Debt Consolidation Loans in Perth

Juggling credit card bills, a personal loan, and a car repayment every month is stressful. Each debt has its own interest rate, its own due date, and its own lender chasing you for payment. A debt consolidation loan rolls all of that into one loan, one repayment, and one interest rate. You can focus on getting ahead instead of keeping up.

At Yes Loans, we work harder to say yes more often. As a licensed finance broker, we compare debt consolidation loans across our lending panel (Angle Finance, Latitude Financial, Sovereign Credit, Pepper Money, Money3, and Allied Credit) to find a structure that fits your situation. We don’t just place you with the first lender who says yes. We take the time to find the right one.

Whether you’re dealing with credit card debt, personal loans, or a mix of both, our team can walk you through your options with no obligation. Call us on (08) 9472 3000 or apply online to get started.

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Why Choose Yes Loans

One Easy Repayment

Roll multiple debts into a single monthly repayment and take the juggling out of your finances.

We Compare Lenders For You

As a broker, we shop your application across a panel of lenders to find the most competitive rate and terms for your situation.

Approval-Friendly Approach

Been knocked back before? We work with lenders who look beyond a credit score. Talk to our team about what’s possible.

No Obligation Assessment

You don’t have to commit to anything to have a conversation. Chat to one of our brokers and find out where you stand before you apply.

Ready to take control of your debt?

Call (08) 9472 3000 or apply online. Our brokers will compare your options and find the loan structure that works for your budget.

debt consolidation consultants

What Is a Debt Consolidation Loan?

A debt consolidation loan is a type of personal loan used to pay out multiple existing debts at once. Instead of making separate repayments to several lenders (each with different rates and due dates) you take out a single loan that covers all of them. From there, you repay one fixed amount, to one lender, on one date each month.

Debt consolidation is the most common reason Australians take out a personal loan, accounting for around 54% of all personal loan applications (Money.com.au). With Australian credit card interest rates averaging around 20.99% p.a. (RBA), consolidating at a lower rate can reduce what you’re paying in interest overall and get you debt-free sooner. You can learn more abouthow to use a personal loan for debt consolidation on our blog.

Access to Specialist Lenders Your Bank Can't Offer

Our panel includes lenders like Pepper Money, Money3, Sovereign Credit, Angle Finance, Latitude Financial, and Allied Credit. Some of these lenders specifically write bad credit car loans and assess applications very differently from a mainstream bank. You won’t find them walking into a branch. That’s the broker advantage.
Debt Type
Notes
Credit cards
One of the most common consolidation targets given high interest rates (avg. 20.99% p.a.)
Personal loans
Multiple personal loans can be combined into one fixed-rate loan
Car loans

Existing car loans can be included depending on your situation

Buy Now Pay Later (BNPL)

BNPL debts are increasingly included in consolidation applications

Medical bills
Unpaid medical debt can often be folded into a consolidation loan
Utility bills
Overdue utility accounts may be eligible depending on lender criteria
Not all debts can be consolidated into one loan, and lender criteria varies. Chat to our team to find out what’s possible for your specific situation. For smaller amounts under $5,000, our referral partner MoneyBuddy may be able to help.

Secured vs Unsecured Debt Consolidation Loans

There are two main types of debt consolidation loans in Australia: secured and unsecured. Here’s how they compare:
Not all debts can be consolidated into one loan, and lender criteria varies. Chat to our team to find out what’s possible for your specific situation. For smaller amounts under $5,000, our referral partner MoneyBuddy may be able to help.
Secured
Unsecured
Security required

Specialist panel including non-prime lenders

No asset required
Interest rates
Generally lower
Generally higher
Borrowing limits
Usually higher
Typically lower
Approval criteria
Asset condition and value assessed
Credit score and income more heavily weighted
Risk

Asset can be repossessed if you default

No asset at risk, but credit rating affected

An unsecured debt consolidation loan is the more common option for consolidating credit cards and personal loans, because most of these debts are already unsecured. A secured loan may give you access to a lower interest rate, but it does mean putting up an asset as security, so it’s worth weighing up carefully before you commit.

ASIC’s MoneySmart website has useful guidance on what to consider when deciding between secured and unsecured consolidation

Can I Get a Debt Consolidation Loan with Bad Credit?

Yes, in many cases. Your options and interest rate will depend on your credit profile and overall financial situation. The first quarter of 2026 has seen a surge in debt consolidation enquiries from Australians dealing with cost-of-living pressures, and many of those applicants have less-than-perfect credit histories.

As a broker, Yes Loans works with lenders who are experienced with non-standard applications, including Pepper Money and Money3, who assess each application on its individual merits rather than applying a one-size-fits-all credit score threshold. Been knocked back before? That doesn’t mean you’re out of options. Different lenders have different credit appetites, and matching your application to the right one is exactly what our brokers do.

Worth knowing: a debt consolidation loan can actually help your credit score over time. Making consistent, on-time repayments to a single lender is a lot more manageable than juggling multiple debts, and that payment history is one of the factors that shapes your credit score. Chat to our team on (08) 9472 3000 to talk through what’s possible for your situation.

Eligibility

Do I Qualify for a Debt Consolidation Loan?

Some lenders on our panel also consider applicants receiving Centrelink payments as income, which can open up options for customers who might assume they won’t qualify. If you’re unsure whether you meet the criteria, the best step is to talk to one of our brokers before you apply. A declined application can affect your credit file, so it pays to check first.
Eligibility criteria vary between lenders, but here are the general requirements our panel typically looks for:
Residency and Age

Australian citizen or permanent resident, 18 years or older

Proof of income

Steady income: employment, self-employment, or eligible Centrelink income

Credit history

Assessed by each lender individually (impaired credit considered by specialist lenders)

Debt-to-income ratio

Total debts should be manageable relative to your income

Loan purpose

Funds used to pay out existing debts (not for new spending)

The Benefits of Consolidating Your Debt

Getting your debt consolidated through Yes Loans comes with several practical advantages:

1

One repayment instead of many.

No more tracking multiple due dates or managing several lenders. You make one fixed repayment on one date each month.
2

Potentially lower interest rate

If your existing debts carry high interest rates (credit cards in particular), a consolidation loan at a lower rate can reduce the total interest you pay over time. On a $20,000 debt at 20.99% p.a. versus a personal loan at 12% p.a., the difference in interest over five years is significant.
3

Fixed repayments and a clear end date

Personal loans are repaid over a set term, so you know exactly when you’ll be debt-free. That certainty is something revolving credit like credit cards can never offer.
4

Reduced financial stress

Managing one loan is simpler. It frees up mental energy and can help you avoid the late fees and missed payment penalties that come with juggling multiple accounts.
5

Potential credit score improvement

Paying out multiple accounts and maintaining consistent repayments on a single loan can have a positive effect on your credit score over time. See our personal loans page for more on how personal loan structures work.

Things to Consider Before You Consolidate

A debt consolidation loan works best when the new loan costs you less than the debts it replaces. Here’s what to think through before you commit:

Compare the comparison rate, not just the headline rate. The comparison rate includes fees and gives you a better picture of the true cost of the loan. A low advertised rate with high fees may end up costing you more.

Watch out for extending your loan term. Spreading debt over a longer period can reduce your monthly repayment but increase the total interest paid over the life of the loan. Run the numbers with our loan calculator before you decide.

Don’t run up new debt while repaying. The most common pitfall after consolidating is using freed-up credit card limits again. Consolidation works best as part of a plan to get out of debt, not a way to reset the clock.

Check the lender is licensed. ASIC’s MoneySmart recommends only dealing with licensed credit providers. Yes Loans holds Australian Credit Licence 392426. You can verify this on ASIC Connect.

How to Apply for a Debt Consolidation Loan with Yes Loans

Here’s what the process looks like when you come to Yes Loans:
01
Tell us about your situation
Call (08) 9472 3000 or apply online. We’ll ask about your current debts, income, and what you’re looking to achieve. No commitment, no credit check at this stage.
02
We compare lenders on your behalf
Our brokers look across the panel (Angle Finance, Latitude, Sovereign, Pepper, Money3, Allied Credit) to find the loan structure that fits your circumstances. We’ll present your options clearly, with the comparison rate included.
03
Apply and get funded
Once you choose the right loan, we manage the application process. On approval, funds are used to pay out your existing debts directly. You then make one repayment to your new lender on a fixed schedule.
couple has debt management plan
We help clients across Australia, not just Perth. You can apply online from anywhere.
Have questions before you start? Visit us at 263 Albany Highway, Victoria Park, or apply online and one of our team will be in touch.

Frequently Asked Questions

What is a debt consolidation loan?
A debt consolidation loan is a personal loan that pays out several existing debts at once, replacing them with a single loan, one interest rate, and one monthly repayment. It’s designed to simplify your finances and can reduce your total interest costs if the new rate is lower than your existing debts.
In many cases, yes. Yes Loans works with specialist lenders including Pepper Money and Money3 who assess applications individually rather than applying a hard credit score cutoff. The rate you’re offered will reflect your credit profile, but having impaired credit doesn’t automatically rule you out. Chat to our brokers on (08) 9472 3000 to find out where you stand before you apply.
A secured loan uses an asset (such as a car or property) as security, which usually means a lower interest rate but more risk if you can’t repay. An unsecured loan doesn’t require security and is the more common choice for consolidating credit card and personal loan debt. Our brokers can help you weigh up which structure suits your situation.
Applying for any new credit involves a credit enquiry, which has a small short-term impact on your score. Over the longer term, consolidation can actually improve your score. Making consistent repayments on a single manageable loan is a positive credit behaviour that builds your history over time.

No. There are no government-issued debt consolidation loans in Australia. These loans are available through banks, credit unions, and non-bank lenders. If you’re in financial difficulty, ASIC’s MoneySmart also provides free guidance and can connect you with a financial counsellor.

Borrowing amounts depend on the lender, your income, credit profile, and the total debts you’re looking to consolidate. Most of the lenders on our panel offer debt consolidation loans from $5,000 upward. Our brokers can give you a clearer picture once we understand your situation. For smaller amounts under $5,000, our partner MoneyBuddy may be able to help.

Missing a repayment can trigger a fee and, if not addressed, will affect your credit file. If you think you’re going to miss a payment, contact your lender before the due date. Most lenders would prefer to work something out than mark a default. It’s also worth checking whether loan protection insurance is an option when you take out your loan, as it can cover repayments in certain hardship situations.

Debt consolidation combines multiple debts into one new loan. Debt refinancing replaces a single existing loan with a new one, usually to access a better rate or extend the repayment term. The two can overlap. For example, refinancing a personal loan as part of a broader consolidation strategy is possible, but they’re not the same thing. Chat to our brokers if you’re unsure which option suits your situation.

Yes Loans (Rohanna Pty Ltd as trustee for The Skippers Unit Trust trading as John Hughes Group) holds Australian Credit Licence 392426. Credit criteria, fees, and charges apply. This page provides general information only and does not constitute financial advice.

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