Debt Consolidation Loan
Simplify your finances with a single payment for all your debts.
Simplify your finances with a single payment for all your debts
If you have multiple debt payments, including credit cards and loans, a debt consolidation loan could help you bring it all together, potentially saving money and making it easier to manage with a single monthly repayment.
Fast access to funds – we’ll make the money available instantly after approval
We’ll take care of all your outstanding liabilities with other credit suppliers and banks
Protect yourself for the life of the loan with payment protection
Make overpayments, free of charge, whenever you like via the Kbank app
FAQ
- Existing Kbank customers
- Must be a national resident
- 18 years or older
- Annual income before tax of $15,000 or more
- The purchase of property or land including holiday homes and apartments
- Purchasing a joint stake in a property or buying out a joint owner
- Mortgage deposit (regardless of lender or country)
- Gifting funds to third parties to support the purchase of a property, including mortgage deposit, stamp duty and solicitors fees
- Gambling
- Business purposes
- Share-dealing
Rate information
6.7% APR representative
This rate is available for loans between £20,000 and £35,000.
The representative APR may not be the rate you'll receive, as the rate is subject to change. You’ll be offered a rate based on our assessment of your personal financial circumstances. The maximum APR you could be offered is 24.9%.
The APR may vary based on the amount borrowed.
Representative example
The borrowing amount is $25,000. Payable over 60 months. Fixed monthly payment of $489.18 per month. Total amount repayable is $29,351.09. Representative 6.7% APR. Interest rate p.a fixed 6.7%.
Further information
Fixed repayment terms
- Choose a repayment period of 1 to 3 years for Loans of $10,000 and less
- Choose a repayment period of 1 to 7 years for Loans of $10,000 - $50,000
- the first repayment is due 1 month from drawdown
- repayments will be taken monthly from your nominated current account. We will not attempt to take payment from any other KBank account.
Debt consolidation considerations
- If you're using any part of this loan to pay off or reduce existing loans/debts (including combining these into a single loan), it's important to consider:
- The interest rate
- The monthly repayment
- The term of this loan compared to the remaining term of your existing loans/debts
- Spreading your payments over a longer term means you could end up paying more in the long term than your existing arrangements, even if the interest rate on this new loan is less than the rates you're currently paying. Please consider the total amount repayable.
- You should also consider if any early repayment charges apply and if this form of borrowing is appropriate for your circumstances
Early repayments
- you can repay your loan in full at any time by giving us notice in writing, by visiting a Kbank branch or by calling us on 01234 567890
- once you've given us notice, you will be quoted a settlement figure. It's necessary to pay all the amounts owed if you wish to close the loan
- if you make an early repayment there may be a reduction in the amount of interest you'll have to pay and this will be reflected in the settlement figure
- the settlement figure will include interest up to the date which is 28 days after you tell us you want to repay the loan, plus an additional month
Check your balance anywhere
Simple banking on the move, at your fingertips. Payments, transfers, balances, support... just another way we try to make your life easier
Interest
- At the beginning of the loan we work out the interest you'll pay over the whole period of your loan and add this to your loan balance.
Responsible lending
If you think there might be a change in your circumstances that could increase your outgoings or reduce your disposable income, please contact us by phone or in Kbank branch for further guidance. Changes to consider are:
- employment changes such as imminent retirement, maternity, paternity or extended leave
- reduction in working hours, fixed contract end dates or zero hour contracts
- an increase in living costs such as rent or mortgage repayments
Apply for additional borrowing
- you can apply to borrow more money by applying online, by phone or in branch