Debt Consolidation Loan

Reduce your monthly repayments

Do you want to spent less on repaying your debts?

Whether you are looking to clear a small loan with high interest or a few larger debts, a debt consolidation loan from us could reduce your monthly repayments and mean you pay less interest. Please use the below loan calculator to compare the debts you would like to consolidate to ensure you are making a saving in repayments and interest. As an ethical lender we do ensure that any loan we make is in the best interest of the member and may turn your application down if you would not be making a savings by taking out a debt consolidation loan. You can also save at the same time as repaying your loan, helping you break out from the cycle of debt for good.


  • Payments to your loan are made directly from your bank or wages
  • Choose the loan product that's right for you & start having more money each month
  • FREE Life Insurance
  • You can manage your account online
  • Build your credit history

How does it work?


It is easy to apply

1. All you have to take control of your finances, is complete an Online joining form, and pay your membership fee. 

2.  Just answer a few short questions on our Online loan form, and we aim to have a decision to you within 3 working days. 

3.  Set up standing order or repayments from your wages. You can repay via standing order or we can deduct the agreed amount from your wages every month. 

You can join us online and apply for the loan the same day, all on our website. If you would prefer to do it on paper, you can also download the Membership application form, and Loan application form. Complete all the details then return it to us. 

You may you need to provide proof of your income:

  1. Payslips/proof of benefits for last three months
  2. Bank statements for the last three months
  3. Information on all existing loans, credit cards and other debts.

Note: Loan repayments are due during the whole term of the loan. Failure to make scheduled loan repayments will lead to arrears action and may affect your credit history.


I am Eligible?
To offer one of our debt consolidation loans, the requirements are slightly different to our other loans.

• You are a member of Eastern Savings & Loans Credit Union;
• You are aged 18 or over;
• You have completed the income & expenditure part of the loan application and are able to afford the loan;
• You have a minimum of three years address history in the UK;
• You consent to us accessing your credit file;
• You do not have any large outstanding defaults;
• You have not missed any payments to your existing loans;
• You have not been registered as bankrupt in the last 6 years;
• You have not entered into an Individual Voluntary Agreement (IVA) / or a debt management programme within the last 6 years;

How much can I borrow?
You can apply to borrow between £500 and £7,500 to consolidate your debts and reduce the amount of interest you pay. As with any loan, the loan amount you are offered may differ from that which you applied for depending on your personal circumstances.

How do Debt Consolidation loans work?
You apply for the total amount you would like to consolidate for example, £500 overdraft, £1,000 Credit Card, 2 x £250 store card = Total £2,000 Loan. If you are approved, we will send the money directly to the existing creditors once we have confirmed your repayments.

What’s the interest rate?
You'll be offered one of our fixed rates of 6.2% APR (Advantage), 19.6% APR (Flexible), and 42.6% APR (Starter). The rate you are offered will depend on your personal circumstances and amount offered. We ensure the interest on all our loans does not exceed 30% of the capital lent. Our starter rate loans are generally repaid within a year and the interest is calculated on the declining balance. Please see our loan calculator to see how much interest you will be charged.

Can I repay early?
Yes, if you want to pay back your loan early - that's all good with us. And, don't worry we won't charge you any early repayment fees.

Are there any Fees?
We don't charge any set-up or early repayment fees. There are also no admin charges to repay your existing debts. We do have a weekly membership fee of 25p for membership to the Credit Union.

How long does it take for decision on a loan?
We aim to process all applications within 3 working days and we'll send you a confirmation email once we've done it.
Please note that if your application is approved you will need to set up a standing order or salary deduction before we will release the loan.

What if I already have a loan with you?
You can apply for a Top-Up loan to take your balance up to £7,500. When you apply for a Top-Up, we will combine the new loan with the outstanding balance on your existing loan. For example, if your current Credit Union loan balance is £500 and you apply for a Top-Up of £1,000 your new loan total will be £1,500. You will have access to £1,000. If you apply for a debt consolidation loan, the money will be sent directly to your existing creditors.

You will continue to repay your loan either via Standing order from your bank or directly from your salary. Your new loan may have a different repayment rate from your initial loan and the loan term could be different, too. This may mean that you will need change the standing order or salary deduction.

When can I top up my loan?
When you are half way through your current loan schedule. In exceptional circumstances we may consider a small top-up loan, please contact the office for a bespoke quote based on your individual circumstances.