With credit card debt consolidation you may roll your debts into one. You may make your loans easy to manage.
Struggling to keep track of your credit card debt?
Apply through Monzi and we may be able to pair you with a lender offering personal loans for debt consolidation up to $10,000. That means one repayment, one interest rate, one loan.
Apply today!
What is a Credit Card Debt Consolidation Loan?
Are you struggling with a single credit card? Have you got more than one card and multiple accounts to keep track of? Consolidating all your debts into one debt might make life easier, as you’ll only need to manage just one payment each month.
- Take out a personal loan and use that cash to pay off your outstanding debts.
- You might be left with one, fixed-term personal loan to repay. This single loan, or one debt consolidation loan, can help you save money by paying less interest compared to managing multiple debts separately.
- Makes it easier to repay your debt by monitoring just one loan, one interest rate, and one repayment.
- Provides a clear path to being debt-free.
- You may apply for consolidation loans up to $10,000.
- We will do the best to pair you with a lender.
To apply for a debt consolidation loan, you may typically need to provide proof of ID, your current financial information, and supporting documents such as payslips and bank statements.
Credit Card Debt Consolidation and Monzi
When looking for credit card consolidation loans or programs, Our loans may help connect you with potential lenders. We are a lender-finder service that helps Aussie borrowers consolidate debts, making it easier to manage multiple repayments through a single application.
The online application takes about 10 minutes, and you might be paired with a lender in around 60 minutes during business hours. You may consolidate up to $10,000 in credit card debt and choose a repayment schedule that suits you weekly, fortnightly, or monthly.
If debt consolidation is right for you, apply with us today.
Debt Consolidation Credit Card
Personal loans aren’t the only way for debt consolidation you may also use a credit card balance transfer. This lets you move outstanding credit card debt onto a single card, often at a lower interest rate. Many balance transfer cards offer a 0% introductory rate, helping you reduce interest and simplify repayments by focusing on one card.
While we cannot recommend the best way, it’s worth comparing cards to find a competitive rate.
Where Can I Find a Lender Offering Consolidation Loans ?
There are a host of lenders who will offer credit card consolidation loans. In fact, as we’ve mentioned, you may potentially access credit card consolidation loans up to $10,000.
However, the tricky part is finding the lender that’s right for you. You could spend hours applying with different lenders only to be declined.
If you apply through us, we might be able to make it simple.
All it takes is one quick application and we may be able to pair you with one of our many licensed and trusted lenders in no time. They might aim to assess your application quickly too, so you might have an outcome before you know it. Debt consolidation loans may typically be approved within 1-2 days once all necessary documents are submitted. If you are approved, the lender may use the consolidation loan to pay off your current loans and existing debts directly or transfer funds to you, making it easier to manage and repay all your debts in one place.
When you’re ready to apply, just use our loan slider at the top of the page. Alternatively, if you’re wondering whether you may use your super as security for a loan, read this guide.
Credit Card Debt Consolidation Calculator
Keen to know what your repayments may be? A credit card debt consolidation calculator may provide quick, free repayment estimates online.
These tools, offered by various banks and lenders, allow you to enter your outstanding debts, borrowing amount, repayment term and interest rate. They show estimated repayments and how changes to term or rate could affect the total cost.
This information is a guide only and non-binding. Actual repayments may vary.
Am I Eligible to Apply with Monzi?
Think a lender-finder service is right for you? We’re ready to accept your application.
However, before you begin, make sure you meet our four eligibility criteria. While they may seem simple, they are absolutely necessary. Check them out:
- 18 years or older
- Australian citizen or permanent resident
- Have a current email address and contact phone number
- Hold an online banking account with at least three months of history
How to Apply with Monzi
Now that you’ve confirmed that you are eligible, you’re welcome to apply. We’ve refined our process to ensure it’s quick and easy for you. Just follow these simple steps:
- Use our loan slider to select your loan amount and repayment term (where applicable).
- Enter the required personal, banking and financial information and submit your application.
- Wait while our automated system attempts to pair you with an available lender from our network.
- If successful, the lender will be in contact to begin the assessment process.
Small, Medium and Large Debt Consolidation Loans
We work with lenders who may offer credit card debt consolidation loans from $300 to $10,000. A consolidated loan combines multiple debts into one debt consolidation loan, making repayment simpler and potentially reducing your interest costs. With the wide range of loan products on offer, lenders divide them into three categories, based on size.
Each loan is slightly different so it’s important to know which one you will be applying for before you begin. The loan term (duration) affects your repayment schedule and the total interest you pay over the life of the loan. See below for more details:
| Small loan | $300 to $2,000 | Unsecured | 12 month repayment period |
|---|---|---|---|
| Medium loan | $2,100 to $4,600 | Secured | Repaid over 13 to 24 months |
| Large loan | $5,000 to $10,000 | Secured | 13 to 24 month repayment term |
While our lenders offer loans up to $10,000, some providers like Plenti typically provide debt consolidation loans ranging from $5,000 to $50,000.
Credit Card Debt Consolidation Loans Australia Bad Credit
Think bad credit limits your consolidations? It may not.
We works with lenders who may offer debt consolidation even if you have a poor credit history. They may consider your outstanding debts, income and expenses to assess your financial situation. Consolidating multiple debts into a single repayment can make managing repayments easier and may help avoid missed payments.
Keep in mind that lenders may view bad credit loans as higher risk, which could result in higher interest rates.
Is it a Good Idea to Consolidate Credit Card Debt?
In short, this depends on your financial situation. As a result, we are unable to provide any advice.
Ultimately, debt consolidation might be an option to help make it easier to manage your debt. After all, it will leave you only one loan to keep track over. By consolidating your debts, you may potentially save money by paying less interest overall and pay down debt faster compared to making multiple separate payments.
However, before you apply, there are a few things to consider.
First of all, ensure you will be paying less after you consolidate your debt. Second, take note of any early exit fees that may be charged on your credit card debts. Finally, make sure that your credit card consolidation loans are manageable and affordable.
If you can check these boxes, then debt consolidation may be an option for you.
How Long Does Debt Consolidation Stay on Your Credit Report?
Settled accounts (debts you’ve repaid) may remain on your credit report for up to seven years.
Debt consolidation may initially lower your credit score as it is treated as a new account, reducing the average account age. Over time, consolidating multiple repayments into a single payment might make it easier to stay on track, which could support your credit history.
Missing repayments or defaulting on debt may affect your credit score.
Can I Put all my Credit Card Debt into One Card?
You may be able to consolidate credit card debt through a balance transfer, moving debts from multiple cards to a new card with lower interest rates or potentially no interest, making it easier to manage a single payment.
When doing this, track the new due date and check for any monthly fees, as these can affect the overall cost.
We does not offer this product or provide advice. We work with lenders who may offer personal loans for debt consolidation up to $10,000. If you choose a balance transfer, you will need to research options to find a card that suits your needs.
What is the Difference Between Credit Card Refinancing and Debt Consolidation?
Credit card refinancing (or a balance transfer) and debt consolidation are two ways to manage debt, but they differ.
Refinancing moves your debt to another card, often to access a lower interest rate. Debt consolidation rolls your debts into a single loan with one repayment and a fixed term, which may simplify budgeting and reduce stress.
Refinancing may lower rates, but debt consolidation is generally more effective for repaying debt.
What is a Good Interest Rate on a Consolidation Loan?
Interest rates will depend on your loan and financial situation, so we cannot state what a good rate may be. What is suitable for one borrower may differ for another.
It’s useful to understand what lenders consider when determining rates. Fixed rates offer stable repayments, while variable rates can change over time and may provide more flexibility, such as early repayment options. Comparing rates can help you understand potential borrowing costs and repayment plans.
Lenders typically consider factors such as your credit history, whether the loan is secured or unsecured, and the loan amount.
Credit Card Debt Consolidation Considerations
Debt consolidation may be an option to help reduce your stress and make it easier to manage your repayments. However, before applying, ensure you have considered the following:
- Will I be paying less after I consolidate my debt?
- Should I get a secured loan?
- Are there other options that would suit my needs better (e.g. balance transfer)?
- Have I sought out qualified financial advice?
- Who is the lender? Are they trustworthy? Are all the key details clearly outlined for me?
- Have I checked for additional fees, including upfront fees and ongoing monthly fees, as these can impact my total borrowing costs?
- Do I understand any fees that may apply if I pay off my loan sooner than scheduled?
Debt consolidation loans can have various fees, including upfront fees, ongoing monthly fees, and other additional fees, which can affect your total borrowing costs.
Visit the MoneySmart article on debt consolidation and refinancing for more information. It may provide all the information you need to know. Alternatively, check out our guide to credit card interest calculators. These financial tools may be a useful place to start before considering debt consolidation.
Why Monzi?
Our lender-finder service can make it simple and convenient to access lenders offering debt consolidation loans online. Plus, our service may help you save money by finding competitive rates and features that allow you to pay off your loan faster. However, that’s not it. There are a host of other benefits that you may experience when you apply with us.
We’re 100% Online
With us, there are no physical locations. We’re an online business only. That means, as long as you have an internet connection, you can apply whenever and wherever you like. Best of all, there’s no paperwork or face to face meetings required. You can apply and be approved all from the comfort of your own home.
Fast Outcomes
If you apply during business hours, we might have you paired with a lender in just 60 minutes. From there, your lender will waste no time assessing your application so you can have an outcome ASAP. Ultimately, it’s about getting you the cash loans you need in a hurry.
Safe and Secure
Our online system is protected by McAfee and Comodo, two powerhouses in the cyber security world. As a result, when you provide us your details, you can be sure that it’s safe with us.
A Commitment to Transparency
We’ve outlined our process so you know what will occur at each step along the way. As a result, there’s no mystery and you can be totally comfortable with us. Our lenders are the same way too.
When you are offered a loan, all the rates, fees, costs and repayments will be outlined in your contract. As long as you read it carefully, you won’t encounter any surprises along the way.
Contact Us
We’re always willing to answer your questions. Send them through to hello@monzi.com.au and one of our customer service team members will get back to as soon as they can. However, keep in mind that this email is only monitored during business hours.
Apply Now
Ready to consolidate your credit card debt? Before you apply, consider using our credit card limit calculator to estimate how much you could qualify for. Scroll and use our loan slider to apply today.
To learn more, check out our guide to virtual credit cards. Or, find information about managing your repayments with a credit card repayment calculator, here.
If you’re struggling with debt or need expert advice, you can contact the national debt helpline to speak with a financial counsellor for free guidance and support.