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Debt Consolidation Loans

Take control of your finances with a debt consolidation loan


A great way to organise outgoing payments, combining all your credit into one manageable payment plan. Norton Finance has the expertise to help our customers find the right loan, even if they’re unemployed, retired or have CCJs. When you’re looking for debt consolidation loans, bad credit needn’t be a problem, as we’ll search over 600 lending plans to find the ideal match.
  • Massive choice

    We search the market from over 600 plans.

  • Flexible terms

    You can choose to spread the cost over any term from 1 to 30 years.

  • Here to help

    Even if you have a poor credit history or CCJs, are self-employed or even retired.

Looking for a larger amount?

Alternatively, call FREE on 0800 694 5566 Open 24 hours a day.

Homeowner rates, from 2.9%

2019 Gold Feefo Trusted Service Award

Unlike a bank we can search wider to find you the best products. So you get more choice not more rejections, even if you have a bad credit history. And that’s more than any bank can offer

What are debt consolidation loans?

Debt consolidation loans are taken out to pay off all other loans or debts. They can help by focussing the total amount owed into one repayment, making it more affordable and less stressful overall.

How do they work?

Debt consolidation loans work by bringing together a number of different debts under one loan amount, allowing borrowers to achieve more affordable repayments overall. Instead of different loans with varying monthly repayment amounts and periods, they provide a simpler way to manage money. Only a single amount goes out each month, which could potentially save you money due to differing rates of interest. It’s possible to take out a secured loan against an asset like your home, or an unsecured one. Unsecured loans are typically offered at a higher rate than secured ones.

What can I use a debt consolidation loan for?

You can use it to pay off all sorts of existing debts, although mortgages are not included.

CreditCard

Credit cards

If you need to rein in repayments on your credit card, we can help with lowering the costs.
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Store cards

Store cards usually offer great discounts – but the costs can add up. Lower your regular repayments with a better APR offer.
Home

Personal loans

A personal loan can be used for just about anything, from retraining to travel. We’ll help ease the pressure with a wide selection of loans.
Holiday

Holiday loans

Don’t let worries about repaying a loan take away those magical memories of your holiday.

Why take out this kind of loan?

The biggest advantage of a debt consolidation loan is the convenience of repayment. A single monthly payment takes the hassle out of juggling to make sure there’s always sufficient balance to cover multiple outgoings. They’re often significantly cheaper than short-term loans, and easier to monitor than credit cards with their changing interest-free periods. An unsecured loan doesn’t require you to put your property up as insurance for the debt either.

Applying for a debt consolidation loan

Whether this type of loan is suitable for you depends on your current financial and personal situation. It’s vital to take every detail into account, from your regular outgoings to your monthly income and existing debts. Take time to consider whether you can afford to service this type of loan. If you believe it’s the right choice, Norton Finance will scan the full market for you, searching over 600 loans to find one that fits. Whatever your individual circumstances, we’ll work with you to find out which debt consolidation loan’s best for you.

Pros and cons of debt consolidation

To see if you could benefit from this type of loan, check your debt-to-income ratio. This is the percentage of your monthly income that goes towards paying off debts. Applying for a consolidation loan only makes sense if it lowers this number by combining two or more other debts. One big plus is they tend to improve a person’s credit score. This in turn allows you to achieve better interest rates and repayment periods on future borrowing if needed.

Am I eligible for a debt consolidation loan?

People from every walk of life, with all sorts of financial backgrounds, can benefit. If you have CCJs or a poor credit history, you’re unemployed or already retired, you could still secure the funds you want. Everyone, from homeowners to tenants, single mums to students, can make a successful application. When it comes to debt consolidation loans, eligibility is wide-reaching.

What do I need to apply for a debt consolidation loan?

You only need a few simple details to begin your online application through Norton Finance. We’ll gather information about your existing debts to help get you the best loan. Before you get started, make sure you have those outstanding amounts, repayment period, monthly payments and current interest rates to hand. We’ll also ask for:

Debt Consolidation Loan FAQs

Please click below for the answers to our most commonly asked questions. If you can't find the information you need, call us free on 0800 694 5566 and one of our advisers will be happy to help.

How much can I borrow?

When you choose Norton Finance, we can help you borrow anything from £3,000 to £500,000.

How long are the repayment terms?

Repayment terms vary greatly. Depending on your personal circumstances, how much you borrow and the amount you can comfortably afford to pay back each month, they can be anything from one to 30 years.

What are the interest rates?

The interest rate you’re offered will depend on your individual money management history and current credit score. If you’re a homeowner, our secured loan rates start at 2.9%.

Are there any loan fees?

Norton Finance doesn’t lend directly to its customers because we’re a broker – not a bank. So, rather than imposing loan fees, we charge the lender a commission once a loan is completed. We sometimes charge a broker fee on secured loans. This can be up to 12.5% of the loan amount, to a maximum of £3,995.

Can I pay off a debt consolidation loan early?

As with most loans, it’s possible to repay the amount in full at any time when you take out a loan. It’s important to remember, however, that doing so may incur an Early Repayment Fee. This amount is calculated according to how much interest won’t be paid through your early repayment.

Can I take a break from paying back my debt consolidation loan?

If you think you might need a break from repayments, it’s vital to check the terms before signing up. While some lenders do offer ‘payment holidays’ on secured loans, these can have a negative effect on your credit report, so make sure to assess the situation beforehand.

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