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Debt Consolidation Loan

Debt Consolidation Loans offer members the chance to put their finances back on track, combining all their debts into one easy monthly payment. We work with members to reduce debt and interest charges. All members who complete the terms on their application, receive 1% rebate on the total interest they have paid. It’s our way of acknowledging members success in taking back control of their finances.

Member Login & ApplyJoin NHS Credit Union
  • Members must have at least £5 in Regular Savings Account (minimum shareholding).
  • Members may require at least the first month loan repayment to be able to apply.
  • New members must have one month’s payroll/direct debit clear in their account and the first month loan repayment before any loan application can be completed.
  • Members must not be Bankrupt, entered into a Trust Deed, DAS, IVA or DRO, and must meet the eligibility criteria to repay the loan.
  • Members take back control, by re-budgeting, and combining multiple debts into one payment.
  • Members work with NHSCU to avoid indebtedness, illegal and unethical lender rates of interest.
  • Members agree to manage their money, and work with an affordable monthly budget.

View Loan Documentation

Debt Consolidation Loan Podcast

Key Facts

    • You must be a member of the NHS Credit Union.
    • You must be over 18 years old.
    • Free Life Insurance Cover for your Personal Loan up to the age of 79. The Loan Protection cover allows us to make a claim upon your death or permanent disability and clear your outstanding loan balance. T&C’s apply.
    • We do not charge a Loan arrangement fee or an early settlement fee.
    • The minimum Debt Consolidation Loan available is £500 and the maximum is £25,000.
    • Debt Consolidation Loan terms are 6 to 60 months.
    • The Debt Consolidation Loan interest rate is fixed at 19.6%.
Member Login & ApplyJoin NHS Credit Union
Loan Protection

As a member of the credit union your borrowing is protected by our Loan Protection and Life Savings insurances.
Life Insurance Benefits: In the event of the death of a life insured while this policy is in force, life insurance benefits up to the insured loan balance are payable.
Life Insurance Benefits: In the event of the death of a life insured while this policy is in force life insurance benefits up to the insured balance are payable.

Loan Protection


Documentation required to support your loan application

To ensure your loan application is assessed as quickly as possible, we may need you to share the following information with us.

When assessing your loan application:

  • We may carry out a credit reference check as part of my application.
  • We may require additional supporting documentation.

Documents we may request.

  • Your own most recent payslip
  • Open Banking or 1-month recent bank statement(s) required to verify income and all household expenditures.
  • If including a partner’s income, they must complete a consent form and provided their most recent payslip/proof of income and a 1-month bank statement(s) verifying their income and expenditure.

For Debt consolidation loans

  • A loan disbursement form with payee details, creditor name, sort code, account number and your unique reference for the creditor – This can be found on the statement under ways to pay.
  • A copy of the settlement statement showing name, address, date, balance, and recent transactions – You can download this from your account or contact your creditor for this information.
  • A signed loan declaration form to agree that all information provided is correct.


Need Help? Contact the NHS Credit Union team today

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