Debt consolidation made easy
Stop managing multiple debts and consolidate into simple monthly payments.
Take charge of your financial journey and join thousands of Australians who have trusted Plenti to consolidate debt, totaling over $340M.
We're a multi-award winning personal lender
What is debt consolidation?
Debt consolidation is the process of combining multiple debts - such as credit cards, personal loans, and store cards - into a single loan with one repayment date and amount. This can simplify your financial management by eliminating the hassle of juggling multiple different payments.
By opting for a debt consolidation loan, you also may be able to pay less interest overall, allowing you to save money and have a fixed date for your debt to be paid in full.
Debt consolidation loan calculator
If you have multiple debts, payments outstanding on different dates and need to get control of your finances, a debt consolidation loan from Plenti may be a good option for you. Add in your debts below and your current repayment amount to calculate what your estimated monthly debt consolidation loan repayments and savings could be.
Prior to using this calculator, please see "Debt Consolidation Loan Calculator" in the Important Information section below to understand how this calculator works.
Borrow up to $50,000 to consolidate your debts.
We offer an interest rate personalised to you when you apply to consolidate debts, with no monthly fees and no early repayment charges.
Borrow up to $50,000
1-7 year loan terms
Fast funds in as little as 24hrs from approval
$0 early repayment fee
$0 monthly fee
Personalised interest rate
Regain control of your finances
Accelerate your debt-free journey with the benefits of a debt consolidation loan.
Simplified Debt Management
Combining multiple debts into one debt consolidation loan streamlines your finances, reducing the hassle of multiple monthly payments. This makes debt payments more manageable and gives you a payoff date to work towards each month.
Interest Savings
Debt consolidation loans will often incur lower interest rates compared to your existing debts, helping you to save in the long term. You can also swap your variable rate for a personalised fixed interest rate for added ease.
See how our rates stack up
Compare our personal loan interest rates against the big 4 banks (including CommBank, Westpac, ANZ, & NAB)
A faster, fairer borrowing experience
Debt consolidation is made easy with our simple 3 step process. Get a rate estimate.
Get your rate
1 minute, 10 simple questions. It's all we need to estimate the rate on your personal loan.
Apply in minutes
Complete your quick and easy application, all online.
Enjoy your funds
Once approved and accepted we’ll transfer your funds which could take as little as 24hrs.
A 5-star experience from start to end
Turn your somedays into today with an award-winning* fintech lender.
Your questions answered
Debt consolidation involves combining multiple debts, such as credit cards and personal loans, into a single personal loan. For instance, consolidating debts of $2,500 and $7,500 on two credit cards into a $10,000 personal loan can simplify your financial management as this results in one set of recurring repayments with a single interest rate and term.
Before opting for a debt consolidation loan, consider the following factors:
- Monthly payment: Find out how much your new monthly payment would be.
- Interest Rates: Check if the new loan has a lower interest rate than your current debts. Use our ‘Get your rate’ function to estimate your potential rate.
- Total Consolidation Amount: Identify all debts for consolidation, including existing balances, potential additional fees, and whether to close previous credit facilities.
- Assess Borrowing Power vs. Total Debt: The consolidation loan can cover all existing debts if your borrowing power exceeds total debt. If borrowing power is less than total debt, prioritise which debts to consolidate by focusing on consolidating debts that offer the most significant savings and continuing to repay others separately.
To qualify for a Plenti debts consolidation loan, you must meet the following criteria:
- Age: 18 years or older
- Citizenship: Australian citizen or permanent resident
- Income: earn over $25,000 annually from a verifiable, regular income source
- Credit History: maintain a good credit history
Having one debt consolidation loan instead of lots of small debts can have many benefits:
- Simplify your finances: Consolidating all of your debts into one loan means you only have to make one monthly repayment, instead of having to manage multiple loans across different providers or cards. This can give you a better idea of when you'll be debt free.
- Save money: Choosing a debt consolidation loan which offers a lower interest and fewer fees can save you money across the life of the loan.
- Extended repayment periods: Debt consolidation loans can have longer repayment periods than credit cards or your existing personal loans, which can lower your monthly payments, making them more affordable.
- Improved credit rating: Having control over one debt, instead of juggling multiple repayments can help to improve your credit rating by avoiding inadvertently missed payments.
- Assess Your Debt Situation: You might want to start by listing all debts you have. Note down the outstanding amounts, repayment amounts, interest rates on each and repayment frequency of each debt. Combine these figures to determine your overall financial liability.
- Lay out your budget: First, calculate the basics like your monthly income and expenses. From there, decide how much you can afford for your monthly repayment. The debt consolidation calculator on this page is one tool you could use to see which loan terms and repayment period suits your needs.
- Consider taking out a loan: Consider taking out a debt consolidation loan to combine all of your debts into one easy to manage monthly payment. You may also decide to check your credit score before applying, as this may have an impact on your approval and the interest rate which may apply to your loan. Check your report for any errors, as these could hurt your score and approval odds.
If you’re looking to lock in your interest rate for your debt consolidation loan, you may be able to choose between a fixed and variable interest rate.
A fixed-rate debt consolidation loan allows you to lock in your interest rate from the start of your loan term. This means that with a fixed rate loan your interest rate and loan repayments always remain the same which can help you manage your budget more effectively.
Are you looking for another type of loan?
What types of debts can I consolidate?
There are a number of different debts you can consolidate with a Plenti debt consolidation loan. Some of these might include:
- credit cards
- personal loans
- store cards
- overdrafts
- car loans
- lines of credit
What are the fees with a debt consolidation loan?
Debt consolidation loans can have several types of fees that impact your total borrowing costs. Upfront fees, which can be a flat amount, a tiered fee based on the borrowed amount, or a percentage of the loan, are charged at the start and may be added to the total loan amount, meaning you could pay interest on these fees as well. Ongoing or monthly fees, also known as account keeping fees, can accumulate over the life of the loan without contributing to the principal repayment. While some loan providers charge early repayment fees if you pay off your loan sooner than expected, Plenti Debt Consolidation Loans have $0 monthly fees and $0 early repayment fees. To minimise costs, it's crucial to carefully review the loan terms, compare rates, and be aware of any hidden fees before committing to a lender.
How much can I borrow with a debt consolidation loan?
Plenti typically provides between $5000 - $50,000 for its debt consolidation loans.
How quickly will I get approved for a debt consolidation loan?
Plenti typically approves debt consolidation loans within 1-2 days. Once all necessary documents are received, approval can occur in 8 business hours. After approval, funds can be drawn down in as little as 24 hours.
Will a debt consolidation loan impact my credit score?
How could debt consolidation help my credit score?
Debt consolidation can be a beneficial first step if you’re struggling to manage multiple debts. By combining your debts into a single loan, you simplify your finances with just one payment to budget for, making it easier to avoid missed payments. Consistent and timely repayments on your consolidation loan can help build a positive credit history, potentially leading to improvements in your credit score over time.
How could debt consolidation harm my credit score?
While debt consolidation can aid in managing your debts, it also comes with risks. The repayment period might extend longer than your original debts, leading to higher total interest costs. Missing repayments on your consolidated loan can negatively affect your credit score. Additionally, if you accumulate new debts after consolidation, such as loans or credit card balances, this can hinder your financial progress.
While debt consolidation can provide helpful relief and potentially improve your credit score over time, it is essential to weigh the potential benefits against the short-term risks.
Is a debt consolidation loan a good idea?
A debt consolidation loan can be a good idea for those looking to simplify their finances and manage debt payments more effectively. However, it may not be suitable for everyone. If you're prone to accumulating new debt or have concerns about credit utilisation, it might be better to address underlying financial habits first. Always consider your financial situation and options carefully before proceeding.