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Thor Finance

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Debt Consolidation Loans

Juggling a credit card, a car loan and a couple of other balances can feel like running in circles, with different due dates and repayments each month. A debt consolidation loan rolls those debts into one, so you have a single repayment to manage instead of several.
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What Is a Debt Consolidation Loan?

A debt consolidation loan is a single loan used to pay out several existing debts, so they are combined into one balance with one repayment. Instead of tracking multiple due dates, interest rates and minimum payments, you make one regular repayment to one lender.

It is a common use for a personal loan, and you can read more about your options on our personal loans page. Whether consolidating is worthwhile depends on your circumstances, which is exactly what a conversation with a broker can help you work out.

How Consolidating Your Debts Could Help

For the right person, bringing debts together can make life simpler and easier to plan around. Depending on your circumstances and the option you choose, it may help you to:

  • Manage one repayment and one due date, rather than several across the month
  • See a clear end date for your debt, with a set loan term
  • Potentially secure a lower overall interest rate than some higher-rate debts, such as credit cards, though this depends on your situation
  • Make budgeting more predictable, so you always know what is due and when
  • Reduce the mental load of tracking multiple accounts and statements

These are possibilities, not promises. The right outcome depends on your income, your existing debts, the interest rates and fees involved, and the loan term you choose.

debt consolidation2

Is Debt Consolidation the Right Move for You?

Consolidating is not the best answer for everyone, and we would rather be upfront about that. It tends to work best when it genuinely simplifies your finances and you have a plan to avoid taking on new debt afterwards.

A few things worth weighing up before you decide:

  • Loan term: a longer term can lower your regular repayment, but you may pay more interest over the life of the loan
  • Fees: check for establishment fees, ongoing fees, and any early payout or exit costs on your current debts
  • Habits: consolidating works best alongside a plan to keep new balances from building back up
  • Your goals: what matters most to you, a lower repayment now, less interest overall, or simply fewer accounts to manage

A broker can help you compare the real numbers so you can see whether consolidating actually leaves you better off. If you are struggling with debt, free and confidential financial counselling is also available through the National Debt Helpline on 1800 007 007 or at ndh.org.au.

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Debts People Commonly Consolidate

  • Credit cards and store cards
  • Personal loans
  • Car and vehicle loansPersonal loans
  • Buy-now-pay-later balances
  • Other personal debts, depending on the lender and your situation
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Why Work With Thor Finance

As a finance broker, Thor Finance works for you, not for a single lender. We take the time to understand your situation, then compare debt consolidation options from our panel of lenders and explain them in plain English, so you can make a confident decision.
A broker, not a lender
We compare options from a wide panel of lenders
We look at your goals and circumstances, not a one-size-fits-all product
From paperwork to lender liaison, we manage the process for you
No jargon, no pressure, and a straight answer on whether consolidating suits you
A Brisbane-based team helping clients across Australia

You can learn more about our team and how we work on our about us page.

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How the Process Works

Getting started is straightforward, and there is no obligation to proceed.
Tell us about your current debts and what you would like to achieve
We look at your debts, income and goals to understand the full picture
We source and compare suitable debt consolidation loans from our panel of lenders
We explain the options in plain English so you can decide what works for you
We handle the paperwork and liaise with the lender through to settlement

What You May Need to Get Started

Every lender is different, but having a few things ready can make the process smoother:

  • Identification, such as a driver licence or passport
  • Details of your income and employment
  • A list of the debts you would like to consolidate, with current balances
  • Recent statements for those debts, where available
Do not worry if you are missing something. We will let you know what a particular lender needs as we go. Approval is always subject to the lender’s assessment and eligibility criteria.
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Serving Brisbane, the Gold Coast and Beyond

Thor Finance is based in South Brisbane and helps clients across Queensland and Australia, in person, over the phone or online. You can reach us on 07 3521 6043, or find your nearest team on our Brisbane page.

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Call 07 3521 6043

Frequently Asked Questions

What Is a Debt Consolidation Loan?
It is a single loan used to pay out several existing debts, combining them into one balance with one repayment. The aim is to simplify your finances by replacing multiple due dates, rates and minimum payments with one regular repayment.
It might, but it is not guaranteed. Whether you end up with a lower repayment, a lower overall interest rate, or both depends on your circumstances, the debts you are consolidating and the loan you choose. A longer term can lower your regular repayment while increasing the total interest you pay, so it is worth comparing the full numbers, which is something a broker can help with.
No. Thor Finance is a finance broker, not a lender. We compare loan products from a panel of lenders and help you find and apply for an option that suits your situation. The loan itself is provided by the chosen lender.
No. No broker or lender can guarantee approval. Every application is subject to the lender’s credit assessment and eligibility criteria, and to responsible lending obligations. What we can do is help you understand your options and present your application clearly.
People commonly consolidate credit cards, store cards, personal loans, car loans and buy-now-pay-later balances, among other personal debts. What can be included depends on the lender and your situation, and we can talk you through it.
Applying for credit generally involves a credit check, which can be recorded on your credit file. Your credit history is one of the things lenders consider. We are happy to talk through your situation before you apply so you can make an informed decision, and we recommend seeking independent advice if you are unsure.
Simply get in touch with our team for a no-obligation chat. We will discuss your current debts and goals, compare suitable options from our panel of lenders, and explain them clearly so you can decide what is right for you.

Take the First Step Towards One Simple Repayment

If several debts are weighing on you, a conversation costs nothing and could bring some clarity. We will help you see whether consolidating makes sense for your situation, with no pressure either way. Get in touch with Thor Finance today and let us do the legwork for you.
Enquire Now
Call 07 3521 6043

Thor Finance is an Authorised Credit Representative (581930) of AFAS Group Pty Ltd, Australian Credit Licence 414426 (ABN 45 702 440 435). The information on this page is general in nature and does not take into account your objectives, financial situation or needs. It is not financial or credit advice. All applications are subject to the lender’s assessment, eligibility criteria and responsible lending obligations. Consider whether a debt consolidation loan is right for you, and seek independent financial advice if you are unsure.

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Thor Finance

ABN 31 629 922 589

Contact us to see how we can help you with your finance requirements

Thor Finance Pty Ltd ABN 45 702 440 435 is an Authorised Credit Representative #581930 of AFAS Group PTY LTD, Australian Credit Licence #414426.

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