Make multiple debts more manageable


Combine all your debts into one easy to manage payment … and save hundreds of pounds in interest charges


Debt Consolidation Loan


  • Borrow up to £25,000
  • Interest rate of 19.6%APR
  • Maximum loan term of five years

Product Features


  • Offers members the chance to combine multiple debts
  • Helps members stay away from loan sharks and extortionate payday lending rates
  • Supports members wanting to learn how to manage their money better in future




  • To be eligible to apply for a Debt Consolidation Loan, you must have savings in your share account equal to at least the cost of two monthly loan repayments PLUS £5 (which is the minimum shareholding).
  • Members must have contributed at least one monthly or four weekly payments to their savings account before they can apply.
  • Members must not be Bankrupt, entered into a Trust Deed, DAS, IVA or DRO, and must meet the eligibility criteria to repay the loan.

General Information


Our Debt Consolidation Loans are designed to help members reduce the burden of multiple debts.


The product can help members get out of the grasp of high-cost “pay-day” loans.


And our help centre partners can support members improve their approach to borrowing and managing finances through a series of fun interactive learning modules.


Product Terms


Applicants for a Debt Consolidation Loan must maintain a sum at least equivalent to two months’ loan repayments PLUS £5 in their Regular Savings Account – AND continue saving a minimum of £10 per month.


In addition, they:


  • Must be a UK resident
  • Must be over 18 years old
  • Must not be Bankrupt, entered into a Trust Deed, DAS, IVA or DRO
  • Must agree to savings being pledged as security for the loan
  • Must agree to pay an interest rate of 18% (19.6% APR)
  • Must be able to afford the repayments necessary for the debt consolidation loan.
  • Early repayment is permitted without penalty


Repayment Information


Loan Repayments are taken from your savings account on the 1st of each calendar month. Your first loan repayment will be deducted on the 1st of the month following the loan completion date. Loan repayments can’t be deferred, and repayment holidays are not permitted.


Loan Protection


Loan Protection is a free safeguard offered by the NHS Credit Union. Your loved ones can be secure in the knowledge that your NHS Credit Union debt (up to a maximum of £15,000) can be paid off, giving them peace of mind at a difficult and uncertain time.


Loan Protection is provided as a member benefit by the NHS Credit Union. It is free to every member, subject to the terms and conditions. However, it should be remembered that the terms of this free member benefit may change from time to time. The applicable rates/amounts covered are those prevalent at the date of death.


NB: Individual members do NOT have an insurance policy – they share in a free benefit offered by the credit union.

To apply for a Debt Consolidation Loan online, log in HERE as a member, select Online Loan Application Forms – and then select the Debt Consolidation Loan Application Form. Alternatively, to find out more, call our offices on 0141 445 0022.

Our loan products at a glance

Unsecured Loan

Unsecured Loan

The loan you want – when you need it


Budget Loan

Budget Loan

Our revolving credit facility for members


Education Loan

Education Loan

Borrow up to £5,000 to help fund further education


Secured Loan

Secured Loan

A loan secured against your savings


Member of ABCUL

Authorised and Regulated by

Founder member of CFCFE

Your money is protected up to £85,000

Member of GCofC

Member of SBRC