Debt consolidation – Debt consolidation loans – Royal Bank of Scotland

A debt consolidation loan could be used to pay off your existing credit cards, store cards and other personal loans. You could consolidate all your debt into the one loan and only have one payment to make each month.

Taking on any new debt is a big decision. In particular, extending the term of your debt can incur more interest and cost more in the long run, and sometimes an early repayment charge may apply. Early Repayment Charge (ERC) is a fee that sometimes applies when re-paying debt early. It is less common with credit or store cards but more common with loans. If an ERC applies, remember to take it into account when working out the cost of a new loan.

The rate you pay depends on your circumstances and loan amount and may differ from the Representative APR. We will never offer you a rate exceeding 29.9% p.a. (fixed), regardless of loan size.

Work out how much you may need to borrow

Make a list of all your debts. Check the outstanding balances, interest rates you are currently paying and if there are

any penalties for paying the debt early.

You might want to use our loan calculator to find the right debt consolidation loan for you or our personalised loan quote to find out if you're likely to be approved, how much you may be able to borrow, the monthly repayments and personalised interest rate. There isno impacton your credit rating if you use the tool. Using the tool will help you compare your current commitments with a new loan.

Our personalised loan quote won’t affect your credit rating in any way. It just leaves a short term note on your credit file that only you can see: not us, no other lenders, only you.

We'll show you how much you may be able to borrow

View your personalised interest rate and monthly payments

There's no impact on your credit rating

Personalised Quick Quote

Our managing your money section has lots of hints and tips to help you budget and take control of your finances. Use one of our budgeting tools or share one of your own money management tips.

Managing your money

Category: Bank loan

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