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Unsecured Debt Consolidation Loan

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  • Borrow £1,000 to £8,000
  • Repay over 12 to 60 months
  • Check eligibility with no impact on your credit score
Check my eligibility now This 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 an unsecured debt consolidation loan works

An unsecured debt consolidation loan is a personal loan that can be used to pay off existing eligible borrowing and bring it together into one fixed monthly repayment. Because the loan is unsecured, you do not have to use your home, car, or another asset as security.

For people who are juggling credit cards, overdrafts, store cards, or other loans, that can mean a simpler way to manage monthly outgoings. Instead of keeping track of several balances and payment dates, you could have one agreed repayment over a set term.

With 118 118 Money, if accepted, you can borrow £1,000 to £8,000 and repay over 12 to 60 months. You can also start with an eligibility check to see whether you are likely to be accepted before you apply, and it will not affect your credit score.

Check whether an unsecured 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 eligibility This won't affect your credit score
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Why people choose an unsecured debt consolidation loan

For many borrowers, the appeal is not just having one repayment. It is being able to simplify what they owe without securing the loan against their property or another asset.

No Security Required. An unsecured debt consolidation loan is not secured against your home or car, so you do not need to put an asset at risk to apply.

One Fixed Monthly Repayment. Bringing together eligible borrowing can replace multiple due dates with one repayment, which may be easier to manage each month.

Borrow £1,000 to £8,000. If accepted by 118 118 Money, you could borrow within this range and choose a repayment term from 12 to 60 months.

Soft Eligibility Check First. You can check whether you are likely to be accepted before you apply, and it will not affect your credit score.

No Guarantor Needed. 118 118 Money loans are unsecured, so you do not need to apply with a guarantor to explore this option.

Clearer Repayment Plan. Fixed monthly repayments can make it easier to budget and understand how long it could take to clear what you owe.

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3 Simple Steps to Check Your Eligibility

  • 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 eligibility This won't affect your credit score. *This can vary from 15 minutes to 2 hours depending on your bank.
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What to consider before applying

Look at the total amount repayable. A lower monthly repayment can feel easier to manage, but if you repay over a longer term, you may pay more interest overall.

Compare against your current borrowing. If some of your existing debts are on low or promotional rates, replacing them with a new loan could cost more, even if the monthly payment looks simpler.

Use the loan to clear the debts you plan to consolidate. Once you receive the funds, you should pay off the eligible borrowing you wanted to combine as soon as possible.

Try not to build balances back up. If you clear credit cards or overdrafts with a consolidation loan and then use them again, your overall debt can rise instead of falling.

Make sure the repayment is affordable. Review your budget carefully so the new monthly amount fits alongside your regular bills and other commitments. If you need broader support, you can also explore our Money Guidance pages.

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Unsecured Debt Consolidation Loan FAQs

It is a personal loan used to pay off existing eligible debts so you manage one fixed monthly repayment instead of several, without securing the loan against an asset.

Yes. 118 118 Money says its loans are unsecured, which means you do not need to secure them against your home or another asset.

No. 118 118 Money says you can use its eligibility check to see whether you are likely to be accepted before you apply, without affecting your credit score.

If accepted, you could borrow from £1,000 to £8,000 and repay over 12 to 60 months, depending on your circumstances.

It may do, but not always. Lower monthly repayments can mean repaying over a longer term, which may increase the total amount paid overall.

People often use debt consolidation to bring together borrowing such as credit cards, overdrafts, store cards, and other personal loans, depending on their circumstances.

Ready to see whether an unsecured debt consolidation loan could work for you?

Start with an eligibility check and find out whether a 118 118 Money loan could be right for your circumstances before you apply.

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