1300 669 059
Consolidate
your debt
Simplify multiple debts into one easy-to-manage repayment.
Won’t impact your credit score!
Streamline your debt
Take control of your finances with our debt consolidation loan.
Borrow from $5,000
up to $50,000
Pay off your
existing debts
Access additional
funds if needed
One simple
monthly repayment
Make life easy with
one low monthly
repayment
Forget juggling multiple debts and not knowing when or how much you’re going to be charged next. With debt consolidation, you can simplify your debts into one easy to manage, low monthly repayment.
Estimate your repayments
Find out how much your repayments and interest rate could be with our calculator.
Estimated monthly repayments
$910.72
Example interest rate
9.19% p.a.
Comparison rate
10.58% p.a.
Total charges
$1,857.28
Total repayments
$21,857.28
It won’t affect your credit score!
Check our rates and fees
Interest rate (p.a.)
9.19
up to
23.99
Comparison rates (p.a.)*
10.58
up to
26.58
How to apply
1Calculate existing debt
Find out how much you need to repay your existing
debt. You can apply for additional funds if needed.
2Check your rate
See your interest rate and repayments in less than
5 minutes. It won’t impact your credit score!
3Submit your application
Review your loan offer, hit 'submit application', and
we'll take care of the rest.
4Get your funds
If approved, you can have money in your bank account
in as little as 60 minutes.
Must be Australian citizen, New Zealand citizen or permanent resident
Earn more than $30,000 p.a. from employment
Must at least be 18 years old
Bank-grade security
‘Read only' access to accounts
256-bit data encryption
Easily managed
with your app
Manage your one repayment, view
your balance and even get access to
our other products and special offers.
Debt consolidation made easier
Combine and pay off all your existing loans with our debt consolidation loan and say goodbye to multiple monthly repayments and interest fees. We offer unsecured, low rate personal loans up to $50,000 that you can use for consolidating your debts into one, with a variable interest and flexible repayments of up to 5 years. Use it to pay for your credit cards, hospital bills, car loans – you name it. Manage your account with our app to make paying off debts a lot easier.
How to get a consolidation loan
You only have to be these things to be eligible to apply: 18+, employed and an Australian resident. If you meet these basic criteria, then you are all set to apply via our fully online application! It’s so fast and easy, you can even get your funds straight away or in as little as 60 minutes!
How to apply for a debt consolidation loan
You are a few taps and clicks away from consolidating your debts. To apply with us:
-
Hit ‘Apply now’ on our website and start your online application.
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Provide us with a few of your personal information, bank account details and valid email address
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Submit your application. Once approved, your funds may hit your account within 60 minutes, or sometimes faster than that!
Fast and accurate digital lending
At times when we need your additional information, we might hit you up to verify your identity or ask for additional documents. And that’s probably the online time we’ll be calling you!
Just like MoneyMe, our debt consolidation loan is powered by an advanced AI-based loan management platform that assesses thousands of data points in real-time, giving you a loan outcome that is fully transparent and tailored to your personal circumstances. We really live up to it when we say we’ll help you consolidate your debts faster.
Basics of debt consolidation
Debt consolidation is the process of combining all your debts into a single loan, which offers you better control of your monthly repayments. One way you can consolidate your debt is by getting a personal loan with a lower interest rate and use the funds to pay off all your existing debts with just a single repayment.
Streamline repayments – Getting a debt consolidation loan to pay off multiple debts reduces the number of payments and interest rates you deal with every month. And if you have only pay for one debt each month, the risk of missing a due date significantly decreases. This also gives you a clearer picture of when all of your debts will be paid off.
Pay off debts sooner – There are chances of acquiring a lower interest rate when consolidating your debts. You can leverage this by making extra repayments each month so you can pay off your debts earlier and save more on interest.
Improve credit score – Your credit score may take a temporary dip during an enquiry, but it can also improve in the long run so long as you make on-time repayments. Your payment history will reflect in your credit report, so it pays off to try to pay on time.
It could be anything from credit cards, education loans, auto loans to hospital bills and mortgages.
To consolidate your debts, you can take out an unsecured personal loan with online lenders such as OneDebt or opt for refinancing where you take out a new mortgage to repay your existing loans.
Applying for a debt consolidation loan
You can get an unsecured personal loan from a bank, credit union or online lender to consolidate your credit card or other debts you may have. There are bank loans that provide competitive annual percentage rates (APRs) for good credit borrowers. As for online lenders, most of them allows you to get pre-approved for a loan which gives you a preview of the rate and loan amount that you may get once you apply.
The process for applying for a debt consolidation loan differs with each lender. If you opt to apply from an online lender, you can complete and submit your application online and get a pre-approval within minutes. Most online lenders offer same-day fund transfers once you have been approved.
Make a list of all your outstanding debts so you’ll get an idea of how much funds you need. Then, you can use an online loan calculator to determine the amount you should borrow. It is a free online tool where you can get an on-the-spot calculation of your expected monthly repayments, with comparison rates that help you understand the true and overall cost of the loan amount you have in mind.
Debt consolidation fees and repayments
If your debt consolidation loan comes in a form of an unsecured personal loan, the fees and charges associated with it are the interest rate, establishment fee and monthly fee. On some occasions, there might be an early exit fee or a late payment fee in the event that you missed your payment or can’t make the minimum repayment upon your due date.
If you applied for an unsecured personal loan to consolidate your debts, then there is no need to back up your loan with collateral. On the other hand, if it’s a secured personal loan then you are required to put up an asset, which can be your car or your house.
You can repay your debt consolidation loan just as how you repay a personal loan. It could be monthly, fortnightly, or weekly depending on your agreement with your lender. Online lenders may often set up direct debits to your nominated bank account to automatically withdraw your loan repayments.
Why consolidate your debts?
It’s never easy to jog multiple repayments each month, not to mention that each of these debts has its own interest rate, terms and conditions. Combining your debt into a single loan can significantly help reduce the stress that you have to deal with every month. And with our debt consolidation loans, it’s more hassle-free and the rates are even better.
You get to access the funds you need for debt consolidation in as little as 60 minutes. Plus, the entire application happens online. No more reams of paperwork, unnecessary phone calls and several days of waiting just to get the funds you need. It’s the new, perfect way to borrow – and you can easily manage your account with our app.
We’ve made borrowing fair and secure
Our debt consolidation loan is not just about fast loan outcomes. We make sure that everything is fair and secure, too. To fast-track your application, we obtain your online bank details using a trusted and secure portal. It’s the same one that your bank uses. We get your bank statement history for the last 90 days in a form of a read-only document, and at no point do we store or have access to your banking details.
This way, we get an accurate picture of your banking activities without asking you to submit reams of paperwork. These snapshots, along with some of your personal and employment details, are all we need to come up with a loan decision tailored to your personal circumstances.
Debt consolidation loans up to $50,000
Consolidate your debts the faster, easier way
We offer consolidation loans of up to $50,000 designed to help you clean up your existing financial commitments and small debts, reduce your interest payments and get in front of your finances. Approvals are fast and hassle-free. Customers who apply for our personal loans or our Freestyle virtual credit card online during our business hours typically receive their approval within minutes.
As a wholly online lender, everything you need to apply, get approved and receive your new funds is available via our website. We probably won’t need to call you and we don’t need to confirm your income status with your employer. Enjoy competitive rates and get no early payout fees when you choose to consolidate your loans with us.
