Who can apply for a debt consolidation loan?

Paying too much for bad credit? Debt consolidation loans might just be the breathing room you’re looking for.

Picture this. You don’t have time to save what you need, but you know you can afford to pay it off later. So you make a big purchase on a credit card. Problem is, now you’re paying much higher interest on that money than if you had taken out a personal loan — and that purchase suddenly got a lot more expensive. Debt consolidation loans can help when you know you can get a better deal on your financing. Let’s see if they’re right for you.

Is it for me?

We’re all about responsible lending. So, to be eligible for a Plenti debt consolidation loan, you must be:

  • Aged 21 or over
  • An Australian citizen or permanent resident
  • Be earning over $25,000 p.a. from a regular source of income
  • Have a good credit history

We’ll still consider a debt consolidation loan application if you’re self-employed, but additional credit assessment criteria and requirements may apply.

Unfortunately, we don’t offer debt consolidation loans for Centrelink customers, low-income earners or those with a bad credit rating[SA(1] . There are, however, other places you can go[SA(2] , so have a hunt around for finance that works for you. There are free government debt consolidation programs you can check for advice.

Sign me up
Ready to say goodbye to bad credit? Debt consolidation loans with Plenti are quick and easy.

Head to our RateEstimate tool to get a summary of your loan options and borrowing power. This will include your personalised interest rate and fees for different loan terms. Then just select your preferred loan option and start your online application.

There’s a little paperwork to do. As part of your online application, we need to verify that you’re you, so you’ll need to have your Australian driver’s license handy. If you don’t have a driver’s license, you’ll need to provide us with a copy of your passport and documents verifying your current address.

We’ll also need to verify your income, expenses and liabilities (e.g. credit cards, loans etc.). We can do this online, so we’ll ask you to login to a portal which will allow you to connect to your bank account and share your data with us. You’ll need your bank login details on hand to complete this step.

Finally, you guessed it, we also need the details about the debt you want to consolidate. So you’ll need to share further information and documents regarding the loans or credit cards you are looking to consolidate (e.g. your latest statement) and whether you intend to close these accounts. We’ll let you know if we require anything further from you at this stage.

Finally, we’ll need you to provide us with your bank account so we know where to send the money. This account will be the same account we use to set up your direct debit payment schedule. You’ll also have the flexibility to make extra repayments at any time.

Then we’ll look at your application and assess if a debt consolidation loan is right for you. We’ll look at:

  • Your employment stability
  • Your income (e.g. salary, rent, interest, etc.)
  • Your expenses (e.g. mortgage, groceries, etc.)
  • Your repayment history
  • Credit bureau information
  • Other details you communicate to us

If it all looks good – loan approved.

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