Debt Consolidation Loans - debt consolidation - Ulster Bank

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Debt Consolidation Loans

Debt consolidation could help you manage your finances

Apply now
Debt Consolidation Loans Apply now

Taking on any new loan is a big decision and we're here to help you make the right one.

Refinancing existing borrowing can be complex and many of our customers find it easier to talk to someone before they apply. Our Customer Advisors in branch can talk to you about other borrowing options that may better suit your needs.

You can still apply online today, but if you'd rather talk to someone before you apply to ensure this loan is right for you, chat with one of our webchat agents who can arrange an appointment at your local branch.

 

Loans calculator

We've just reduced our prices for larger loans.

Our best ever Representative 3.9% APR  for loans of £7,500 to £25,000.

Other amounts available at alternative rates. Our rates depend on your circumstances and loan amount and may differ from the Representative APR. Over 18s and existing Ulster Bank current account customers only.

Is a debt consolidation loan right for you?

An Ulster Bank loan could help you pay off your existing credit cards, loans or other outstanding debts but 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 when paying off your existing debt. 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.

 

One manageable monthly repayment

   

You may be able to pay off your debt faster

   

You could lower your monthly repayments

   

Refinancing existing borrowing can be complex and many of our customers find it easier to talk to someone before they apply. Our Customer Advisors in branch can talk to you about other borrowing options that may better suit your needs.

You can still apply online today, but if you'd rather talk to someone before you apply, book an appointment now.

Loan terms Manageable monthly payments

You could make your monthly payments more manageable by reorganising what you owe.

 

The need to knows:

 You can apply to borrow between £1,000 and £25,000

Loans between £1,000 to £14,950 can be repaid over a term of 1 to 5 years

 Loans between £15,000 to £25,000 can be repaid over a term of 1 to 7 years

The minimum loan term is 1 year

Bills and a calculator

 

Taking on any new debt is a big decision so you should always make sure a debt consolidation loan is right for you. 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.

Try our loan calculator to work out the best loan for you

 

The rates you pay depends on your circumstances and loan amount and may differ from the Representative APR.

Looking for a loan between £25,000 and £35,000?

You can apply to borrow between £1,000 and £25,000 online, however, if you are looking for a larger loan, please visit us in branch or call us.

Helpful tips Things to consider before applying for debt consolidation loans

1. Work our how much you may need to borrow
Make a list of all you debts. Check the outstanding balances, interest rates you are currently paying and if there are any penalties for paying the debt early.

2. Helpful tools
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 is no impact on your credit rating if you use the tool 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. . Using the tool will help you compare your current commitments with a new loan.

3. Think through your options: for example using savings to reduce debt could be cheaper than a new loan. 
The interest you receive on your savings might be lower than interest you pay on a loan so you might want to consider paying off your existing debt with any savings you have. If you're struggling with excessive monthly payments you may want to speak to your current lenders, they may be able to help with a new payment plan or a re-payment holiday.

Accordion

Icon expand Save money by paying off debts quicker

 1. Transfer your debt to a lower interest rate. 

Repaying your existing debts with a debt consolidation loan at a lower interest rate could save you money by reducing interest costs.
The repayment term will also affect the total cost so don't be tempted to extend it, keep it the same or shorter than your current debt.

Use our loans calculator to work out the best 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. 
All this without affecting your credit rating!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.

2. Make higher monthly payments.

If you increase the amount that you repay each month you may be able to pay your existing debt off faster, saving you interest costs.

The terms of your existing debt might mean you can’t make additional payments.
If so, paying off your existing debt with a new loan and shorter repayment term achieves the same if the new interest rate is similar or lower than your current debt.

Accordion

Icon expand Reduce your monthly repayments

If you are looking to reduce your monthly payments, carefully consider your alternatives before taking out a new loan. Approaching your current lenders or using existing savings may be more appropriate.

 1. Transfer your debt to a lower interest rate.

Repaying your existing debts with a debt consolidation loan at a lower interest rate could save you money by reducing interest costs.
But keep the repayment term the same or shorter than your current debt. Extending the loan term may reduce your monthly repayments, but overall it is likely to increase the total amount, including interest, which will have to be repaid. Our loan calculator will help see if you could save.

 2. Repay your debt over a longer period.

Whilst extending the loan term may reduce your monthly repayments, overall it is likely to increase the total amount, including interest, which will have to be repaid.

Debt Consolidation Loans Ready to apply?
Apply now
Debt Consolidation Loans Apply now

Taking on any new loan is a big decision and we're here to help you make the right one.

Refinancing existing borrowing can be complex and many of our customers find it easier to talk to someone before they apply. Our Customer Advisors in branch can talk to you about other borrowing options that may better suit your needs.

You can still apply online today, but if you'd rather talk to someone before you apply to ensure this loan is right for you, chat with one of our webchat agents who can arrange an appointment at your local branch.

 

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