Debt Consolidation Loan

One Monthly & Manageable Repayment

Merge your borrowing into one easy loan

FAIRshare’s Debt Consolidation Loan allows members to borrow between £1501 – £7500 over a maximum of 60 months.

Are you paying higher interest rates with other lenders?
Do you have outstanding loans and store cards?
Would you like to reduce your monthly outgoings?

A Debt Consolidation Loan could help you pay off your existing credit cards, loans or other outstanding debts with one manageable monthly payment.

This helps create peace of mind that all your commitments have been met.  You may be able to pay off your debt faster and save you money (from loan interest) and you could lower your monthly payments. 34.5% APR

Consolidating debt may mean you will repay the debt over a longer period.  As a responsible lender, we recommend you close the accounts with existing lenders, to avoid the temptation of building up debt again.

To apply for a Debt Consolidation Loan you must –

  • Become a member and open a savings account if approved for a loan.
  • Be a member of FAIRshare Credit Union.
  • Be 18 years of age or over
  • Not be currently bankrupt.
  • Not be in a Debt Relief Order (DRO), Individual Voluntary Arrangement (IVA) or a Debt Management Plan.

Quick & easy to apply

Apply easily on-line or complete and return the form to FAIRshare. Processing time will vary depending on demand, but we aim to have made a decision within four working days of receiving all supporting paperwork.

Saving as you borrow

Your repayment includes a saving amount. £5 a week or £20 a month is the recommended minimum depending on the loan value. This means that when you’ve paid back your loan, you’ll have saved money too.

With a FAIRshare loan, we work with you to ensure your weekly or monthly repayments are affordable and suit your budget.  The longer the repayment period, the smaller the repayments, but the more interest you will repay overall.  Below are examples, or use the Loan Calculator:

Consolidation Loan Calculator

How much would you like to borrow?

And how long for?




Per Week


Total Repayment


Per Month


Total Repayment

*Representative example. The figures given above are for illustrative purposes only and may not be the APR you receive. The actual interest rates and repayment amounts may vary subject to loan amount and status.

Borrow £3500 over 59 months

£114.11 a month loan repayment
+ £20 a month savings
Total £134.11 a month
Total cost of credit £3232.40
Total savings after 59 months £1180

Borrow £4500 over 208 weeks

£37.15 a week loan repayment + £5 a week savings
Total amount repayable is £7725.55 which includes interest at 34.5% APR (2.5% per month). Rate of Interest for comparison 18.0%. Total savings £1040 after 208 weeks.

Borrow £5000 over 41 months

£196.40 a month loan repayment
+ £20 a month savings
Total £216.40 a month
Total cost of credit £3052.56
Total savings after 41 months £820

Additional Borrowing

You cannot apply to Top Up your Debt Consolidation Loan, but one additional FAIRshare loan may be available if affordable. Disbursement will be direct to creditors.

We’d love to hear from you.

Do you have a question about FAIRshare services? Our team is ready to answer all your questions.