We use cookies to help provide you with the best possible online experience. By using this site, you agree that we may store and access cookies on your device. You can find out more and set your own preferences here.

Breadcrumb trail - You are here:

Debt consolidation

A NatWest loan for debt consolidation could help by:

  • lowering your monthly re-payments or interest rate
  • paying off your debts faster
  • creating a single monthly payment

Taking on any new debt is a big decision so we've prepared some guidance to help. In particular, extending the term of your debt can incur more interest and cost more in the long run, and sometimes an Early Repayment Charge may apply.

Our BEST EVER rate,
Representative 6.4% APR
for loans of 7,500 to 14,950.

Other loan amounts are available at alternative rates. Rates depend on circumstances and loan amount. Loans available to existing NatWest current account customers aged 18 or over.

Helpful debt consolidation steps

To help you decide if a loan to consolidate your debts is best for you, we've come up with 3 easy steps:

1. List your current debt details.
Work out the average interest rate and the total monthly payment costs of your current debt. Recent statements will have this information. You can then compare this easily with new loans.

2. Think through your options: for example using savings to reduce debt could be cheaper than a new loan.
If you're struggling with excessive monthly payments you may want to speak to your current lenders, they may be able to help with a new payment plan or a re-payment holiday.

3. Finally, work out your key objectives and whether a personal loan saves you money:

Pay off my debts and save money

1. Transfer your debt to a lower interest rate.
Repaying your existing debts with a loan at a lower interest rate could save money by reducing interest costs. The repayment term will also affect the total cost so don't be tempted to extend it, keep it the same or shorter than your current debt.

Our loan calculator will help see if you could save.

2. Make higher monthly payments.
Increasing the amount that you repay each month should mean that you pay your existing debt off faster, saving you interest costs.

The terms of your existing debt might mean you can’t make additional payments. If so, paying off your existing debt with a new loan and shorter repayment term achieves the same if the new interest rate is similar or lower than your current debt.

Our budget planner can help you work out how much extra you can pay each month.

Reduce my monthly debt re-payments

If this is your aim, carefully consider your alternatives before taking out a new loan. Approaching your existing lenders or using existing savings may be more appropriate.

1. Transfer your debt to a lower interest rate.
Repaying your existing debts with a loan at a lower interest rate could save money by reducing interest cost. But keep the repayment term the same or shorter than your current debt, extending the loan term may reduce your monthly repayments, but overall it is likely to increase the total amount, including interest, which will have to be repaid. Our loan calculator will help see if you could save.

2. Repay your debt over a longer period.
Taking out a new loan over a longer period than your current debt should reduce your monthly payment. Whilst extending the loan term may reduce your monthly repayments, overall it is likely to increase the total amount, including interest, which will have to be repaid.

Our monthly budget planner can help you work out the maximum re-payment you can afford - then our loan calculator can help you pick a matching loan re-payment.

If you've read the above and feel a loan to consolidate your debts could help then:

Links and tools:

External links:

Ready to apply?

Get in touch

Lines are open: Mon to Fri 8am-8pm, Saturdays & Bank Holidays 9am-6pm, Closed on Sunday. Calls may be recorded.

Apply online for a personal loan