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Back to Personal loans

Debt consolidation loans

Take back control of your finances with one regular repayment.

Why choose us for a debt consolidation loan?

  • Borrow from £1,000 to £50,000 over one to seven years
  • Get a decision in minutes with our simple online application
  • Receive a personal loan quote without affecting your credit score
  • Manage loan repayments with a guaranteed fixed rate upfront

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Who can apply?

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:

  • Be aged 21 to 75
  • Have been a UK resident for at least three years
  • Have an annual income of at least £15,000
  • Have a personal bank account in the UK
  • Have a good credit history with no outstanding County Court Judgement (CCJ)

Apply online for debt consolidation

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.

What will I need to apply online?

To receive a quote, you’ll need to meet our eligibility criteria and provide us with the following information:

  1. Residential addresses for the last three years
  2. Contact details, including an email address
  3. Employment information

Representative example

The rate we offer you 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%.

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About Shawbrook

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:

  • Honest: What you see is what you get.
  • Open: We want you to get the rate that’s right for you.
  • Fair: Get a rate that’s based on your individual circumstances.
  • Upfront: If it’s not good for you, it’s not good for us
  • Clear: We won’t waffle.
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Help

Below are some of the most common queries about our debt consolidation loans

Debt consolidation is a way to combine some or all of your debts into one single monthly payment.

It means you could make one payment per month, rather than several. This can make it easier to keep track of all your payments.

With Shawbrook, this involves you taking out an unsecured loan which you use to pay off existing debts.

However, the terms may be different, and the overall cost could increase so read the terms carefully before entering into an agreement.

Other types of debt consolidation include a second charge mortgage or a balance transfer. A balance transfer refers to moving debt from one account or credit card to another.

Debt consolidation can cause a temporary dip in your credit score but can improve your rating over time.

This is because being accepted for a loan will require what’s known as a ‘hard search’ – a type of credit check that will leave a record on your file which can lower your credit score and can be seen by other lenders.

But over time, debt consolidation loans may help to improve your credit score. That’s because having one monthly repayment can make it easier for you to pay on time, every time.

Receiving a quote for a debt consolidation loan from Shawbrook Bank won’t affect your credit score as the record, known as a ‘soft search’, isn’t visible to anybody but you. You will only impact your credit score if you apply for the loan.

Find out about the difference between a hard and soft search

A range of different debts and loans can be consolidated. The use of a debt consolidation loan can differ from providers so contact your provider to understand more about their debt consolidation loans.

We have some basic criteria which you’ll have to satisfy before we can consider your application:

  • Aged 21 to 75
  • Have been a UK resident for at least three years
  • Have an annual income of at least £15,000
  • Have a personal bank account in the UK

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.

Need more help?

We have a range of information to help you understand our personal loans including how our products work, applying for a loan and getting in touch with our team. 

About our debt consolidation loans

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Insights

Personal loans insights hub

You’ll find a number of useful guides to support you. From helping to debunk financial jargon to planning and budgeting to turn your dreams into a reality.

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Help

About our debt consolidation loans

Information about Shawbrook debt consolidation loans.

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Help

Applying for a debt consolidation loan

Information about applying for a Shawbrook debt consolidation loan.

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About Shawbrook

Shawbrook is a different kind of bank, built to accommodate individuality, diversity and the dynamics of the modern world. We combine great technology and the expertise of our people to understand our customers’ individual requirements and to meet their evolving needs.

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