A debt consolidation loan allows you to move all of your debts into one place, where they can be repaid in one monthly repayment.
This could also be a cheaper option, if the consolidation loan is lower interest than your other debts.
Debt consolidation loans to match your needs
Choose your amount
Apply for £1,000 to £25,000. Or £300 to £50,000 for TSB current account customers
Choose your term
Repayment terms from 1 to 5 years. Up to 7 years for existing TSB customers
Make a decision
A personalised quote and a decision in minutes without affecting your credit score
To apply for a loan, you'll need to:
How do I apply for a debt consolidation loan?
Already a TSB customer?
If you’re an existing TSB customer it's quicker to log in to get your quote and apply.
How do I apply for a debt consolidation loan?
Not a customer yet?
It's easy to get a personalised quote and apply online
Book an appointment to apply for a debt consolidation loan in branch or over the phone
Borrow well
If you’re looking to borrow money, read our guide to borrowing sensibly.
Fraudsters will often try to trick you into taking out a loan
If you’re applying today: to make an investment, to help the National Crime Agency or the police to catch a criminal, or to send money to someone, even someone you know, STOP!
These are common frauds and you may be about to become a victim. For help and support, please call our fraud team on 0800 096 8669.
Any questions?
Debt consolidation is using one loan to pay off all your outstanding debts - such as personal loans, overdrafts, store cards and credit cards. This can help you regain control of your personal finances, particularly if you’re accruing interest on multiple loans or finding it hard to manage several monthly repayments.
A debt consolidation loan can be used to help pay off debt to several different creditors.
When paying off several different debts, it can feel like you’re not in control of your finances. A debt consolidation loan simplifies the process, allowing you to repay all of your debts in one monthly payment.
A debt consolidation loan does not reduce the amount of debt owed. However, if the overall interest rate of the debt consolidation loan is lower than the interest rates of the other debts, it can save you money.
The interest rate for the debt consolidation loan will depend on how much you borrow, as well as the time scale of the loan.
Longer repayments may have lower interest rates, although there will be more payments.
People with bad credit scores can still qualify for a debt consolidation loan, although though they may be charged higher interest rates.
When applying for a debt consolidation loan, you will need details of the following:
- Details of employment
- Monthly incomings and outgoings
- Bank details
- Personal information such as home address and email
Important information
You may also pay your debt off sooner and / or save more interest overall by overpaying with your existing provider. You may incur fees from your current provider by paying off your existing borrowing early. Please check with them before you apply for a new loan so that you understand all the costs involved.
The representative APR is the Annual Percentage Rate of charge. You can use it to compare the overall cost of credit between different lenders.
TSB adheres to The Standards of Lending Practice which are monitored and enforced by the LSB: www.lendingstandardsboard.org.uk.
To read more about our lending commitments to you, please click here to read the leaflet.
