What are debt consolidation loans?
A debt consolidation loan is a way to merge all of your existing debts, including personal loans and credit card debt, into a single loan. By doing so, you won’t have multiple annual fees or interest charges, and you can manage everything with one regular repayment.
Advantages of a debt consolidation loan
There are a number of advantages to getting a debt consolidation loan:
- Having one recurring repayment is easier to manage than multiple repayments
- It can save you money by paying less interest and fewer fees
- You’ll have greater control of your finances and a better idea of when you’ll be debt free
- You can improve your credit score because you’ll be able to make on-time repayments
How our debt consolidation loans work
Having multiple debts can be stressful and overwhelming, but it’s also nothing to be ashamed of. According to the Bureau of Statistics, the average Australian household has a personal debt of $17,700 and that doesn’t even include credit cards. However, with more debt, comes more fees, charges and interest rates. That’s why a debt consolidation loan can help to simplify things.
Easy, regular payments
When you apply and get approved for a cash loan at Red Tree Finance, you can choose the way you pay to align with when your employer pays you. Whether that’s weekly, fortnightly or monthly, it’s no problem for us. And if you’re ready to pay your online loan off earlier, our customer care team can provide you with payout details and you won’t be charges any early exit fees.
Apply online and in minutes
Applying for a secured loan through Red Tree is easy, fast and secure. Just make sure you have your payslips, bank statements and ID ready when you apply. You can even apply online using your phone, computer or tablet – even while you’re on the go!
Fast outcomes
We don’t believe in making you wait unnecessarily to find out whether you’re approved or not. Once you submit your application, a member of our assessment team will review your application and give you a decision within 2 hours – it’s as fast as that. Then, depending on the time of your approval, you could have the money in your account that very same day.
Commitment to responsible lending
At Red Tree Finance we take our lending responsibilities seriously. We only recommend loans that our assessors are confident can be repaid. So you don’t need to worry that you’ll be committed to loan repayments you can’t afford.
Read our full Responsible Lending Statement
Am I eligible to apply for a debt consolidation loan?
You are eligible to apply if you:
-
Are at least 18 years old
-
Are a permanent resident of Australia or valid visa holder
-
Own an unencumbered vehicle registered in your name
-
Have been employed for at least 3 months
Transparent loan rates and fees
At Red Tree Finance, we have no hidden fees and charges. All your debt consolidation loan payment information is as listed below.
Online cash loan amount |
$2,350 – $5,000 |
Application Fee |
$0 (even if your application is not approved) |
Standard establishment fee |
$400 |
Other Fees |
$20 (included in loan) |
Annual Interest |
47% (Comparison Rate 65.9%)* |
Loan term |
12 Months |
Flexible repayment options |
Weekly, fortnightly or monthly (based on your payday) |
Direct debit dishonour fee |
$35.00 debit dishonour fee may be issued if a scheduled payment is missed or returned unpaid |
Get a quick online loan today
Whether it’s for an unexpected bill, a last-minute holiday, or to consolidate existing debt, give yourself a break and apply now with a top-rated private Australian lender.
How to apply
You can apply online in just 3 steps. Don’t worry, it’s completely free to apply – even if your application is unsuccessful.
- Complete your application in less than 5 minutes.
- A member of our assessment team will personally review your application.
- Once reviewed, you’ll receive your outcome within two hours of submitting your application.
The information provided here is of a general nature and is provided without considering your specific objectives, financial situation, or needs. It is intended for informational purposes only and should not be relied upon as financial, investment, or other professional advice.
Before making any financial decisions or taking action based on the information presented, you are strongly encouraged to assess its appropriateness in light of your individual circumstances. Red Tree Finance does not intend to provide personalised financial advice, and you should seek independent financial, legal, tax, and other relevant advice tailored to your unique situation.
Frequently Asked Questions
See All See AllIf you’re struggling to juggle multiple debts, a debt consolidation loan can positively impact your credit score. Since you only have one loan to stay on top of, you’re more likely to pay on time and avoid missed payments. However, consolidating your debts doesn’t automatically improve your credit – and if you miss payments or default on the loan, your credit score could be harmed.
Not at all! At Red Tree Finance, you can apply for a debt consolidation loan in Australia within minutes. The application process is 100% online and you can have a decision within 2 hours.
There are a few downsides to consolidating your debt, such as:
- It doesn’t automatically improve your financial situation. You still have debts to pay.
- Your consolidated debt may take longer to repay, depending on the interest and loan term.
- Missing payments can negatively impact your credit score.
