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Consolidation Loan

Consolidation Loan

Do you have existing, expensive debts totalling between £2,000 and £10,000? Our Consolidation Loan may be a solution to enable you to make existing debts more affordable, particularly if they are high cost loans such as credit card debts or loans from “payday” lenders.

For loans between £2,000 and £4,999 our interest rate is 2% per month (26.8% APR) and for loans between £5,000 and £10,000 the rate is 1.5% per month (19.6% APR). Loans may be for up to five years.

To be eligible you will need to:

As the purpose of the Loan is to consolidate existing debts, we may elect to pay some or all of the Loan directly to your existing creditors. Any balance would then be transferred to your Credit Union Share account or by BACS to your bank account so that you may repay additional creditors.

You can make additional repayments to reduce the loan more quickly if desired but must make your minimum payments on time. No charge is made by the Credit Union for early repayment of the loan.

Consolidation Loan representative examples:


Term (months)

Monthly repayment

Total cost of credit

Total repaid

Interest rate (APR)

Minimum monthly net income*















* Net Income is the amount of pay you receive each month, after tax and any other deductions. Salary / wages is counted as income. Some state benefits may also be taken into account. However, Housing Benefit / Local Housing Allowance is not counted as income for loan purposes.

You may only apply in branch for a Consolidation Loan. You can download and complete a Loan Application Form or pick up a loan application form from one of our branches. When you apply for a loan, you will need to provide proof of your income, evidence of the debts to be consolidated, ID and current address. We may also ask for bank statements and/or for you to give us access to your bank statements though Open Banking, and other information to inform our loan decision. When we issue your loan agreement we can provide a paper copy for you to sign physically or we can send it to you by email for you to sign electronically using our e-Sign service.

The form of our Consolidation Loan agreement, including its terms and conditions, can be accessed here.

You can find our branches in Bromley, Sydenham, Lewisham, Catford and New Cross. We're here to help, with Savings, Loans and Current Accounts for you

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Lewisham + Bromley Credit Union


Lewisham + Bromley Credit Union Limited is a member of the Financial Services Compensation Scheme (FSCS), complies with the Data Protection Act 1998 and is Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Firm reference number 213588. Credit Union Registration Number 295C (IP00295C at Companies House).

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