Debt Consolidation Loans

A debt consolidation loan allows you to move all of your debts into one place, where they can be repaid in one monthly repayment. Taking out a debt consolidation loan can simplify the repayment of debt. It can also work out cheaper if the consolidation loan has a lower overall interest rate than the other debts.

If you’re paying off personal loans, credit or store cards, our flexible loan offers an easy way to combine your debts and manage them all in one place. We call it borrowing well, because it puts you in control with just one monthly payment.

Features

  • A personalised quote that won't affect your credit rating
  • Make overpayments when you want
  • Fixed monthly repayments on a date to suit you
  • Pay back your loan between one and seven years
  • Added flexibility with up to two, one-month repayment holidays every 12 months*
  • View your loan online with our mobile app or Internet Banking

* Repayment holidays are subject to approval. If you do decide to take a repayment holiday, interest will continue to be charged and the length of your loan will increase, meaning you’ll pay more interest.

Borrowers must be UK residents only and aged 18 or over. Lending is subject to status and actual rate offered will depend on our assessment of your personal circumstances.

The maximum APR we offer is 39.9%, but we will tell you your personalised rate before you apply. The minimum repayment term is 1 year, the maximum repayment term is 7 years. For loans £300-£999.99 to minimum repayment term is 3 months, the maximum repayment term is 12 months.

Debt Consolidation Calculator

I want to:

I currently owe:

£
£1,000 £25,000
You can only borrow between £1,000 and £25,000.

My monthly payments are:

£
£100 £700
You can only enter a figure between £100 and £700.

And I can pay additional:

£per month
£0 £700
You can only enter a figure between £0 and £700.

And I want to pay over:

  months
12 84
Repayment term must be between 12 and 84 months.

And I want to borrow an extra:

£
£0 £0
The additional amount you wish to borrow is too large
Borrowing more for example by increasing your term may increase the total interest you pay. You may incur fees from your current provider by paying off your existing finance products early. Please check with them before you apply for a new loan so that you understand all the costs involved.

Reducing your monthly repayment for example by increasing your term may increase the total interest you repay. You may incur fees from your current provider by paying off your existing finance products early. Please check with them before you apply for a new loan so that you understand all the costs involved.

You may also pay your debt off sooner and / or save more interest overall by overpaying with your existing provider. You may incur fees from your current provider by paying off your existing borrowing early. Please check with them before you apply for a new loan so that you understand all the costs involved.

Fraudsters will often try to trick you into taking out a loan.

If you’re applying today: to make an investment, to help the National Crime Agency or a Police Officer to catch a criminal, or to send money to somebody you’ve met online but never in person. STOP. These are almost certainly frauds, and you may be about to become a victim. For help and support, please call our fraud team on 0800 096 8669.

Money Advice Services offer lots of helpful information and tips on managing money. TSB also provides helpful information on credit scores and you can check your credit file for free at www.noddle.co.uk.

Find out more about our loans, including fees and charges, by visiting our  FAQs page.

Debt Consolidation FAQ’s

Debt consolidation is using one loan to pay off all your outstanding debts - such as personal loans, overdrafts, store cards and credit cards. This can help you regain control of your personal finances, particularly if you’re accruing interest on multiple loans or finding it hard to manage several monthly repayments.

A debt consolidation loan can be used to help pay off debt to several different creditors.

When paying off several different debts, it can feel like you’re not in control of your finances. A debt consolidation loan simplifies the process, allowing you to repay all of your debts in one monthly payment.

A debt consolidation loan does not reduce the amount of debt owed. However, if the overall interest rate of the debt consolidation loan is lower than the interest rates of the other debts, it can save you money.

The interest rate for the debt consolidation loan will depend on how much you borrow, as well as the time scale of the loan. Use our Debt Consolidation Calculator above to receive a personal quote.

Longer repayments may have lower interest rates, although there will be more payments.

People with bad credit scores can still qualify for a debt consolidation loan, although though they may be charged higher interest rates.

When applying for a debt consolidation loan, you will need details of the following:

  • Details of employment
  • Monthly incomings and outgoings
  • Bank details
  • Personal information such as home address and email
 
To be eligible for our personal loan, you must:
  • be 18 or over
  • be a resident of the UK with no history of adverse credit
  • have had a TSB bank account for more than 3 months
  • make repayments by Direct Debit
  • be a permanent paid employee, self-employed or retired with a pension
  • Satisfy us that you can afford to pay back the loan
Already a TSB customer?

If you’re an existing TSB customer it’s quicker to log in to get your quote and apply​.

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New to TSB?

Please make sure you’ve chosen the loan you would like a quote for, using the calculator above​

Apply now

Apply over the phone

You can arrange a convenient time to talk to us about a loan over the phone. Lines are open Monday to Friday 8am-6pm. Calls are charged at a local rate.

Apply in a branch

If you’d like to arrange a convenient time to talk to us in branch about a loan simply click below to request an appointment.

Adobe digital forms

We have chosen Adobe to support us with our digital processes by using their ‘Adobe Sign’ software. 

Please be aware that Adobe are a separate data controller from TSB, and any personal data you provide will be sent to Adobe and processed in accordance with their terms and conditions of service. 

You may wish to read their Adobe Terms of Use and Consumer Disclosure before using the following link.

Taking control of your finances

If you're finding it difficult to repay your debts, check out our guides below, read our  'Getting on top of your finances' brochure, come and talk to us in branch or give us a call. We'd be happy to help.

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11 February 2016 | BLOG POST

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