Low rate personal
loans up to $50,000

Small Debt Consolidation Loans

Competitive rates from 7.95% p.a.
(9.33% p.a. comparison rate*),
with same-day money transfers.


*This comparison rate is based on our personal loan for an amount of $30,000 over 5 years, a $495 establishment fee and a $10 monthly fee. 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.

Why choose MyOzMoney?

We are straight forward,
great to deal with and are all
about making it easier for you.

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Quick application

Applying online takes less
than 5 minutes. That’s fast.

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Easy to complete

It’s so quick and simple,
with no paperwork required.

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Same day transfer

Once approved, we send cash
straight to your bank account.

Small Debt Consolidation Loans

Are you looking to simplify your finances? If so, small debt consolidation loans may be the answer. By combining several debts into one you’ll have fewer debts to juggle, and you could save money in the process by reducing your borrowing costs. Getting a personal loan for debt consolidation with a lower interest rate may also mean you can pay off your debt faster. MyOzMoney offers simple and flexible low rate loans from $2,100 to $50,000, and with our simple online application process, you can apply in a matter of minutes. Read on to find out whether small debt consolidation loans might be right for you.

What is a consolidation loan?

First, what is debt consolidation? Debt consolidation is when you combine several debts into one, and one way to do this is by getting a consolidation loan. You can use a new unsecured personal loan to pay off your existing debt including credit cards, store cards and more. In some cases, this can save you money with fewer sets of fees and the opportunity to negotiate a lower interest rate. A consolidation loan can reduce the number of different lenders you need to pay each month, which will help you streamline your finances.  

Will it affect my credit score?

Before deciding whether small debt consolidation loans are right for you, you’ll need to consider how it will affect your credit score on your credit file. A credit score (or credit rating) provides a snapshot of your personal and financial information and can be used by lenders as part of their loan assessment process when deciding whether to approve your loan or not, what your rate of interest will be and how much money they are prepared to lend you. The higher the credit score, the better! Factors that influence your credit score include how many credit applications you have made, how much money you have borrowed and whether you make your repayments on time.  

Comprehensive Credit Card Reporting (CCR) is a reporting system wherein credit providers are required to share customers' credit histories. All of the information is now recorded on your credit file including Repayment History Information (RHI) for the last 24-month period, giving lenders a better understanding of your overall repayments. Lenders will now have a more extensive view of your repayment history, including whether you have been making your repayments on time. This is good news for those who are consistent in paying because a good repayment history will be reflected on your credit file and you’ll have an opportunity to improve your credit score over time. 

If you have multiple debts and are struggling to make your repayments on time, small debt consolidation loans could help you get on top of your repayments and may give you the debt relief you need by helping you get rid of your debt quicker. When you have fewer monthly repayments to keep track of, you are less likely to forget to make a repayment. Although you’ll likely see an initial decline on your credit score when you take out a new loan, if you make your repayments on time and don’t accumulate more debt, you might be able to improve your credit score in the long run. Improving your credit score will be helpful in the future if you are looking to take out a larger loan such as a home loan.  

Are debt consolidation loans worth it?

Juggling several high-interest credit card accounts can be very stressful, so credit card debt consolidation might be a smart decision for you. Whether small debt consolidation loans are worth it will depend on your particular financial situation, and you’ll need to choose the right lender. Although consolidation loans may save you money, you’ll need to do some calculations before going ahead to make sure you will actually be paying less and that you can afford the new repayments. You’ll also need to consider whether there are any penalties if you pay off your original loans early and the fees such as application fees or legal fees associated with your new loan. You’ll need to assess all the costs before taking out a consolidation loan to see if it is beneficial for you. Another factor to consider when choosing the best debt consolidation loans is to make sure you are dealing with a reputable lender. 

If you think small debt consolidation loans could be just what you need to better manage your finances, MyOzMoney offers fixed rate personal loans from as little as $2,100 up to $50,000. As a responsible money lender with an Australian Credit Licence, MyOzMoney aims to lend you an amount of money that you can comfortably afford to pay back. MyOzMoney has an online personal loan repayment calculator that you can use to help you to estimate what the total cost of your loan will be over time. Once you are ready to apply, the simple online application process should only take 5 minutes to complete. Once the loan has been approved, we’ll transfer your funds to your account as soon as possible, and we have no early repayment fees if you decide to pay off your loan early. Apply for an unsecured MyOzMoney personal loan online today!  

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