Debt Consolidation Loan

'Switch and Save' Loan

Consolidate your debt to save

Borrow up to £10,000 to consolidate your existing debt

Have you borrowed from multiple lenders? Are you making repayments every month, with no end in sight? Do you want to reduce the cost of your debts? Our Debt Consolidation Loan could work for you. We can lend up to £10,000 to pay your existing debts off, leaving you with one affordable monthly payment, with interest calculated daily on the reducing balance.

  • Interest 2% monthly (26.82% APR)
  • Repayment periods from 6 to 60 months
  • No fees, early repayment charges or penalties
  • Payments are made directly to the creditor
  • In order to receive a loan through North London Credit Union you must be a member. You can apply to join and borrow at the same time and membership is free. You can check if you’re eligible to join by going to the Join Us page of this site.
  • If you are not eligible to join NLCU, please visit www.findyourcreditunion.co.uk for credit unions in your area.
  • You’ll need to complete the Loan Application Form in full and sign it before returning it to us, together with the last three months' worth of bank statements for your current account(s). Decisions may be delayed if information is missing or incomplete.
  • We carry out an assessment of the affordability of loan repayments and we also obtain a credit report to review each applicant's history of managing credit.
  • For 'Switch and Save' Loans, we will also need full information about your outstanding debt. Wherever possible, we will pay creditors directly and will require cleared accounts to be closed.
  • All loans are made to you as an individual and you as the applicant are fully responsible for ensuring repayments are made.
  • We regret that we are unable to lend if you are currently in a Debt Management Plan (DMP) or Individual Voluntary Arrangement (IVA).
  • We will try and give you our decision as quickly as possible, usually within 2-3 working days.
  • If you have any questions about loans, please feel free to call us on 020 8366 8244, option 1.