK resident (excluding 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.

    Why choose Lloyds? 

    How it works

    • Borrow between £1,000 and £35,000 over 1-7 years.
    • If your application is approved, the money could be in your account the same day – between 9am-8.30pm, or before 9am the next working day.
    • It's easy to keep track of your loan using Internet Banking or the Mobile Banking app, but you can also phone us or visit us in branch.

    Offering you flexibility

    • Repayment holidays - you can apply for up to two repayment holidays per year, subject to approval.
    • Make additional payments with no extra charge.
    • Or pay off your loan early. Just be aware, we will charge up to 58 days' interest for early settlement.

    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. The maximum APR you could be offered is 29.9% APR.

    Loan calculator

    Use our handy loan calculator to work out how much your loan payments could be. It will give an indication of monthly payments and APR.

    Find out your personalised rate by logging in to Internet Banking.

    Get a quote in minutes

    Log on to Internet Banking to get a personalised quote.

    • Tell us how much you want to borrow and over how long to get a quote in minutes.
    • This won't affect your credit score.
    • If you go on to apply, you’ll get an instant loan decision online.

    Log on to get a quote

    Other ways to apply

    Apply in branch – our local branch will be happy to help you apply for a loan.

    Find your nearest branch 

    Apply over the phone – if you have a:  

    • Lloyds Bank Current Account, call us on 0330 123 3890.
    • Credit card, mortgage or existing loan with us, call us on 0330 123 4715. 

    Speak to an adviser 8am-10pm, every day.

    More about loans

    Further support

    Frequently asked questions

    Important legal information

    Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.

    Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS).

    How much we lend and the rate available are subject to our assessment of your circumstances. You must be 18 years of age or over and a UK resident. You must have had a Lloyds Bank current account for at least one month.