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Apply for Debt Consolidation Loan

118 118 money helpers illustration
  • Borrow £1,000 to £8,000
  • Repay over 12 to 60 months
  • Check eligibility with no impact on your credit score
Check my eligibility nowThis won't affect your credit score

Representative example: Amount of credit £2,000 for 24 months. Interest rate: 41.2% pa (fixed). 24 scheduled monthly payments of £123.64. Total amount payable: £2,967.43. Representative 49.9% APR.

How to apply for a debt consolidation loan

If you want to apply for a debt consolidation loan, the first step is to work out exactly what you want to clear. Add up the balances on the loans, credit cards, store cards or overdrafts you plan to repay, then compare that figure with what you can realistically afford each month.

118 118 Money offers personal loans from £1,000 to £8,000, repayable over 12 to 60 months. Before making a full application, you can use the eligibility checker to see whether you are likely to be accepted. This check does not affect your credit score.

A debt consolidation loan can make your borrowing easier to manage by moving eligible debts into one monthly repayment. It is important to remember that simpler does not always mean cheaper. If the term is longer, or the rate is higher than your current borrowing, you could repay more overall.

Check whether a debt consolidation loan could be right for you
Use the eligibility checker to see whether you are likely to be accepted before you apply.
Check my eligibilityThis won't affect your credit score
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What to do before you apply

Applying for a debt consolidation loan is easier when you know the amount you need, the debts you plan to clear and the total cost you are comparing against.

Start with a soft eligibility check. You can see whether you are likely to be accepted before making a full application, and it will not affect your credit score.

Borrow only what you need. Add up the balances you want to clear so you apply for an amount that covers your planned consolidation without borrowing more than necessary.

Know what the new payment means. One monthly repayment can be easier to manage, but it is still important to compare the total cost against the debts you already have.

Understand the process clearly. If accepted, your loan is usually paid to you and you then repay the existing debts you want to consolidate.

Think about the long term. A lower monthly payment can help with budgeting, but a longer term or higher rate could mean paying more overall.

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3 simple steps to apply with 118 118 Money

  • Check your eligibility with no impact to your credit score
  • Review your offer, set up your Direct Debit and sign
  • Receive funds in 15 minutes*
Check my eligibilityThis won't affect your credit score. *This can vary from 15 minutes to 2 hours depending on your bank.
118 118 money helpers illustration

What to consider before applying

Before applying, make a list of the balances you want to consolidate and the monthly payments you are making now. This gives you a clearer picture of whether one new repayment would genuinely improve your budget.

Next, compare the total amount repayable, not just the monthly figure. A new loan could lower the amount you pay each month, but if you repay over longer you may pay more overall. That trade-off matters.

If you are accepted, the funds are usually paid to you. You should then use the money to repay the debts you wanted to consolidate as soon as possible. If you keep old balances open and borrow again, your debt can become harder to manage.

If your existing repayments already feel unmanageable, free and impartial debt guidance from MoneyHelper may be worth exploring before taking on new borrowing.

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Debt Consolidation Loan FAQs

Start by checking how much you need to borrow, compare the total cost of your current debts and then use the 118 118 Money eligibility checker to see whether you are likely to be accepted before making a full application.

No. Checking your eligibility with 118 118 Money does not affect your credit score.

118 118 Money offers loans from £1,000 to £8,000, subject to status, affordability and credit checks.

The loan is usually paid to you, and you then repay the debts you want to consolidate.

Yes. If the new loan runs for longer or the rate is higher than your current borrowing, the total amount repaid could be higher overall.

Check whether you are likely to be accepted before you apply

Use the 118 118 Money eligibility checker to take the first step towards one manageable monthly repayment. It will not affect your credit score.

Check my eligibility
118 118 money helpers illustration
118 118 money helpers illustration

Credit is subject to status, affordability and credit checks. Credit is only available to UK residents aged 18 and over. Terms and conditions apply.