All loans are subject to status. Terms and conditions apply
Debt consolidation is about making things clear and simple.
At Shawbrook, we offer unsecured personal loans that you can use to pay off existing debts.
You can borrow a little or a lot, with loan amounts from £1,000 to £50,000. Plus, you can choose a timeframe that suits you. Our loan terms vary from one to seven years.
With Shawbrook, you’ll receive a fixed interest rate and monthly repayment plan. So you’ll always know what’s what. When you apply for a quote, we'll give you a guaranteed – and personalised – rate. No surprises.
And as our loans for debt consolidation are unsecured, they are not secured against any personal assets, such as your home, unlike a second charge mortgage. As a result, our loans could offer you more flexibility.
Debt consolidation may not be the best option for you if the rate of the new loan is higher than your existing combined debt. For more information, read our ultimate guide to debt consolidation.
At Shawbrook, we look at every customer’s financial circumstances individually. That's another reason why our personal loans are different from other lenders’. But we do have some basic criteria you'll have to meet before we can consider your application. You must:
We believe in being fair and transparent.
When you apply for a loan quote with us, we run a soft credit check that doesn’t impact your credit score. You’ll get an upfront, guaranteed rate if you’re eligible. That way, you can decide if our debt consolidation loan is right for you before applying.
If you’re eligible and accept our rate, you’ll need to provide us with your bank details and sign your documents online. Once we’ve approved your loan and signed the agreement, we’ll send you your funds within three working days.
To receive a quote, you’ll need to meet our eligibility criteria and provide us with the following information:
The rate you are offered for a debt consolidation loan will depend on your circumstances.
Representative Example: for comparison purposes, 16.9% APR Representative based on a loan of £10,000 repayable over 60 months (five years) with an interest rate of 16.9% p.a. (fixed). Monthly payment of £241.68 total amount repayable £14,500.74.
All personal loans are subject to status. The interest rate offered will vary depending on our assessment of your financial circumstances and your chosen loan amount. That's why you won't find a loan calculator on our website. To find out more about this as well as our commitment to transparency, visit our guide on Why Shawbrook Bank doesn't use loan calculators.
We offer loans from £1,000 to £50,000 with loan terms from one to seven years. The maximum APR rate you could be offered is 34.9%.
Personal loans without the confusion.
We’re proud to be a different kind of bank. We’re committed to being fair and transparent with everyone that applies for a personal loan, so this is our promise:
We’re standing by to help with your application.
Call us on 0345 600 6260
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If you have any questions about our wedding loans, please visit our help centre.
A debt consolidation loan is a type of loan that can help you merge some or all of your existing debts into one.
If you’re currently paying out for several different loans or credit cards, debt consolidation could save you money every month in interest.
To find out whether a debt consolidation loan is right for you, get your free personalised quote from us today. Don’t worry — getting a quote won’t affect your credit score.
Your circumstances will determine if a debt consolidation loan is right for you.
Debt consolidation could save you money in interest and make payments easier to manage. If the interest rate on your consolidated loan is lower than the collective interest rates you currently pay, it becomes a more cost-efficient way of paying off debt.
However, you could end up paying more in interest if the rate of your new loan is higher. It’s essential that you read the terms and conditions carefully and shop around for rates before making a final decision. For more information, visit our: Ultimate guide to debt consolidation.
With Shawbrook, you can choose a loan term that works for you. And we’ll give you a clear, guaranteed rate upfront so you can make an informed decision.
Unsecured debt consolidation loans are loans which are not secured against any of your assets.
These loans are typically for smaller amounts when compared to the amount you could borrow with a secured loan and can be more expensive because of the risk attached to unsecured lending. But, at Shawbrook, we will give you a clear picture of your guaranteed rate when you apply for a quote so you can decide whether this is the right option for you.
Payments on your debt consolidation loan are calculated by considering the amount of debt you wish to consolidate (how much you want to borrow), how long you want to borrow it for, and how much it will cost you to borrow this money including any fees (APR). A lender will use the annual representative rate (APR) on this sum to give you a fixed monthly payment for the duration of your loan.
Some lenders offer an online loan calculator to help you see what your repayments could look like if you consolidate your debt with that specific lender.
But we don’t believe loan calculators accurately reflect the interest rate you’ll get when you apply. Loan calculators are often not indicative of the actual rate you’ll receive.
Instead of providing a loan calculator, we offer a guaranteed rate through our quote tool. This provides a breakdown of your repayment costs based on the actual APR you’re eligible for. And don’t worry; applying for a quote will not affect your credit score.
For more information, visit our guide on: Why we don’t use loan calculators
Of course — you have the right to pay a personal loan back early or make an additional monthly repayment under the Consumer Credit Act. But it’s important to know that this may be subject to an early repayment charge.
To discuss your options with a member of our team, please contact us. If you have taken out a loan with us on or after 13th December 2021, you can also log in to your customer portal to contact us: https://myloan.shawbrook.co.uk/.
Alternatively, you can find out more by reading our guide on paying off a loan early.
Debt consolidation can cause a temporary dip in your credit score but can improve your rating over time.
Being accepted for a loan will require what’s known as a hard search – a type of check that will leave a record on your credit report, which can lower your credit score and can be seen by other lenders.
But debt consolidation loans may help to improve your credit score over time. That’s because having one monthly repayment can make it easier for you to pay on time, every time.
Receiving a debt consolidation loan quote from Shawbrook Bank won’t affect your credit rating as its associated soft search isn’t visible to anybody but you. Your credit score will only be impacted if you apply for the loan.
Thanks to our consistency and customer focus, we have won awards for best unsecured lender and been awarded an excellent rating on Trustpilot.