Simplify your finances with one smart loan

Debt consolidation loans are designed to help people with multiple debts streamline their finances. Instead of managing several loans, credit cards, or repayments with different dates, fees and interest rates, a debt consolidation loan wraps them into one predictable loan - with one payment to manage.

It’s not a one-size-fits-all solution, but for many people, it’s a smart step toward greater financial clarity and less stress.

A debt consolidation loan allows you to take multiple existing debts - such as personal loans, credit cards, store finance, or BNPL balances, and roll them into one single personal loan. You’ll still have the same amount of debt, but now it’s in one place, with one interest rate, and one repayment schedule.

Instead of keeping up with multiple due dates, minimum payments, and high-rate balances, you’ll have just one regular repayment to manage - and a clear end date in sight.

Debt consolidation works by combining multiple debts - like credit cards, personal loans, or hire purchases, into a single new loan with one regular repayment.

When you apply for a debt consolidation loan with Simplify, you’ll list the debts you want to pay off. Once your application is approved, your new loan funds can be used to pay off those existing balances. From that point, you’ll only have one loan to manage - with one interest rate and one clear repayment schedule.

While your overall debt amount stays the same, consolidating it into one loan can make it easier to keep on top of payments, reduce the chance of late fees, and simplify your budgeting.

To learn more about how debt consolidation works and explore tools, calculators, and comparisons, check out our partners at MoneyHub's guide to debt consolidation loans.

Debt consolidation loans are helpful when:

• You have multiple repayments with different interest rates and due dates

• You want to simplify your budget with one clear repayment

• You’re looking for a structured plan to become debt-free

• You’re paying off high-interest credit cards or short-term finance

• You want to feel more in control of your money and less overwhelmed

It's important to remember: if your goal is to reduce debt, consolidating alone won’t fix spending habits. It’s often a good idea to reduce access to revolving credit (like credit cards) once your consolidation loan is in place.

• One loan. One payment: Replace multiple debts with one simple, predictable repayment.

• Clear repayment term: No open-ended balances. You’ll know exactly when your loan will be paid off.

• Fewer fees and missed payments: One repayment means fewer chances to miss a due date and face penalties.

• Easier budgeting: A single fixed repayment makes it easier to plan for the month ahead.

• Optional early repayment: Want to pay your loan off faster? No early repayment penalties with Simplify.

Debt doesn’t have to be complicated - or stressful. If you’re juggling too many payments, a Simplify debt consolidation loan can help you feel more in control, more organised, and more confident about your next steps.