We know that managing debt can be difficult at times. We also understand that it’s even more challenging when you have multiple sources of debt or loans to pay off at once. That’s why we’ve put together four simple steps on how to consolidate your debt.

A debt consolidation loan is designed to simplify repayments by putting all your existing debt into one easy-to-manage loan with one interest rate – just think, no more stress and confusion trying to stay on top of your finances.

1. Make a list of your debt 


Before consolidating your debt, it’s a good idea to note it all down so you know what you’re working with. This will help give you some clarity on your existing debt levels and understand the next steps in consolidating your debt into one loan.

Have a play with our loan calculator too. If you simply select the borrowing amount you need, you can see the repayment amounts and terms which can give you a really strong sense of what a debt consolidation loan might look like for you. From there, it will be much easier to apply for a debt consolidation loan.


2. Check with your existing providers if there’re any early repayment costs


Some lenders and loan providers may charge an early repayment fee if you repay a loan earlier than agreed. This fee covers how much the loan provider may lose due to the early repayment based on the amount of money owed at the time and the amount of time left on your loan.

Give your lender a call and ask them to calculate the actual early repayment costs.


3. Apply with us online


Our online loan application form makes the application process easy. Simply select ‘Debt consolidation’ under the ‘purpose of the loan’ dropdown menu and continue filling out the easy-to-follow form. When you’re done, submit your application and one of our friendly staff members will be in contact.

Got a question about the debt consolidation loan process? Drop into your nearest Instant Finance branch or call us on 0800 760 000. Our friendly and helpful team will take the time to understand your current financial situation. Based on your past credit history, our team can discuss the pros and cons of debt consolidation loans and establish whether a debt consolidation loan is the best option for you.

If you are still feeling a bit unsure and would like to know your legal rights to ensure you’re making informed decisions, check out the Credit Contracts and Consumer Finance Act 2003, which outlines the lender’s responsibilities and the borrower’s protection.


4. Manage your payments


Once you have your debt consolidation loan, all your debt will appear in one easy-to-manage place. You’ll know exactly what and when you have to pay – no more stress and confusion.

With a debt consolidation loan from Instant Finance, your interest rate is fixed for the life of the loan. This means you’ll always know the exact amounts of your repayments. We can even help you plan a household budget to ensure you can always make your repayments.


If you’re struggling to handle your debt, you owe it to yourself to look into a debt consolidation loan with Instant Finance.