Representative Example: £11,500 over 66 months, 31.9% APR fixed. Monthly payment £343.29 Annual interest rate 28.01% fixed. Interest payable £11,157.14. Total repayable £22,657.14.
Minimum repayment period: 36 months. Maximum repayment period: 120 months. Maximum APR 34.9%.
What is a debt consolidation loan?
A debt consolidation loan is a type of finance taken out to settle several other debts, by combining them into one single loan. This can be useful if you have multiple debts with different lenders and want to reduce the number of repayments you need to make each month.
Can I use an unsecured loan to consolidate credit card debt?
Yes, a debt consolidation loan can be used to consolidate one or more credit cards. As our repayments are fixed, you’ll always know how much you need to repay each month, making it easier to manage your budget.
Can I get a debt consolidation loan with bad credit?
Yes. Even if you have had credit issues in the past we may still be able to help you.
Frequently asked questions about Debt Consolidation loans
Debt consolidation loans can be used to settle some or all of your existing debts. This could include credit cards, loans, vehicle finance, overdrafts and other forms of credit.
At Norwich Trust, our loans range from £3,000 up to £20,000 regardless of the loan purpose.
Yes, you can. Clicking the apply button at the top of this page will take you to our online application form where you can enter your details and find out if you meet our lending criteria in just a few minutes.
Yes. All of our loans have a fixed interest rate. When consolidating debt this can be a benefit as you’ll always know how much your monthly repayment will be, so you budget accordingly.
Norwich Trust loans are designed for longer-term borrowing so our terms range from 3 years up to 10 years, depending on the amount you’re looking to borrow.
It is worth noting that a debt consolidation loan may mean it takes you longer to repay your debt. This is something to keep in mind when considering if debt consolidation is right for you.
Debt consolidation can be a good solution for those who are struggling with their debt, but it entirely depends on the individual’s circumstances. You can read more about debt consolidation loans and find information about sources of debt advice on our debt consolidation page.