Debt consolidation means taking out a single loan to pay off several existing ones, so you have one repayment instead of many. It can make a week easier to follow. It can also cost more, or last longer, than the debts you started with.
Questions to ask before you move anything
Add up what you currently repay, what you still owe, and what those debts cost in fees and interest. Then compare that with the total cost of the new loan, including any establishment fee. A lower weekly figure is not a saving if the term has simply been stretched.
Check whether any of the existing debts have early-repayment fees, and whether a new loan would be secured against an asset when the old ones were not.
Habits travel with you
If the old debts grew because spending kept exceeding income, a new loan will not fix that on its own. Some people consolidate and then run the old cards back up. If that feels familiar, it is worth pausing and looking at a budget, or speaking with a financial counsellor, before you apply.
How an application works here
You can apply online through Koala Loans. A credit provider assesses the application and decides whether to make an offer. We do not decide the result, and we do not set the terms. Any offer deserves the same side-by-side comparison described above.