Consolidation Loan | Up to $5,000 | Speedy Approvals | Apply Now!

Fast Personal Loans

  • Smart and quick application form, which can be completed in minutes
  • 70% of applicants receive an outcome instantly
  • For applications that do not receive instant outcome, most receive a final outcome within 60 minutes!*
*During normal business hours.

Cash in your bank within 60 seconds

88% of our customers have their funds within 60 seconds of signing their contract.*

*Only available for NPP enabled bank accounts

Cash in your bank within 60 seconds

88% of our customers have their funds within 60 seconds of signing their contract.*

*Only available for NPP enabled bank accounts

Fast Personal Loans

  • Smart and quick application form, which can be completed in minutes
  • 70% of applicants receive an outcome instantly
  • For applications that do not receive instant outcome, most receive a final outcome within 60 minutes!*
*During normal business hours.

Get on Top of Your Finances with a Nifty Consolidation Loan

Debt consolidation loans in Australia: get the low down

Do you have too many outstanding debts? How about consolidating all debts you have with a loan? A consolidation loan in Australia enables you to combine all loans into a single loan and avoid multiplicity in managing liabilities. It enables you to pay off different creditors, get rid of smaller loans, and get near-term relief. A consolidation loan can potentially give you an extended repayment term, lower rate of interest, reduced monthly payment and one lender to deal with.

However, whether a debt consolidation loan in Australia is right for you depends on your financial circumstances. Consolidating all loans into one has both its advantages and disadvantages. While you might get immediate relief with lower instalments and a longer schedule, the long-term payment may result in a higher total cost of repayment. Have you ever considered its effects on your credit score? Don’t stress, let Nifty guide you through things you should know about applying for a debt consolidation loan.

Consolidation Loan

Why choose Nifty?

At Nifty, we won’t promise anything to you that we cannot deliver. Our team is highly experienced in providing loans products to people with very different financial circumstances. When you apply for a debt consolidation loan with Nifty, we’ll look at the whole picture.

We will never approve you for a loan that you are not capable of repaying. We have several measures in place to ensure we always follow responsible lending practices. Not only that, but we believe in being 100% transparent when it comes to personal loans, meaning we’ll make all the fees crystal clear in your contract before you agree to a loan. You can rest easy knowing you’re in the safe hands of Nifty. For instant cash loans, consider us.

What is a consolidated loan?

Debt consolidation is the act of combining different things into one. In the financial world, consolidation indicates borrowing a bigger amount adequate enough to pay back multiple debts. Thus, consolidated loan refers to a new, larger borrowing to pay off smaller debts and consolidating multiple debts into a single debt. For example, you may get a big loan to repay outstanding debts on loans and bills.

With a consolidation loan from Nifty, you could have the cash you need to consolidate your debts. The good news is we’re really fast. You could have an outcome in 60 minutes (if you apply during AEST business hours). Think you’re ready? All you need to do is scroll up to the top of this page to find our loan calculator. Select the amount and the repayment period. Once you’ve completed our 100% online application you could have the cash in your account by the end of the day*!

Are consolidation loans a good idea?

A debt consolidation loan can be very beneficial but you have to assess your financial situation first before deciding if it’s right for you. Benefits from such a step should also be carefully evaluated. A consolidation loan offers a range of benefits, including:

  • A large amount borrowed naturally comes with a longer payment period while existing smaller loans carry a shorter repayment term.
  • An extended loan period means a reduced monthly payment.
  • When you have a long-term loan, it is natural for lenders to offer a lower rate of interest compared to short-term loans.
  • Now you have to pay to and deal with a single lender and no need to maintain separate credit accounts for each loan.
  • It can make it easier to manage the debt.
  • As you get rid of multiple loans, your credit record shows you have a single loan and could improve the rating.

When should you consider a debt consolidation loan?

A consolidation loan is a personal choice and subject to your financial needs. It is always desirable to weigh the advantages and disadvantages before you go for it. Here are some common observations indicating the right circumstances for applying for a debt consolidation loan in Australia.

  • You think it is time to simplify debt payments and save more money monthly.
  • You are serious about changing your spending habits and getting rid of the debt.
  • You plan to strengthen your finances and minimize loan liabilities.
  • You feel the need to save on interest payments.
  • You find it difficult to manage multiple lenders and tired of managing several credit accounts.
  • You get a promotional offer with a lower interest rate or a longer tenure.
  • You feel the need to move from a variable interest rate to a fixed one.
  • You are looking to keep your debt organized and boost your credit score.
  • You want to reduce your monthly payment and enhance the cash flow.
  • You have significant debt and you want to control it effectively.

You should not consider a debt consolidation loan if you are unable to comfortably afford the repayments. You may be at the risk of accruing new debts and end up paying significantly more while repaying loans. Also, it is not worth considering unless you are ready to get rid of your debt. Getting a lower interest rate or longer duration is key to opt for debt consolidation.

To fully weigh up the costs and benefits of a consolidation loan,  it’s always a good idea to consider independent financial advice or consider using a professional broker.

Who is eligible for a debt consolidation loan with Nifty

As responsible lenders, our customers need to meet a set of criteria, in order to apply for a loan. So, if you can meet the following criteria you could scroll up to the top of the page and apply today!

  • All applicants must be at least 18-years of age;
  • Have an internet banking account;
  • Applicants must have been receiving a steady income for the last 90-days into a bank account of your own;
  • An active email address and mobile phone number must be set up;
  • All applicants must be able to prove that they are an Australian citizen or permanent resident.

Tick all of these boxes? Great! Head up to the top of this page to apply!

Do consolidation loans hurt your credit score?

Taking a debt consolidation loan may cause a temporary dip in your credit score as it could result in an enquiry, but it eventually recovers and can get a boost. However, if you fail to pay back on time or accumulate more debt, your credit score may nosedive.

As you consolidate your debt, your credit score may witness a modest negative change. It is because you get a brand new loan for a longer period of time and listed for accumulating more risk as a debtor. However, longer and consistent payment is viewed as favourable to the credit history and your rating can see an upward jump as you begin paying off the loan.

You may also stand to gain for paying off old loans and having a single debt consolidation loan against your name. This considers you as having improved debt-to-credit utilization ratio, as you have more credit options.

Remember the fact that one key to a higher credit score is regular repayments. If you fail to pay on time, it is going to damage your credit score.

How long does debt consolidation stay on your credit report?

A debt consolidation loan means you are listed for having a new loan and this is reflected in your credit report. It continues to show on your credit report as long as you are repaying it if your lender uses positive credit reporting.

However, in case of any delay or debt going into the collection, your credit report may also show negative credit reporting information as well.

How can I apply?

Think you’re ready to apply for a consolidation loan? So here’s how you apply:

Step 1

Scroll up to the top of this page to access our easy to use loan calculator. Select the amount you’d like to borrow and the repayment period. for your loan application: You will then be shown the weekly, fortnightly and monthly repayments for that amount. When you’re happy hit ‘Apply Now.’

Step 2

You’ll then be taken to our 100% online application form. This form takes most people only a few minutes to complete. At Nifty, we get straight to the point, meaning you won’t be asked any long-winded or complicated questions.

Step 3

That’s it from you! Sit back and relax and let us get to work. Our team will review your application and get back to you as soon as possible. If you apply within our regular business hours, you could have an outcome in 60 minutes.* How quicks that!

Step 4

If you’re approved for a loan then we’ll send over an agreement for you to review and sign. We highly recommend you read over this carefully to make yourself aware of any fees or charges for late or missed payments.

Once you’re happy with everything, sign the agreement and send it back to us, a member of our team will then send the money. You could have the money in your account and ready to use in 60 seconds.**

Get in Contact

If you have any further questions you can head over to our FAQ page for answers. Otherwise, send us an email or give a ring to chat to one of our friendly team members.

*Subject to when you submit your application

**Only available for NPP enabled bank accounts.

Consolidation Loan

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Loan Costs

Large Loans

Large Loans

$5,000

Loan amount:$5,000
Terms:9 - 24 months
Establishment fee:Variable
Monthly Fee:$0
APR:21.24%
Comparison Rate:48%**
View Example

Large Loan Example

Loan amounts:$5,000
Terms:18 months,
(78 weekly repayments)
Establishment fee and Total Interest:$1,897.54
Total payable:$6,897.54
Weekly installments:$88.43
View Loan Details
Medium Loans

Medium Loans

$2,001 - $4,600

Loan amounts:$2,001 - $4,600
Terms:9 - 24 months
Establishment fee:$400
Monthly Fee:$0
APR:47.8%
Comparison Rate:65.86%**
View Example

Medium Loan Example

Loan amount:$2,500
Terms:24 Months,
(104 weekly repayments)
Establishment fee:$400
Total other fees:$1,609.44 (reducing interest)
Total payable:$4,509.44
Weekly installments:$43.36
View Loan Details
Small Loans

Small Loans

$300 - $2,000

Loan amounts:$300 - $2,000
Terms:6 - 9 months
Establishment fee:20%
Monthly Fee:4%
APR:N / A *
Comparison Rate:138.37%**
View Example

Small Loan Example

Loan amount:$1,000
Terms:6 Months,
(24 weekly repayments)
Establishment fee:$200
Total other fees:$240
Total payable:$1,440
Weekly installments:$60.00
View Loan Details
* Not applicable. Small loans do not charge an annual interest rate.

** WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Different loans may include other payable fees and charges. All fees and charges will always be displayed on your loan contract.

Loan Costs

Small Loans

Small Loans

$300 - $2,000

Loan amounts:$300 - $2,000
Terms:6 - 9 months
Establishment fee:20%
Monthly Fee:4%
APR:N / A *
Comparison Rate:138.37%**
View Example

Small Loan Example

Loan amount:$1,000
Terms:6 Months,
(24 weekly repayments)
Establishment fee:$200
Total other fees:$240
Total payable:$1,440
Weekly installments:$60.00
View Loan Details
Medium Loans

Medium Loans

$2,001 - $4,600

Loan amounts:$2,001 - $4,600
Terms:9 - 24 months
Establishment fee:$400
Monthly Fee:$0
APR:47.8%
Comparison Rate:65.86%**
View Example

Medium Loan Example

Loan amount:$2,500
Terms:24 Months,
(104 weekly repayments)
Establishment fee:$400
Total other fees:$1,609.44 (reducing interest)
Total payable:$4,509.44
Weekly installments:$43.36
View Loan Details
Large Loans

Large Loans

$5,000

Loan amount:$5,000
Terms:9 - 24 months
Establishment fee:Variable
Monthly Fee:$0
APR:21.24%
Comparison Rate:48%**
View Example

Large Loan Example

Loan amounts:$5,000
Terms:18 months,
(78 weekly repayments)
Establishment fee and Total Interest:$1,897.54
Total payable:$6,897.54
Weekly installments:$88.43

* Not applicable. Small loans do not charge an annual interest rate.

** WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Different loans may include other payable fees and charges. All fees and charges will always be displayed on your loan contract.