Debt Consolidation Loan

Got a few old bills lying around that are starting to get on top of you? Or looking to finally clear those credit cards? A Squirrel Money debt consolidation loan could help get you on the right track to getting your finances under control. 

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Benefits of Squirrel Debt Consolidation Loan

Debt-free date

Our rates are fixed for the life of the loan so your repayments won’t change. You’ll know exactly when you’ll be all paid off!

Lower interest rate

We offer a fair and transparent deal. With our great rates, you could pay less interest and take control of your debt. 

Be debt free faster

You can make extra repayments with no penalties if you’d like to clear your debt even faster.

One easy to manage payment

We offer flexible loans, on your terms so you’ll know exactly how much you’re paying and when you’ll be debt-free.

Why consolidate your debt?

First up, what does debt consolidation actually mean? Debt consolidation is when you take multiple loan, credit card and/or hire purchase payments, and combine them into one easy to manage loan. So instead of keeping track of lots of individual debt repayments, you only have the one payment, usually at a lower interest rate to help you clear your debt faster. It’s a great way to help you get on top of your finances.



How much can you borrow?

With a Squirrel Money debt consolidation loan you can borrow anywhere between $1,000 and $50,000*.


And with peer-to-peer lending, the money for your debt consolidation loan is coming from our Investors, not the bank. This means that you should end up with terms that work for you and an interest rate that is fair to help get those debts under control.



Features of a Debt Consolidation Loan

LOAN AMOUNT Borrow anywhere from $1,000 - $50,000*
TERM Choose your term from 2, 3 or 5 years
INTEREST RATE 2 – 3 years from 8.95% p.a.
5 years from 9.95% p.a.
FEES $500 Establishment fee 
Check out our fees table here.
SECURITY For amounts over $20,000

*Affordability and credit criteria apply. The maximum borrower amount reduces based on borrower risk grade.
Example: A borrowed amount of $10,000 over 2 years would result in repayments of $480 per month at 8.95% p.a. based on our highest A Grade risk grading. This monthly repayment includes a $500 Establishment fee. If a payment is missed or a loan is in arrears for a period of time, default fees may apply. Check out our fees page. 

Not after a Debt Consolidation Loan? Click here to check out our other loans on offer. 

What we look for?

We're not the right lender for everyone. Our focus is on high quality borrowers who pass the following creditworthy checks with flying colours.

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