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.
What is a debt consolidation loan?
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.
How a debt consolidation loan could help you
Lower interest rates
Save money with potentially lower interest rates compared to high-interest debts, such as credit cards.
Simplified payments
Make managing your finances easier by consolidating debts into a single loan.
Improve Credit Score
Consistently making on-time payments on your consolidated loan can positively impact your credit score.
How the debt consolidation process works
Assess Your Debt
List all debts, including outstanding amounts, repayment amounts, interest rates, and repayment frequencies. Combine these figures to understand your current financial obligations.
Apply Now
Submit your application today. If approved, you could receive your funds in as little as 24 hours to pay off existing debts.
Streamline Your Repayments
With just one loan and one monthly repayment, you can simplify your financial commitments and say goodbye to juggling multiple payments.
See how our rates stack up
Compare our personal loan interest rates against the big 4 banks (including CommBank, Westpac, ANZ, & NAB)
Your questions answered
Our calculator estimates your potential savings by consolidating multiple debts into one loan. To use the calculator:
- Enter in your existing debts with their associated interest rates and monthly repayments
- Once you have entered in your debts and checked the total amount is correct, adjust your credit history and desired loan term to view your potential savings
You can borrow between $5,000 and $50,000 with a debt consolidation loan from Plenti.
No, using our calculator is completely free and does not impact your credit score, as it does not involve a formal credit check.
Yes! You can input credit card balances, personal loans, car loans, and other debts to see your potential repayment savings.
- If the estimated repayment looks good, you can submit a rate estimate with Plenti and get your personalised rate in as little as 60 seconds.
Looking for another type of calculator?
Our car loan repayment calculator helps you understand your potential estimated monthly repayments for a new or used car.
Calculate what your repayments could be with a Plenti personal 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.