Keep it Simple Loan

Multiple loans collated into a single simpler loan that may save you money!

Applicants must provide proof of income, evidence of their debts, statements and payment information/references for their debtors.


  • Repay multiple creditors
  • Regain control of your finances
  • Interest calculated on the reducing balance
  • 1 scheduled payment
  • Maximum £7,500

It can be difficult balancing all the financial demands placed on us. We resort to various means to manage, but sometimes through unexpected events, things can spiral out of control and debt can become a problem.

Ayrshire Credit Union can help. With our latest product, the Keep It Simple Loan. A form of Debt Consolidation Loan.

What is a Debt Consolidation Loan?

If you’ve got lots of different debts and you’re struggling to keep up with repayments, you can merge them together into one loan to lower your monthly payments. You borrow enough money to pay off all your current debts and owe money to just one lender.” (Money Advice Service)

When should you get a Debt Consolidation Loan?

You should only apply for a Debt Consolidation Loan from ANY provider if:

  • any savings are not wiped out by fees and charges
  • you can afford to keep up repayments until the loan is repaid
  • you are willing and able to change your spending patterns and get your finances back on track
  • you end up paying less interest with the single loan than you were before or the total amount payable is less

How does the Ayrshire Credit Union Keep It Simple Loan work?

If a loan application is successful, we contact the debtors and use the loan money to repay all those debts. At this point the applicant would only owe the Credit Union and will begin repaying this loan as normal. This loan will often be cheaper and easier, with no charges for early repayment. Once the loan is repaid the member is then free from those debts.

How does a Debt Consolidation Loan help?

Debt Consolidation Loans help in three ways:

  • They remove temptation to continue to use rolling credit, like credit cards, and worsen your debt. This can help create a break in otherwise difficult-to-change spending patterns.
  • They show that there is a concerted and sincere effort being made to regain control over the finances. This can be incredibly important in avoiding bankruptcy.
  • They can save you money and simplify the process of managing their debt by reducing multiple debts to a single repayment plan.

What do I need to apply?

We just need some evidence from you to support your application: 2 months bank statements and proof of income (wage slips), all relevant bills and settlement figures.

Also your bank details to set up a Standing Order or alternatively a Payroll Deduction.

Choose Purpose of Loan – 7