Simplify your finances

A debt consolidation loan combines one or more eligible debts into a single loan with one regular repayment schedule.

Managing multiple debts can become complicated when you have different repayment dates, interest rates and lenders. A debt consolidation loan may help simplify the way you manage eligible debts by bringing them together into one loan. This is different from refinancing, which usually relates to replacing a single existing loan.

With Rapid Loans, our debt consolidation loan is a secured personal loan that uses an eligible registered vehicle as security for the loan.

If you’re considering a debt consolidation loan, you can apply online today or contact our team to learn more about the application process.

A debt consolidation loan combines eligible debts from multiple lenders into a single loan with one regular repayment schedule.

Before applying, you’ll need to calculate how much you’ll need to pay out your eligible debts. We’ll also ask you to provide official payout figures from the lenders whose debts you wish to consolidate.

If your application is approved, you’ll receive a loan contract outlining your approved loan amount, interest rate, fees and repayment schedule. Once your loan has settled, Rapid Loans will pay your approved creditors directly. If there are any remaining approved funds after your debts have been paid, they may be transferred to your nominated bank account.

Instead of managing multiple repayments, you’ll have one regular repayment with a choice of weekly, fortnightly or monthly repayment frequencies. Your loan will have a fixed interest rate and fixed repayments throughout the approved loan term.

A less-than-perfect credit history doesn’t automatically prevent you from applying for a debt consolidation loan. We assess every application individually against our lending criteria and responsible lending obligations, taking into account your overall financial circumstances rather than relying on a single factor.

Every application is different and approval will depend on your individual circumstances and the outcome of our lending assessment.

To apply, you’ll need details of the eligible debts you’d like to consolidate, together with the supporting information required to assess your application. Our online application can be completed entirely online, and our team is available if you have any questions throughout the process.

If your application is approved, you’ll have one regular repayment with fixed repayments throughout your approved loan term. There are also no early repayment fees if you choose to pay out your loan ahead of schedule.

You may be eligible to apply for a debt consolidation loan if you have eligible debts you’d like to consolidate into one loan. You’ll also generally need to:

• Provide proof of identity and be at least 18 years old.
• Be an Australian citizen or permanent resident.
• Have a regular source of income.
• Provide bank statements and other information about your financial circumstances.

As part of your application, we’ll assess your financial circumstances, including your credit history, against our lending criteria and responsible lending obligations. Every application is assessed individually.

The amount you may save by consolidating debt will depend on your current loans, interest rates, loan terms and the terms of your approved debt consolidation loan. Consolidating eligible debts into one loan may simplify the way you manage your repayments, but any savings will depend on your individual circumstances and approved loan terms.

Yes. If your application is approved, a Rapid debt consolidation loan can be used to consolidate eligible debts, including credit cards, personal loans and other eligible loans.

Applying for a debt consolidation loan may affect your credit score because a credit enquiry may be recorded on your credit file. The ongoing impact on your credit score will depend on a range of factors, including your individual circumstances and repayment history.

You may be able to consolidate a range of eligible debts, including:

• Car finance.
• Personal loans.
• Outstanding bills and accounts.

Consolidating eligible debts into one loan can reduce the number of repayments you need to manage by bringing them together into a single repayment schedule.

Before applying, it’s important to understand the terms of your existing debts, including any fees that may apply when paying them out early. You’ll also need to provide information about the debts you’d like to consolidate so we can assess your application.

Debt consolidation doesn’t reduce the amount you owe, but it can simplify the management of eligible debts by combining them into one loan with one regular repayment schedule.