Consolidation Loans - Commsave (en-GB)

Before You Apply
You will need: Your last full one month’s bank statement Your last four week’s/one month’s payslips or proof of income A statement showing the settlement figure of each of your debts and method of payment.

Before You Apply

You will need:

Your last full one month’s bank statement

Your last four week’s/one month’s payslips or proof of income

A statement showing the settlement figure of each of your debts and method of payment.

Combine your debts in to one easy to manage payment every month.

If you’ve got balances on store cards and credit cards or even overdrafts and loans, you might be making a number of repayments throughout the month at a number of different rates. A Commsave consolidation loan could help you consolidate your debts into one repayment at a fixed rate.

Our consolidation loans offer:

Fixed repayments for the life of your loan paid back over 12 to 84 months with no early repayment charges.
The ability to check your loan using online, Mobile App and Telephone banking or by visiting our office, with a loan statement available anytime on request.
Members with CCJ’s or defaulted accounts the ability to apply.

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Available to new and existing members, the benefits of our consolidation loans include:

Simplifying your repayments with one affordable amount.
Saving you money when comparing your existing rates.
No limit to the number of debts you can consolidate.
Loans available from £1,000 to £25,000 over a maximum of 7 years. If you are consolidating one of your other Commsave Loans, you must also be consolidating at least one other debt.
Once approved, the loan will be paid directly to the people you owe.
Clear and transparent rates of 13.8% APR on loans paid via payroll deduction and 19.6% APR for those using other payment methods.

When considering debt consolidation, it’s important to consider which one of the following is the most important to you:

Reducing the overall cost of borrowing.
Lowering your monthly repayments.
Putting all of your existing debts into one monthly or weekly payment for convenience.

We'll look at your finances to make sure that any repayments are affordable for you.

As with all our loans there are no set up fees, and if you decide to repay your loan early there are no hidden penalties and no extra interest charges. You'll be told upfront what the total cost of credit will be.

At Commsave, members’ savings are pooled to provide the funds to pay out loans. You'll be asked to continue saving whilst repaying a loan.

This ensures your savings continue to grow, and helps you develop a regular savings habit, giving you the comfort of knowing you have some savings to fall back on for life's little emergencies.

Any savings exceeding one third of your outstanding loan balance are available to withdraw.

Loans are allocated at the discretion of the loans officers and are subject to terms and conditions set out in our loans policy.

Consolidation Loan Calculator

Who you owe

Remaining Balance (£)

APR (%)

Monthly Repayment (£)

Total repayable

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I pay into Commsave via payroll deduction

and pay it off over ---

Our Monthly Repayment:	---
Total Amount Repayable:	---
Representative APR:	---

You may pay £500 more per month

It may cost you £2000 more interest over the loan

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Apply now

“The process and application was straight forward.”

"Easily set up repayments directly from my salary and paid a lower APR. Overall I'm now £700 a month better off! The weight lifted in being given the chance to clear high repayments was overwhelming"

Alex from Canterbury

Can I repay my loan early?

Absolutely – we want to make it as easy as possible for you to manage your borrowing with us.

You can pay off your loan in full at any time with no early settlement penalties or other charges. Just give us a call on 0303 0402 660 and we can confirm the amount owing, which you can then pay by bank transfer or debit card payment.

How long will it take to get a decision?

We aim to get your decision as quickly as we can, with over a third of our applications receiving an instant decision it is often the same day, however it can take 2 to 3 days during our busiest periods, like Christmas, or if we’ve asked you to provide some additional information.

You'll receive texts and emails keeping you up to date with the progress of your loan, including if we need you to do anything, like send documents to us.

Do I need to provide you with any documents to support my application?

We don’t need you to provide anything at the point you apply. Our team will have an initial look through your application and, if we need anything else from you, we’ll send you details by e-mail and text.

Sometimes we need to see documents like recent bank statements or payslips to help us ensure that the loan you have asked for is affordable for you. We’ll provide you with a secure link to send the information to us.

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