Get back in control with a Debt Consolidation Loan

With one easy to manage payment at a better interest rate, a Squirrel Debt Consolidation Loan could help get you on the right track to getting your finances under control. And....breathe.

Apply for a Debt Consolidation Loan
Dept consolidation loan - happy man

Applying is fast, secure and easy

Thanks to the magic of technology, you can complete the whole application in your jammies from the comfort of your couch. Just make sure you have your NZ drivers licence or NZ passport handy, and access to your bank statements with the bills you want to get rid of.

Why consolidate your debt?

Debt consolidation is when you take multiple loan, credit card and/or hire purchase payments, and combine them into one easy to manage loan. Use our debt consolidation loan to pay off the others in one hit so that instead of keeping track of lots of individual debt repayments, you only have the one payment. This is usually at a lower interest rate so that overall you save money and clear your debt faster. It’s a great way to help you get on top of your finances.

We reward good credit with great interest rates.

With peer-to-peer lending, the money for your loan comes from our investors, not the bank. This means a fair deal for everyone, and flexible terms. It also means it's our responsibility to only lend to those who pass our lending criteria with flying colours. You can read more about what ticks our boxes here.

Young guy grinning with an ice cream in hand

What will your debt consolidation loan repayments be?

Work out your regular repayments and how quickly you could pay off your personal loan.

Amount I want to borrow (minimum $1,000)
maximum amount is $ for this borrower grade
With repayments to be over
How good are you with money?

Our interest rates are hard to beat.

Your interest rate depends on your credit history. These are the rates available for each risk grade:

Risk Grade A B C D E
2 - 3 years 8.95% p.a. 11.45% p.a. 12.95% p.a. 15.95% p.a. 17.95% p.a.
5 years 9.95% p.a. 12.45% p.a. 13.95% p.a. 16.95% p.a. 18.95% p.a.

Example: A borrowed amount of $10,000 over 2 years would result in repayments of $480 per month at 8.95% p.a. based on our highest A Grade risk grading. This monthly repayment includes a $500 Establishment fee. Affordability and credit criteria apply. Maximum borrowing amount reduces based on risk grade. 

Feet up in a hammock

How much can you borrow?

With a Squirrel Debt Consolidation Loan you can borrow anywhere between $3,000 and $50,000*.

And with peer-to-peer lending, the money for your loan is coming from our Investors, not a bank. This means that you should end up with terms that work for you and a sweet interest rate to boot.

Benefits of debt consolidation

Debt-free date

Our rates are fixed for the life of the loan so your repayments won’t change. You’ll know exactly when you’ll be all paid off!

Lower interest rate

We offer a fair and transparent deal. With our great rates, you could pay less interest and take control of your debt.

One easy to manage payment

We offer flexible loans, on your terms so you’ll know exactly how much you’re paying and when you’ll be debt-free.

Do it all online

No need for meetings and paperwork. Apply and manage your loan entirely online. Just make sure you have the following items handy - an online banking account (or 3 months’ bank statements and payslips) and a NZ Driver’s license or NZ Passport.

Where your money is coming from

Through the concept of peer-to-peer, your loan is funded by Joe Bloggs down the road who has invested their extra cash into our platform. Think of it like Tinder for money; we match their investment with someone like you that's keen to borrow. Win-win! 

Is a Squirrel Debt Consolidation Loan right for you?

We're not the right lender for everyone. Our focus is on high quality borrowers who pass the following creditworthy checks with flying colours.

Credit history
Employment history
Repayment capacity
Bank account conduct

Apply for a Squirrel Debt Consolidation Loan today


Just in case, here are questions other people have asked about debt consolidation. If you're still unsure, give us a bell on 0800 21 22 33.

Will Squirrel lend to me?

We’re not the right lender for everyone. Our focus is on high quality creditworthy borrowers earning an income of at least $25,000 per year (you also can’t be earning the majority of your income from Government benefits). If you’re not good with money and have poor account conduct or a poor credit file, then we are unlikely to lend to you.

Don't people with debts have bad credit, which means Squirrel won't lend to them?

This is a common misconception. Having some debt doesn't necessarily mean you're bad with money or you have a bad credit rating. Our debt consolidation loan is the smarter option for people who have borrowed elsewhere responsibly and want to get a better deal on their existing repayments.

How much does it cost to borrow?

Our fees range from $0 to $500 depending what kind of loan you're after. For a full list of our fees check out our fees page.

How safe is my banking information?

Squirrel hosts its data with Microsoft Azure – one of the largest cloud computing companies in the world. We also encrypt all personal and sensitive data.

We use an online verification tool – Credit Sense (a highly secure Australian Credit Reporting Body) to view your bank information. The Credit Sense process is quick, convenient and secure and allows us to process your loan.

While you're required to provide your internet banking login details during the Credit Sense process in our application, neither Squirrel or Credit Sense sees or stores your internet banking credentials. Your credentials are encrypted when you enter them, passed to your bank to allow us read only access to your transaction history, and then permanently deleted. If you'd like more info on Credit Sense, you can read more about how safe it is here.