Consolidation means putting all your existing loans and debts – personal loans, store cards, credit cards, overdrafts – in one place. A consolidation loan is a simple way of rearranging your finances to make them work better for you.

Consolidation loans can bring order into a situation that can feel as if it's getting a bit clumsy and time-consuming. Instead of numerous repayments at different interest rates and at different times of the month, you make just one payment each month.

Better still, if you consolidate with a secured loan from Picture, you'll probably be paying a lower rate of interest and reducing your monthly outgoings. Our typical rate is just 8.4%APR (variable).  Depending on the term you choose and the rates you're currently paying, you could cut your monthly credit repayments by as much as 50%.

With Picture, you could spread your homeowner loan repayments across any period from 10 to 25 years. A longer term will reduce your monthly loan repayments but might increase the total amount you pay back in the long term – it’s up to you.

Choose a consolidation loan if:

• you want to make one monthly payment instead of many
• you want to reduce your monthly outgoings
• you want to consolidate a range of unsecured debts
• you want to get off the store and credit-card treadmill
• you want to take advantage of lower rates of interest
• you want to simplify your monthly finances