What lenders check
Lenders look at your credit history and whether you can afford the new payment. High existing debt can make it harder to qualify for a good rate, so the rate you're offered may be higher than advertised.
Worked example
£350 a month at 9% over 5 years would repay about £16,860.68, with £4,139.32 of interest. Compare that with what your current debts would cost.
Before you apply
Free, confidential debt advice is available through MoneyHelper.
This is an estimate. Lenders make their own decision based on your full circumstances and credit history.
Inputs for the debt consolidation loan eligibility calculator
Monthly payment you can afford
What you could comfortably repay each month after your other outgoings.
Interest rate (per year)
The annual interest rate on your consolidation loan. The rate shown is only an example, so enter the rate from your quote.
Term
How many years you'd repay over.
CALCULATOR QUESTIONS
Debt consolidation loan eligibility calculator questions
Can I get a consolidation loan with a lot of debt?
Possibly, but high debts can mean a higher rate or a refusal. Lenders check affordability.
Is a consolidation loan always cheaper?
No. Compare the total cost with keeping your current debts.
Will applying hurt my credit score?
Use soft-search eligibility checkers first.
Where can I get free help?
MoneyHelper can point you to free debt advice.