How to Get a Debt Consolidation Loan with Fintell Finance

If you’re stuck paying off three or four different debts each month, it can feel like you’re working harder for the banks than yourself. Credit card bills, car finance, personal loans, all due on different days, all charging high interest. It’s stressful, confusing, and often more expensive than it needs to be.

The solution to this is to roll all of those debts into one easy-to-manage loan. That’s what a debt consolidation loan does. With one new loan, you clear out the old ones, and suddenly you’ve got just a single repayment to keep track of.

At Fintell Finance, we’ve spent two decades helping Australians simplify debts. Getting a consolidation loan isn’t as complicated as it sounds. Let’s break down how to get a debt consolidation loan in Australia, step by step.

What is a Debt Consolidation Loan?

A debt consolidation loan is basically a personal loan used to pay off multiple existing debts. Instead of making four or five repayments every month, you pay back just one.

Here’s how it works:

• The new loan pays off your existing credit cards, car loans, or other personal loans.

• You’re left with only one loan, usually at a lower interest rate.

For example, the average credit card interest rate in Australia sits around 19–20%. If you swap $10,000 of credit card debt for a personal loan at, say, 10%, you could save thousands of dollars in interest across the life of the loan.

The biggest benefit though is clarity. Instead of feeling scattered across five lenders, you’ve got one clear path to becoming debt-free.

Steps on How to Get a Debt Consolidation Loan

So, how do you actually do it? Getting a consolidation loan is much like applying for any other personal loan. Here’s the process.

Step 1: Check Your Financial Situation

First, you need to know your numbers. Write down:

• How much you owe on each debt.

• The current interest rates.

• Your monthly repayment obligations.

If you’ve got $6,000 on a credit card at 19% and $8,000 on a personal loan at 14%, that’s $14,000 in total debt. Your goal is to find a new loan that covers that entire amount at a lower rate.

Also, check your credit score. In Australia, scores range from 0 to 1,200. Anything above 600 is considered “good.” Lenders look at this closely, and a higher score means cheaper rates. You can get a free check online through Equifax or Experian.

Step 2: Compare Loan Options

Banks, credit unions, and finance companies all offer debt consolidation loans. But banks can be strict. You’ll usually need a solid credit history and steady income. Finance companies like Fintell Finance are often more flexible and can help you connect with lenders that respond quicker.

When comparing, focus on:

• Interest rate: Aim for lower than your current average.

• Fees: Check application and early repayment fees.

• Flexibility: Can you make extra repayments?

Remember, the goal is to come out ahead. If you’re paying 20% on credit cards, even moving to 12% on a consolidation loan is a win.

Step 3: Prepare Documentation

Lenders will ask for documents, so having them ready speeds things up. You’ll generally need:

• Photo ID (driver’s licence or passport).

• Proof of income (two or three recent payslips).

• Bank statements (last 90 days).

• Debt statements (credit card and loan balances).

Having this in one folder shows you’re organised and makes approvals faster.

Step 4: Apply for the Loan

Once you’ve chosen your lender, apply online or directly with their team. With Fintell Finance, our personal loan application is quick, and a specialist guides you through it.

Be upfront: tell the lender the loan is for debt consolidation. That shows you’re serious about improving your financial situation. Apply for the full amount needed to wipe out your debts, so you don’t leave one hanging behind.

Step 5: Loan Approval & Disbursement

How fast can you get the funds? If your documents are in order, approvals can come through in 24–48 hours. Banks can take up to a week, but smaller finance companies are quicker.

Once approved, the lender either sends the money to your account or pays your creditors directly. With Fintell Finance, we can arrange payouts for you, so your old debts are cleared immediately. From then on, you’ve only got one repayment to think about.

How Long Does It Take to Get a Debt Consolidation Loan?

This is one of the most common questions. Here’s the short answer: anywhere from a few hours to a week.

• Quick lenders: 24–48 hours with the right documents.

• Traditional banks: 3–7 business days.

• Delays: Missing paperwork, poor credit, or large loan amounts can slow things down.

Fintell Finance focuses on quick turnarounds because we know time matters.

Can You Use a Personal Loan for Debt Consolidation?

Yes. In fact, most people do. If you’re wondering how to get a personal loan for debt consolidation, it’s the same process. You simply apply for a personal loan and use it to pay off other debts.

The advantage is that personal loans are flexible and mostly unsecured, so you don’t risk losing your home or car. You also know exactly when the loan ends, unlike credit cards that drag on for years.

The downside is rates on personal loans can be higher than secured loans. Still, compared to 20% on credit cards, a 10–12% personal loan is a massive saving.

How to Get a Large Debt Consolidation Loan

If you need to consolidate a big debt (say $50,000 or more), lenders look harder at your situation. Here’s what helps:

• Income proof: Lenders want to see your repayments won’t crush your budget.

• Good credit: Scores above 700 make large approvals more likely.

• Collateral: Using your home or car as security lowers risk for the lender.

One client we worked with had $60,000 in mixed debts. By securing the consolidation loan against their car, they reduced their interest rate from 19% across credit cards down to 8.9%. That cut their monthly repayments by over $700.

Real Experiences from People Managing Debt

Stories from everyday Australians show just how different the outcomes can be.

One bloke in Sydney described how he moved three credit card debts into a single loan. His repayments dropped from almost $400 a week across different lenders to just $200 a week. For the first time in years, he felt like he was in control instead of chasing his tail.

But not every story ends that neatly. Another young couple managed to slash their repayments in half after consolidating. At first, it felt like a win: but with the extra cash flow, they went out and financed a new car. Within six months, they were back in trouble. Their loan repayments had doubled, and the stress returned. It’s a reminder: consolidation gives breathing room, but only if you resist the urge to pile on more debt.

And then there are people who struggle to even get approved. One woman shared that despite having a decent income, her poor credit history meant lenders knocked her back. She described the experience as frustrating, but in the end, she worked with a finance broker who helped her tidy up her credit file first. Within three months, she reapplied and was approved.

The lesson is debt consolidation works best when paired with good habits and the right support. The loan itself is a tool what matters most is how you use it.

Why Choose Fintell Finance for Debt Consolidation?

Here’s why Australians turn to us when they’re ready to get serious about simplifying debt:

• Trusted and local. We’re Adelaide-based and understand the financial challenges Aussies face.

• Flexible loans. From $5,000 to $100,000+, secured or unsecured.

• Fast turnaround. Approvals often in 24–48 hours.

• Personal support. You’ll have a real person guiding you, not a call centre script.

• Secure process. Our secure online experience keeps your information safe from start to finish.

Take the First Step

So, how to get a debt consolidation loan comes down to knowing your debts, choosing the right lender, and applying with the right documents. Once approved, you go from juggling multiple repayments to one simple plan.

The benefits are clear: simplified repayments, less stress, and a faster path out of debt. With Fintell Finance, you get guidance from people who’ve walked hundreds of Australians through the same journey.

If you’re ready to take the first step, check out our Debt Consolidation and Personal Loans pages. Or call us on +61 422 249 815 for assistance.