Consolidation Loan

Paying off debt can be a challenge, but it doesn’t have to be. With our Consolidation Loan, you can bundle all your debts into one. It’s simpler to manage, easier to keep up with repayments and will save you money on interest.
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Benefits for you

  • Boost your credit score with tailored Consolidation Loans for fair credit 

  • Simplify your debt with one easy payment and reduce the burden of multiple debts 

  • Gain control over your financial situation and help improve your well-being 

  • Reduce the amount of interest you pay over time and keep more money in your pocket  

Your Consolidation loan  

  • £3,000 – £15,000
  • 9.4% – 26.8% APR
  • 84 months max repayment term
  • Loan repaid by direct debit monthly, four-weekly, or weekly

You’re eligible to apply if you… 

  • Are 18 years or over
  • Have been a member of GMB Credit Union for a minimum of six months
  • Can provide proof of ID and regular income
  • Have a good credit rating
  • Agree to keep 10% of your outstanding loan balance in your GMB Credit Union savings account. If not met, you can start saving to meet the requirement. Any savings exceeding the 10% secured savings can be withdrawn
  • Have no recent County Court Judgements (CCJs), Individual Voluntary Arrangements (IVAs), Debt Relief (DRO) or Bankruptcy

Terms & Conditions

  • No fees or penalties for early repayment
  • Savings are secured until the loan is fully repaid
  • Subject to a credit search and Open Banking
  • We require full details of the existing borrowings to be consolidated including:
    • Lenders’ name
    • Type of borrowing
    • Amount of borrowing outstanding with each lender
    • Monthly repayment currently made to each lender
    • It’s the members responsibility to repay the borrowings covered when the consolidation loan is granted

Consolidation Loan
representative example

  • Loan Value: £12,000
  • Repayment Term: 60 months
  • Monthly Repayment: £249.11
  • Interest: 9.4% APR
  • Total amount: £14,945.87

The figures above are for illustrative purposes only the actual repayment amounts will vary subject to loan amount and term.

Browse our loans


Apply for our Consolidation Loans today. It’s fast, easy and you can do it all on our website. Get the money help you need right here.

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Why choose us?

GMB Credit Union is more than just a financial institution – we’re a community where members help each other. We make sure that money circulates for the benefit of the community by pooling member savings and then lending to other members. Support local economies and boost access to affordable credit with your GMB Union membership.

Download our app

Get a Handy Loan with our GMB Credit Union mobile app. It’s simple and secure to use. This makes applying for our loans a breeze. Plus, you can manage your loan and check your repayments easily and safely, all from your device.

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