Debt Consolidation - how to get back in control | Finder

Debt Consolidation

Ready to save on interest and fees? Here's how to consolidate debt and get back in control.

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If you're looking for a better way to manage the money you owe, you're not alone. Research conducted by YouGov in January 2020 reveals that 61% of working Australians are in debt (outside of home loans) and 40% have considered debt consolidation1.

Debt consolidation is an option when you have multiple or high-interest debts (loans, credit cards, etc.) and you want to reduce the interest and fees you're paying. This guide will take you through your options to consolidate your debts – including options for if you have bad credit. Keep these three things in mind as you're reading:

  • Make sure you will actually end up paying less
  • Don't make too many sacrifices – protect your assets
  • Avoid debt consolidation companies that make "too good to be true" promises

How does debt consolidation work?

Debt consolidation involves taking out another credit account (personal loan, credit card or home equity loan) that combines your existing credit accounts into one. This helps to reduce the amount of fees and interest you're paying.

Questions to ask before consolidating your debt

  • What are your current monthly repayments? To make sure the new debt consolidation product you're applying for is helping you to pay less across your debts, you need to know how much you're paying. Pull up all of your bank statements or all of your separate bills for your credit accounts and add up how much you pay each month.
  • How much are you paying in interest and fees? The primary benefit of debt consolidation is reducing what you're paying in interest and fees. Check your interest rates and fees for each of your accounts to ensure your new debt consolidation account will be less.
  • Will you be eligible? While there are definitely benefits to debt consolidation, there is no certainty as to your eligibility. There is also no certainty as to whether you'll be approved for the full amount you need to cover your debts. Check the minimum eligibility criteria, your credit file and the minimum and maximum allowable limits for the debt consolidation option you want. If in doubt, ask the provider directly.
  • Will an exit fee or penalty apply to any of your current credit accounts? Some personal loans may charge you a penalty to repay your loan early. If a fee does apply to your loan, you need to ensure you're still able to save with debt consolidation when you have to pay this fee.
  • What is your credit like? Credit providers go through your credit file and can check your credit score to assess your risk and decide whether you're likely to make your repayments. You can get a copy of your credit report for free. Order it and make sure the information is correct and that you have a good idea of your financial position.

Finding the right debt consolidation option for you

The best way to consolidate your debt will depend on how much you owe, what type of debt it is, your financial situation and your eligibility for each option. The sections below will guide you through consolidating debt.

Debt Consolidation Personal LoanBalance Transfer Credit CardMortgage Refinancing
SummaryTake out a new loan with a lower rate and move the debt across.Transfer loan or credit card debt to a new card with a 0% interest rate.Use the equity in your home as a line of credit to pay off your debt.
CostPay around 12% p.a. up to 7 years with no or low feesPay 0% for about 2 years with no or low feesPay about 5% for as long as you need with higher fees
Suited for debt amounts$8000 to $50,000$500 to $8,000$40,000 +
Good for credit card debt?🟡🟢🔴
Good for personal loan debt?🟢🟡🟠
Good for both card and loan debt?🟢🟢🟠

Option 1: Debt consolidation personal loans

  • For personal loan debt. This is one of the most common ways people choose to consolidate/refinance their existing personal loan debt. It simply involves taking out a new personal loan with a lower interest rate and fees than your current one and transferring your debt across.
  • For credit card debt. If you don't mind paying some interest in exchange for a regular payment structure and longer payment terms, this may be an option. This involves you applying for a lump sum to cover your credit card debt and then using that money to pay your card's balance off. This is a good option if you have more than a few thousand dollars worth of debt and you likely wouldn't be able to move the full amount to a new credit card.
  • For personal loan and credit card debt. You can apply to consolidate both personal loan and credit card debt at the same time with this type of loan. You should first work out how much you're paying across all of your accounts. You also need to factor in any exit or early repayment fees.

Option 2: Balance transfer credit cards

  • For personal loan debt. A handful of credit card providers (Citi, Virgin Money, Qantas Money and Coles) allow you to balance transfer personal loan debt. This allows you to apply for a new credit card and transfer the loan debt onto the card. You'll then pay a promotional 0% p.a. rate for a limited period of time on the debt, after which a standard rate (usually above 20% p.a.) will apply. Most credit cards only allow you to transfer about 80% of your approved credit limit, so even being approved for a $10,000 credit limit means you may only be able to transfer $8,000 and anything more than that $8,000 would still be left on your loan. Make sure you can transfer enough to make this worthwhile.
  • For credit card debt. This is the most common way to consolidate credit card debt. It involves the same process as consolidating personal loan debt where you apply for a new card and move what you already owe onto it and save with a low or 0% rate.
  • For personal loan and credit card debt. You can apply to consolidate both personal loan and credit card debt at the same time on cards from the providers listed above. Make sure the balance transfer limit is high enough for you to transfer what you need.

Option 3: Refinancing through your mortgage

  • For personal loans, credit cards and both. If you have a mortgage, you also have the option of taking out a home equity loan to consolidate and pay off your other debts. With this type of loan, you'll have to pay interest, up-front fees and usually ongoing fees as well. Also keep in mind that while this option can seem cheaper due to the low rates home loans can offer, it is risky, difficult to manage and has no end-date. This can offset any savings earned with higher interest in the long run, so make sure you do the maths. Home equity refinance should only be used if you can be disciplined about your repayments and build your equity back relatively quickly.
Data updated regularly
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
OurMoneyMarket Personal Loan

From 5.35% (fixed)
6.31%
$2,001
1 to 7 years
1.5–6% of your total loan amount
$0
You'll receive a fixed rate from 5.35% p.a. to 20.99% p.a. based on your risk profile
A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.


⭐ Finder Exclusive: Apply before April 30th to secure a discounted rate of 5.35% p.a. (comparison rate: 6.31% p.a.) for the first 12 months.
Harmoney Unsecured Personal Loan

From 6.99% (fixed)
7.79%
$2,000
3 to 5 years
$575 ($275 for loans of below $5,000)
$0
You'll receive a fixed rate between 6.99% p.a. and 24.79% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
Plenti Personal Loan

From 6.39% (fixed)
6.39%
$2,001
3 to 7 years
$0 to $999
$0
You'll receive a fixed rate between 6.39% p.a. and 17.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.
Symple Loans Personal Loan

From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$10
You'll receive a personalised interest rate from 5.75% p.a. to 25.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
Alex Personal Loan

From 5.49% (fixed)
5.49%
$2,100
6 months to 5 years
$0 (Waived $295 establishment fee)
$0
You'll receive a fixed interest rate from 5.49% p.a. to 19.99% p.a. based on your risk profile
Borrow between $2,100 and $30,000 from 6 months to 5 years. Note: The $295 establishment fee will be waived for loan applications submitted by 3 May 2021
NAB Personal Loan Unsecured Fixed

From 6.99% (fixed)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
SocietyOne Unsecured Personal Loan (2-3 years)

From 6.39% (fixed)
6.39%
$5,000
2 to 3 years
from 0% to 5% of the loan amount
$0
You'll receive a fixed rate between 6.39% p.a. and 17.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
SocietyOne Unsecured Personal Loan (5 years)

From 6.39% (fixed)
6.39%
$5,000
5 years
from 0% to 5% of the loan amount
$0
You'll receive a fixed rate between 6.39% p.a. and 19.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
Latitude Personal Loan (Unsecured)

From 7.99% (fixed)
9.24%
$3,000
1 to 7 years
$250 (Loans under $5000 - $140)
$13
You'll receive a fixed rate between 7.99% p.a. and 22.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Repay weekly, fortnightly or monthly. You can check your interest rate before applying with no impact to your credit score.
Wisr Personal Loan

From 6.49% (fixed)
6.76%
$5,000
3 to 5 years
$595
$0
You'll receive a fixed rate between 6.49% p.a. and 19.95% p.a. based on your risk profile
A loan from $5,000 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.
MoneyMe Personal Loans

From 6.25% (fixed)
7.64%
$2,100
1 to 5 years
from $295 to $495
$10
You'll receive an interest rate between 6.25% p.a. and 19.95% p.a. based on your risk profile
Borrow up to $50,000 with no hidden fees or costs. Application process usually takes 5 minutes to complete and is done fully online.
CUA Unsecured Fixed Rate Personal Loan
9.39% (fixed)
9.64%
$5,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 9.39% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
Pepper Money No Fee Personal Loan

From 5.95% (fixed)
5.95%
$5,000
18 months to 7 years
$0
$0
You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile
Borrow from $5,000 to $50,000 and use for a range of purposes. Pay no upfront, early repayment or ongoing fees.
Plenti Variable Rate Personal Loan

From 6.39% (variable)
6.39%
$2,001
1 to 3 years
$0 to $999
$0
You'll receive a variable rate from 6.39% p.a and 16.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.
NAB Personal Loan Unsecured Variable Rate

From 6.99% (variable)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a variable rate between 6.99% p.a. and 18.99% p.a. (7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes. Benefit from fee-free additional repayments and a redraw facility. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
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Promoted

Fox Symes Debt Solutions

Fox Symes offers a range of debt consolidation options to help you if you're struggling with multiple debts.
Data updated regularly
$
% p.a.
Name Product Balance transfer rate Purchase rate Annual fee Amount saved
Citi Rewards Card - Balance Transfer Offer
0% p.a. for 30 months
21.49% p.a.
$49 annual fee for the first year ($149 p.a. thereafter)
Save on interest with 0% p.a. on balance transfers for 30 months with no balance transfer fee. Plus, a $49 first-year annual fee.
Virgin Money No Annual Fee Credit Card
0% p.a. for 12 months
0% p.a. for 12 months, reverts to 18.99% p.a.
$0
Save with an ongoing $0 annual fee and 0% p.a. on balance transfers and purchases for 12 months.
Qantas Premier Platinum
0% p.a. for 18 months with 1% balance transfer fee
19.99% p.a.
$199 annual fee for the first year ($299 p.a. thereafter)
Get 100,000 bonus Qantas Points when you spend at least $4,000 within the first 3 months. Plus a discounted $199 first-year annual fee.
Citi Simplicity Card
0% p.a. for 6 months
0% p.a. for 6 months, reverts to 21.49% p.a.
$0
Get 0% p.a. interest for up to 6 months on purchases and balance transfers. Plus, a $0 annual fee for life.
Citi Clear Card
0% p.a. for 15 months
14.99% p.a.
$49 annual fee for the first year ($99 p.a. thereafter)
Get $250 cashback when you spend $3,000 within the first 90 days. Plus, a 0% balance transfer offer and first-year annual fee discount.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
0% p.a. for 26 months
20.74% p.a.
$64 annual fee for the first year ($129 p.a. thereafter)
Get 0% p.a. for 26 months on balance transfers and a reduced first-year annual fee. Plus, $129 Virgin Australia Gift Voucher per year.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
0% p.a. for 12 months with 1.5% balance transfer fee
20.74% p.a.
$64 annual fee for the first year ($129 p.a. thereafter)
Earn up to 40,000 bonus Velocity Points (20,000/ month when you spend $1,500 in the first 2 months). Plus, save with a 0% balance transfer offer.
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Data updated regularly
Name Product Interest Rate (p.a.) Comp. Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
ANZ Equity Manager
6.01%
0%
600 (waived)
$150 p.a.
80%
Access your equity with a low variable rate and low fees.
Bank First Equity Line of Credit
4.49%
0%
$300
$300 p.a.
80%
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How to consolidate debt when you have bad credit

While your options are much more limited when you have bad credit, debt consolidation is still possible. When entering into bad credit debt consolidation, it may involve entering into a Part 9 Debt Agreement, which is a form of bankruptcy. However, there are other options available; it just may involve a higher interest rate being applied to your loan to offset the risk you represent as a bad credit borrower.

  • Part 9 Debt Agreement. A Part 9 Debt Agreement is an agreement between you, the lender and your creditors to pay a certain sum of money to your creditors. Once all the parties agree, your debts will stop accruing interest, any civil actions are frozen and creditors can't pursue you. Keep in mind this agreement may result in you losing secured assets, and you will have trouble accessing credit while you're repaying the amounts as per the agreement.
  • Bad credit debt consolidation loan. This is an unsecured debt consolidation loan that is available to bad credit borrowers. It allows you to consolidate your debts, including credit cards and personal loans, and may allow you to save interest and fees. Keep in mind a higher interest rate will apply than with good credit debt consolidation loans as you are considered a riskier borrower.

Can you use a payday loan to consolidate debts?

When someone applies for a payday loan, the lender needs to take certain steps to determine whether or not they can afford the repayments to ensure that they are in line with ASIC's requirements. The lender needs to determine if the applicant:

  • Is a debtor under any other Small Amount Credit Contract (SACC), i.e. if the applicant has any outstanding payday loans.
  • Is in default of payment of an amount under any SACCs.
  • Has been a debtor under two or more SACCs in the 90 days prior to applying.
  • Is using the loan to repay another SACC.

For applicants that the above mentioned applies to, the lender has to take further steps to ensure that they will be able to repay the loan they are applying for. The lender does this by asking further questions about the applicants' financial situation. Essentially, if someone is trying to consolidate payday loans with another payday loan, they may have difficulty qualifying.

How much could you save with a debt consolidation loan?

  • Standard Personal Loan: Say you have $20,000 worth of personal loan debt you're looking to consolidate. You're currently paying 19.99% p.a. interest over a loan term of 5 years, making monthly payments of $540 plus $10 in monthly fees. At the end of these 5 years, you'll end up paying over $12,300 in fees and interest alone!
  • Debt Consolidation Loan: Now let's say you've landed on a debt consolidation loan for that $20,000. The new loan charges 11.99% p.a. interest over the same loan term of 5 years and doesn't charge a monthly fee. This means your monthly payments work out to $455 and at the end of it, you'll have paid $6,687 in fees and interest.

By consolidating your debt and choosing a product with a lower rate and fees, you could save $5,699. Now, all of this is dependent on your risk profile and eligibility, so make sure you compare your options, read the details and know exactly what you're signing up for.

The good and the bad of consolidating debt

The benefits

  • Save money. By rolling your debts into one account, you eliminate the separate fees you're paying and are also likely to reduce the amount you're paying in interest.
  • Simplify your debts. Debt consolidation gives you one lender to deal with, one set of fees to track and one interest rate to remember.
  • Prevent damage to your credit file. A consolidation loan gives you a clear set path to paying your debt off. You might be able to avoid bankruptcy and you can avoid defaulting on your current debt.

What to be aware of

  • Risk of rejection. Applying for a new debt consolidation account will leave a hard enquiry on your credit file. Read the eligibility criteria and make sure you meet them.
  • Confusing jargon. Watch out for certain "debt consolidation solutions" that are actually a Part 9 Debt Agreement and involves you entering into a form of bankruptcy.
  • High rates and fees for bad credit borrowers. These loans carry higher rates and fees, so bad credit borrowers need to be especially wary when applying.

Debt collectors: What you need to know

Your rights

Even though you may have bad debts, you also still have rights. There are laws that control what debt collectors can and cannot do.

  • They cannot excessively harass, threaten or bully you, and collectors are supposed to only contact you during certain hours of the day (7:30am–9:00pm on weekdays and 9:00am–9:00pm on weekends). Keep a log of the dates and times you are contacted along with any other specifics. This will come in handy if you end up having to file a complaint, which you can do by contacting a consumer protection agency such as the Australian Competition and Consumer Commission (ACCC).
  • Check your bill records if collectors are calling you. Ask for a detailed statement of what they say you owe. If the debt involves a loan, ask for a copy of the paperwork. A collector must always identify themselves and state the reason they are contacting you. They should be prepared to provide you with account information and should offer a repayment or settlement plan.
  • Figure out what you must spend to get by, such as food, shelter, car, utilities, etc. It is good practice to set up an appointment with a non-profit debt counsellor before making any promises or commitments to a collector.
  • Certain credit brokers and credit providers in Australia operate illegally without licenses, so make sure you’re dealing with a licensed individual or organisation. To check, you can go through ASIC Connect's Professional Registers or call ASIC's infoline.

What happens if your application is rejected?

If your application is rejected, then you should wait to apply again. Generally, waiting between three and six months to apply with another provider will be a lower risk than applying straight away. If you have serious concerns about your debt, you have Part 9 Debt Agreements (a form of bankruptcy) as a last resort.

In the event that a provider rejects your application for credit, bear in mind that not all is lost. Before you apply for credit, there are a few things you can do to improve your chances of being approved. For example, you can start by going through your credit report to ensure you have a good credit score. If you're concerned about your application, you could also work on reducing your debt for a period of time so you don't have to apply for as high a limit and then work on reducing debt with a budget.

FAQs about debt consolidation

My current bank offers debt consolidation loans. Should I just apply with them?

Applying with your current bank has some advantages, but you should still compare the options available to you before you apply. If you have a few negative listings on your credit file and have a strong past relationship with your bank, you may have a better chance of being approved with them than with another lender. This is, of course, if your account has been kept in good standing. It still helps to compare the options you may be eligible for so you're aware of the debt consolidation possibilities in the market.

Should I consolidate my debt into my home loan to save having to take out another loan?

As we've outlined above, if you have equity in your home, you can consider adding your debt to your home loan by refinancing.

There are a few considerations before doing this and it may very well not be the most sensible option.

First off, while the interest rate might be lower, the debt will likely be spread out over a much longer period as home loans have longer terms than standard personal loans. The costs of refinancing should also factor into your decision.

Do I need to change my budget and spending when I consolidate my debt?

If you are taking out a traditional debt consolidation loan, then you don't have to change your budget, although this can help you get out of debt sooner. A debt consolidation loan should offer a reduction in the amount you pay in interest, which in turn reduces your monthly repayments.

If there are no fees for making extra repayments, you could put the money you save towards your loan to help pay down your debt more quickly.

You might also want to review your current budget and see if there's any ongoing expenditure you can cut back on so you can put more towards your loan. If you choose to enter a debt agreement, there may be budget and spending restrictions depending on the nature of your agreement.

What's the difference between a debt consolidation loan and a debt agreement?

A debt consolidation loan is a type of personal loan that allows you to combine your current debts such as loans and credit cards into one. These loans can help reduce the amount you're paying in interest and fees and also make your debt easier to manage with one simple repayment.

A debt agreement, on the other hand, is a binding agreement that is an actual act of bankruptcy. It will be listed on your credit file and affect your ability to access credit later on.

Debt agreements are serious contracts to consider and the decision shouldn't be taken lightly. You should only consider this option when you find your debt unmanageable but don't want to enter into bankruptcy – you will agree to pay your debtors a certain amount of money that you can afford.

I am anxious about my debt and don't know what to do. Who can I talk to?

Debt anxiety is a common concern especially if you're finding your debt overwhelming or unmanageable. If you're unsure whether a debt consolidation loan is right for you or you want some advice on your personal situation, you can get in contact with a free financial counsellor on 1800 007 007.

There are free credit and debt services available in every state and they can help you decide your best course of action.
1Debt fret - YouGov study commissioned by ING.

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Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 24.79% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

Logo for ANZ Fixed Rate Personal Loan
ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 10.5% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

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51 Responses

    Default Gravatar
    CherylOctober 25, 2018

    Want to consolidate debt of around $50000
    Can someone help us

      Avatarfinder Customer Care
      JohnOctober 25, 2018Staff

      Hi Cheryl,

      Thank you for reaching out to finder.

      It looks like we are on the correct page to check on a panel of lenders who could assist you on your query.You may choose, depending on the debt that you have on the three tabs located on the page for Debt consolidation loans, Balance transfer credit cards for personal loans or Home Equity refinance. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.Hope this helps!

      Cheers,
      Reggie

    Default Gravatar
    DarrenOctober 4, 2018

    Need help have bad credit and currently owe $50,000 in personal loans and credit cards. Need to consolidate loans into one payment not sure how this is done

      Avatarfinder Customer Care
      CharisseOctober 5, 2018Staff

      Hi Darren,

      Thanks for reaching out to Finder.

      Even if you have bad credit, it’s not completely impossible to find lenders who can help you consolidate your debts.

      You may compare lenders offering bad credit debt consolidation loans. You can click on the “Go to site” button of your preferred lender to be redirected to their website where you can learn more about their loan offer and start your loan application.

      Before applying for any loan, please review the eligibility criteria and read through the terms and conditions to see if it best suits your needs.

      I hope this helps.

      Cheers,
      Charisse

    Default Gravatar
    NeilSeptember 8, 2017

    I am looking someone to help me get the low rate personal loan to pay off my credit cards and the money I borrowed from friends. So that I can have one fix repayment coming out every fortnight.

      Default Gravatar
      GruSeptember 9, 2017

      Hello Neil,

      Thanks for reaching out to Finder.

      This page provides a list of lenders that can help you consolidate your existing debt. You can use our comparison table above to help you find the right lender. While we don’t provide a specific product recommendation, you can use the table to narrow down your options. Simply, enter the amount you need to pay off your existing card and your friend followed by your repayment term then press “Calculate”.

      You can click the name of the lender or the “More info” link to be redirected to our review page and learn more about the lender’s loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      Cheers,
      Gru

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      NeilSeptember 9, 2017

      Hi Gru,
      Thank you for reply. I understand these options. But I was looking for someone who helps me apply for loan. I don’t know which financial institution to choose to get guaranteed loan. Also I have few personal questions that are related to my current financial situation.
      Is there anyone I can talk too?

      Default Gravatar
      GruSeptember 9, 2017

      Hello Neil,

      Thanks for reaching out to Finder.

      Finding a personal loan can indeed take a lot of time, effort, and stress.

      If you prefer to speak to someone who can take your personal circumstance into account and offer you a range of borrowing options, you may consider using a personal loan broker. Personal loan brokers are handy for those with complicated situations or poor credit scores, who are typically rejected by traditional lenders.

      Please also feel free to view these pages to guide you and check if something would be suitable for you:

      To increase your chances of approval, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      Cheers,
      Gru

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    KerrieAugust 16, 2017

    I am trying to find out how I go about consolidating my credit card and personal loans into one payment but not sure how to go about it

      Avatarfinder Customer Care
      HaroldAugust 16, 2017Staff

      Hi Kerrie,

      Thank you for your inquiry.

      It’s important to consider your options carefully. How much debt do you have and does it include loans and credit card accounts? Make sure you will be able to bring across all your accounts to consolidate. Please check this page for your available option.

      I hope this information has helped.

      Cheers,
      Harold

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    glennMarch 9, 2017

    recently discharged bankrupt 2 months ago.have 3 cash advances money3 total 520 p/week need a car and consolidate debt, 7000 owing on loans need about 8000 for car earning 1300 p/w permanent employment.

      Avatarfinder Customer Care
      MayMarch 11, 2017Staff

      Hi Glenn,

      Thanks for your question.

      Please check the list of bankrupt loans featured on our website so you can explore what options might be available for you. Please review the criteria, details of the loan product and contact the lender directly to discuss your loan options and eligibility.

      Cheers,
      May

      Default Gravatar
      rickkyJuly 11, 2017

      Hi Glenn, what is in page link?

      Default Gravatar
      JonathanJuly 13, 2017

      Hello Rickky!

      Thanks for your comment! :)

      It is the list of lenders who can offer loans for bankrupts.

      Hope this clarifies.

      Cheers,
      Jonathan

    Default Gravatar
    harriettaOctober 21, 2016

    Hi how do i get help to roll all my bills into one det iv applied with two other people who cold not help me out if you can please help thank you

      Avatarfinder Customer Care
      ElizabethOctober 24, 2016Staff

      Hi Henrietta,

      Your debt consolidation loan options are listed on the page above, but you may not have been approved because you did not meet the lender’s eligibility criteria or that you asked for a loan amount that the lender determined you could not afford. Now you have two recent credit enquiries on your file it will affect your chances of being approved. You may want to consider waiting a few months to apply again, or call the lender directly to discuss your eligibility for the loan. Criteria is also listed on each finder review page.

      Hope this helps,

      Elizabeth

      Avatarfinder Customer Care
      MattOctober 21, 2016Staff

      Hi Harrietta,

      Thanks for your comment. Finder is not a lender so we can’t consolidate your debts, rather provide general information on the process.

      Each company considers your debt consolidation needs differently and will rely on a range of factors when considering your application.

      If you want, you can read our guide on personal loan rejection to find more information.

    Default Gravatar
    tinyikoNovember 28, 2015

    I am trying to apply for a house.they declined me and said is because of 3 account which I fine it very hard to pay it off but I made arrangement.I pay certain amount on each account but still they declaim my application. Please help me how to get approval I really want a house

      Default Gravatar
      BelindaNovember 30, 2015

      Hi Tinyiko,

      Thanks for your enquiry, and sorry to hear about your situation.

      You might be interested to read our tips about how to get approved for a home loan with bad credit. You can also compare the range of specialist lenders that may be more likely to review your application given that you have some enquiries against your credit file.

      Keep in mind that while debt consolidation can make it easier to manage your finances, you may also have to pay a higher interest rate over the life of the loan.

      I recommend getting in touch with a licensed mortgage broker A broker can help you understand your financial position and they can leverage their panel of networks to find a lender that’s more inclined to review your application.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.

      All the best,
      Belinda

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    ChantelleMay 6, 2015

    Can i get a loan or credit card to pay off debt so i only have 1 loan or credit card repayment? I’m falling more and more behind in payments and just want the debt settled as quick as possible.

    Thank you!

      Avatarfinder Customer Care
      ElizabethMay 6, 2015Staff

      Hi CK,

      Thanks for your question.

      There are a few debt consolidation loans you can consider. To check the eligibility and the details of the loan, select the title of the loan in the table. You can also apply by clicking ‘Go to Site’ once you have found the loan you want to apply for. If you want to balance transfer your personal loan debt, you can compare your options from credit cards that allow balance transfers from a personal loan. Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.

      I hope this has helped.

      Thanks,
      Elizabeth

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    KristyApril 4, 2015

    I would like to know the names of some lenders who help people with debt consolidation loans when they have bad credit. Thanks

      Avatarfinder Customer Care
      ElizabethApril 7, 2015Staff

      Hi Kirsty,

      Thanks for your question.

      You may refer to our debt consolidation loans for borrowers with bad credit history. You can select the “Go to Site” button of your preferred lender to proceed with your application. You can also contact the lender directly if you have specific questions about the loan. Please ensure to read through the relevant product disclosure statement and terms and conditions of the loan.

      I hope this will help.

      Thanks,
      Elizabeth

    Default Gravatar
    akkiMarch 22, 2015

    Hi there,
    Its really confusing me, but could anyone give me an advise?
    The thing is that my Mom has a credit balance of $20000 and so does my dad. Which adds up to $40,000.
    We don’t have a house, we are renting. But we want to take a home loan to offset it and then buy a house. But we are really lost. We don’t know any solution.

      Avatarfinder Customer Care
      ShirleyMarch 23, 2015Staff

      Hi Akki,

      Thanks for your question.

      If your parents are currently in debt, you will find that your options are somewhat limited as lenders are not prepared to take on this extra debt.

      If you find that none of these loans are suitable for your situation, there is always the option of speaking to a home loan broker. They will be able to help you further in narrowing down a suitable home loan option for you.

      Cheers,
      Shirley

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