Debt consolidation loans
Combine several small debts into one plan with clear dates and a finish line.
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The short answer
A debt consolidation loan rolls several small debts into one loan with a single repayment and one clear end date. It suits people juggling multiple due dates — a card, a buy-now-pay-later balance, a small loan — who want the total cost visible in one place. CashPal offers consolidation loans from $500 to $2,000 and shows the fees, repayment dates and total repayable before you accept. You must be 18 or over, an Australian resident, with a regular income and an active bank account.
One repayment, one finish line
Managing several small debts at once can drain time and money. A debt consolidation loan brings them together into one plan with clear dates and a finish line. CashPal is a direct lender that can provide $500 to $2,000, assessed under Australian credit law.
The loan application is 100% online. All of our fees and costs will be shown before you accept the terms, and approved payouts are usually sent on the same business day.
What is a debt consolidation loan and who can it benefit?
A consolidation loan replaces a handful of balances with one repayment schedule. It benefits people whose combined debts fit within $2,000 and who want a single timetable aligned to their pay cycle.
It has worked best where closing old accounts stops balances creeping back and where the new schedule sits comfortably in the household budget. It has not been a cure-all for large or growing debts, and it may not suit if the total cost would rise or if spending patterns remain unchanged.
How debt consolidation works at CashPal
- 1
Submit your online application
100% online. Complete your application in minutes and receive a fast assessment from our team.
- 2
We assess your application
We’ll review your details, verify your information, and determine whether we can offer you a loan.
- 3
Review and sign your contract
If approved, we’ll send you your loan contract electronically for you to review and sign.
- 4
Funds sent fast
Once your contract is signed and final checks are complete, we’ll transfer your funds directly to your bank account, often within 1 hour.
No impact to your credit score
Costs and terms you will see up front
Fees and charges follow Australian credit law. You will see the establishment fee, any monthly service fee and any applicable interest before you accept. A credit enquiry is recorded with a credit reporting body such as Equifax, Experian or illion. Repayments can align with your pay cycle. If circumstances change, contact us early to discuss support under the National Credit Code.
When debt consolidation helps vs when to reconsider
| Situation | Consolidation helps | Reconsider |
|---|---|---|
| Total balances | Several small debts fit under $2,000 combined | Combined amount sits above $2,000 |
| Fees and charges | Late fees or multiple account fees add up | New plan would raise total cost overall |
| Repayment planning | One timetable aligned to your pay cycle would simplify things | Repayments would still be tight after consolidation |
| Account behaviour | You will close cleared accounts and stop using them | You plan to keep using the credit you clear |
| Debt mix | Cards, BNPL, small personal or payday balances | Secured car loans with payout conditions or large balances |
| Goal | A clear finish line and fewer moving parts | Short-term relief but no change to spending patterns |
Approval timing of the loan
Faster outcomes tend to happen during business hours with clear documents and a bank account in the same name as the application. Delays can arise from missing files, name mismatches, first time payee holds, late evening approvals and public holidays. Your bank decides when a sent payout appears on your side.
Examples of loan consolidation
These examples show the way a schedule is presented. Your exact amounts and dates will appear on your offer before you accept the loan terms. Remember: these are examples of real life situations.
| What is being consolidated | Borrowed amount | Term | Repayment frequency |
|---|---|---|---|
| Card $900 + BNPL $300 + utility arrears $200 | $1,400 | 3 months | Weekly |
| Card $1,000 + personal loan $600 | $1,600 | 6 months | Fortnightly |
| Card $1,000 + payday balance $400 + phone bill $300 | $1,700 | 4 months | Monthly |
Your rights as a borrower and where to get help
Applications are assessed under the National Consumer Credit Protection Act 2009 and the National Credit Code. ASIC oversees licensing and conduct. If a complaint arises, ask us to review it. If we cannot resolve it together, contact the Australian Financial Complaints Authority. Free financial counselling is available nationwide.
Independent resources
Debt consolidation FAQs
Can you pay my existing lenders directly, or do I pay them myself?+
Funds are paid to your bank account after you accept the offer. You then clear the listed debts using the payout figure each lender provides. This lets you confirm each balance is closed and any fees are settled.
What can I consolidate with this loan?+
Small credit card balances, buy now pay later amounts, payday or cash advance balances, and small personal loans, provided the combined figure fits within $2,000. Secured car loans or large balances may not fit and can have payout conditions.
Will a consolidation loan always save me money?+
Not always. Savings depend on the rate, fees and the term you choose. A shorter schedule often reduces the total cost, while a longer term can increase it even if the repayment is lower.
How much can I borrow and for how long?+
Between $500 and $2,000 with flexible repayment terms. Repayments can be weekly, fortnightly or monthly to match your pay cycle.
What do you look at when assessing my application?+
Recent income, regular expenses and existing commitments supported by payslips and bank statements. A credit enquiry is recorded with a credit reporting body such as Equifax, Experian or illion.
How quickly will I receive the money after approval?+
For approved applications, payouts are usually sent the same business day. Your bank decides when the deposit appears, and after hours or public holidays can add time.
Can I change the amount after I see the offer?+
You can request a lower amount before acceptance. Asking for more may require a fresh assessment to confirm affordability.
What happens if I miss a repayment?+
Late fees can apply, and missing payments can affect your credit profile. Contact us early so we can discuss options. Support under the National Credit Code may be available if circumstances change.
Will consolidating improve my credit score?+
Consolidation can help when on time repayments are made and old accounts are closed. Multiple new applications or missed payments can have the opposite effect.
How can I make debt consolidation work for me?+
Close or limit the accounts you pay off, set alerts for due dates and build a small emergency buffer as the new schedule allows. If spending patterns are causing strain, consider speaking with a financial counsellor for free guidance.
Am I eligible for a CashPal loan?
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Before you apply — risks, reasons for decline, and alternatives
A small loan solves a short-term gap; it is not free money, and it is not right for every situation. Worth asking yourself first:
- Do I actually need this? A short-term loan suits an essential or unexpected cost, not discretionary spending.
- Can I afford the repayments? Check them against your real income and expenses, not your best month.
- Am I borrowing the right amount? Fees are charged on the amount borrowed, so a smaller loan costs less.
- Would another option cost less? If one of the alternatives below fits, use it first.
Why applications get declined. We are required to lend only where repayments are affordable, so an application is most often unsuccessful because:
- The repayments would not be affordable alongside your current commitments
- Income cannot be verified, or is not regular enough to assess
- Recent defaults, an active hardship arrangement, or several short-term loans already running
- Frequent dishonours or overdrawn balances in recent banking history
- Application details do not match the supporting information provided
- The basic criteria are not met — under 18, or not an Australian resident
A decline is not permanent. It usually reflects the last few months of banking history, so applying again after that settles often gives a different outcome.
Alternatives worth trying first. Depending on your situation, one of these may cost you nothing:
- No Interest Loans (NILs) — up to $2,000 for essentials with no interest and no fees, for people on a low income or with a concession card. Call 13 64 57 or visit nils.com.au.
- Centrelink advance payment — if you receive eligible payments, you may be able to draw part of it early, repaid from future payments at no cost. Call 13 17 94 or visit servicesaustralia.gov.au.
- Your provider’s hardship program — energy, water, telco and council bills can usually be put on a payment plan, often with the debt paused, simply by asking.
- Free financial counselling — the National Debt Helpline on 1800 007 007 is free, independent and confidential, and can negotiate with creditors on your behalf.
- Impartial guidance — ASIC’s MoneySmart compares options and explains what each really costs.
What a CashPal loan costs
Fees on small loans are capped by Australian law. CashPal cannot charge more than these caps, and a small amount credit contract carries no interest beyond them.
These are the maximum regulated caps, not a quote. The fees that apply to you are itemised in your contract before you sign, and you are under no obligation to accept an offer.
Source: the National Credit Code, Schedule 1 to the National Consumer Credit Protection Act 2009 (s 31A for small amount contracts, s 32A for medium amount contracts).
Representative example
Borrowing $1,000 over 6 months
- weekly
- $55.38
- fortnightly
- $110.77
- monthly
- $240.00
How this is worked out
The establishment fee is 20% of the amount borrowed, charged once. The monthly fee is 4% of the amount borrowed, charged for each month of the term. Total repayable = amount borrowed + establishment fee + monthly fees.
Assumes the maximum regulated fees, every repayment made on time, no default or dishonour fees, and the loan running its full term. Repaying early costs less — there is no early repayment fee, and you stop paying monthly fees once the loan is closed. Your own figures are set out in your contract. For independent guidance, see MoneySmart.
Your rights and protections as a borrower
CashPal is a trading name of Simple Finance Group Pty Ltd (ABN 70 626 186 418), holder of Australian Credit Licence 509422, and operates as a lender and referral service under Australian credit law. Here’s what that means for you:
Responsible lending obligations — We are required to make reasonable inquiries about your requirements, objectives and financial situation before offering credit. We will not approve a loan we believe is unsuitable or unaffordable for you. These duties come from the National Consumer Credit Protection Act 2009 and ASIC’s responsible lending guidance.
Full cost disclosure — You will see the total amount repayable, every fee and each repayment date before you sign your contract. You are under no obligation to accept an offer.
Hardship support — If your circumstances change after taking out a loan, contact us as early as possible; hardship support may be available under the National Credit Code. Free, independent financial counselling is also available through the National Debt Helpline on 1800 007 007.
Complaints and dispute resolution — Raise a complaint with our complaints officer at hello@cashpal.com.au and you will receive a final response within 21 days. If you are not satisfied, you can take it to the Australian Financial Complaints Authority (AFCA) on 1800 931 678 or at afca.org.au at no cost to you. See our dispute resolution policy.
Regulatory oversight — CashPal is regulated by the Australian Securities and Investments Commission (ASIC). You can verify our credit licence on the ASIC registers. For privacy matters, contact the Office of the Australian Information Commissioner (OAIC).
Bring your debts together
One plan, clear dates, and every cost shown before you accept. Apply online in minutes.
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