Debt consolidation loans

Bring your existing borrowing together with a RateSetter
personal loan and keep control of your finances.

Loans are subject to status and affordability. Terms apply.

A loan that keeps you in control

A debt consolidation loan from RateSetter brings together your existing debts such as loans, credit cards, store cards or overdrafts into one affordable monthly payment.

  • A regular monthly payment fixed for your loan term.
  • Potentially save you money on interest every month.
  • Manage your borrowing in one place.
  • Change your payment date to one that suits.

Get a personalised rate with no impact to your credit score.

We’re an award-winning personal loan provider

  • Borrow up to £35,000 between 1 and 5 years.
  • Rates from 3.9% APR.
  • If approved, you’ll get the money the next working day.
  • Make extra payments or settle your loan early with no
    early repayment fees.
  • Manage your loan online, 24 hours a day.

Representative example: 4.9% APR Representative (fixed). Based on an assumed loan amount of £10,000 over 5 years at an interest rate of 2.3% p.a. (fixed). Monthly repayment £187.94. Total amount payable £11,276.40, which includes a fee of £638. The majority of our customers receive the advertised APR or lower. The maximum APR you could be offered is 29.9%.

Loans are subject to status and affordability, the rate and fee you pay will depend on your credit profile.

The loan fee allows us to cover our costs. The loan fee is non-refundable if you settle your agreement early. The only time this is not chargeable is if you withdraw from your credit agreement within 14 days.

 

What is a debt consolidation loan?

A debt consolidation loan brings your existing borrowing together into one simple monthly payment.

It can either be secured or unsecured. A secured debt consolidation loan is secured against your home, whereas an unsecured loan is not secured against your personal assets.

A RateSetter debt consolidation loan is the same as our regular unsecured personal loan.

Applying for a debt consolidation loan is simple

Personalised quote

Application

Decision

Money

Complete a quote, telling us the amount you want to borrow

We will give you a personalised rate with no obligation to apply

You will get a response immediately, or usually by the end of the next working day

If approved, the money will be in your account the next working day

Personalised quote

Application

Complete a quote, telling us the amount you want to borrow

We will give you a personalised rate with no obligation to apply

Decision

Money

You will get a response immediately, or usually by the end of the next working day

If approved, the money will be in your account the next working day

You're eligible if...

  • you are are 21 or over.
  • you hold a UK bank or building society account.
  • you have been a UK resident for a minimum of 3 years.
  • you have a regular source of income paid monthly, for example through wages or a pension, of over £16,000 a year.
  • you have a good credit history, with no County Court judgements, bankruptcies or debt relief orders on your credit file.

Already have a personal loan with RateSetter?

If you already have a loan with RateSetter you could be eligible to borrow more money. Your total borrowing must not exceed £35,000. There are two ways you can borrow additional money from RateSetter:

  • Take out an additional loan.
  • Take out a new loan and consolidate your existing loan.

Getting a quote is easy! Sign in to your account and the application form will be pre-populated for you.

Got a question? We're here to help

Call us on 0203 142 6226* or email us at [email protected].

Before borrowing any money, it’s important you choose the right product for your needs. Please think carefully about whether you can afford to make the repayments now and in the future. If you’re worried about debt, MoneyHelper has further information about debt management and offers free advice.

*You may be charged for your call, depending on whether you use a landline or mobile, and the tariff charged by your provider.

Frequently asked questions

Consolidating your debts can have several benefits, including making it easier to manage your finances. Find out more about the benefits of consolidating your finances

In principle both of these products can be used for debt consolidation. Debt consolidation is a common use for a personal loan but not all personal loan providers allow you to use their loans to consolidate debt.

Typically you can consolidate the following forms of debt:

  • Personal loans

  • Credit cards

  • Store cards

  • Overdrafts