What is debt consolidation?
Debt consolidation is the process of combining multiple existing debts into a single new loan. Instead of managing several repayments across different lenders, each with their own interest rate, due date and fees, you take out one loan to pay them all off. You're left with a single, structured repayment to manage each month.
As a licensed financial advice provider, we look at your full picture and compare options across our lender panel to find a consolidation solution that suits your specific situation. A debt consolidation loan is one of our personal loans, so you have options whether you secure it against an asset or not.
What debts can you consolidate?
A debt consolidation loan through Armstrong's Finance can be used to pay out a wide range of existing debts, including:
The potential benefits of debt consolidation
Debt consolidation works differently for everyone, and the benefits will depend on your individual circumstances. Here's what it could mean for you:
One repayment to manage
Combine multiple debts into a single loan with one set repayment date. No more tracking multiple due dates across different lenders.
Potentially lower interest
Depending on your current rates, consolidating into a single loan could reduce the overall interest you pay, particularly on high-interest debt like credit cards.
Fewer fees to pay
Multiple accounts often mean multiple account fees. Consolidating into one loan can reduce the number of fees.
Clarity and control
Knowing exactly what you owe, to one lender, with a clear end date can make a real difference to how in control you feel about your finances.
Is debt consolidation right for me?
It's important to consider the full cost of any new loan before proceeding, including interest, fees and the total repayment amount. We'll always walk you through this clearly before you commit to anything. For free, independent budgeting guidance you can also visit sorted.org.nz.
- You're managing multiple repayments and finding it hard to keep track of due dates
- You're paying high interest on credit cards or short-term loans
- You'd benefit from a fixed repayment structure and knowing when you'll be debt-free
Why choose Armstrong's Finance for debt consolidation?
Flexible loan options
Our debt consolidation loans are available as both secured and unsecured, so we can find the right fit for your situation. We'll walk you through the options before you commit.
Flexible loan terms
Choose a repayment term that suits your budget and timeline. We work to find an option that fits your situation.
Transparent pricing
No hidden fees, no nasty surprises. Everything is laid out upfront. Full fee schedule available on our Fees & Interest Rates page.
Fast approval
Apply online in minutes. If approved, funds can be in paid the same day. Subject to responsible lending criteria and lender assessment.
Simple by design
How it works
Getting a debt consolidation loan through Armstrong's Finance is straightforward. Here's how it works:
Get a quick quote
Use our online quote tool to see estimated repayments in minutes. You can also try our personal loan calculator to plan your repayments. It's obligation-free and won't affect your credit score.
Submit your application
Once you're happy with your quote, complete your application online. We'll ask for details of your existing debts along with the usual supporting documents, proof of income and ID. Our team will guide you through it.
We go to work for you
As your broker, we submit your application across our lender panel to find the most suitable match for your situation. Subject to responsible lending criteria and lender assessment, funds can be in your account the same day if approved.
Pay off your existing debts
With funds available, you can pay out your existing debts and close those accounts. From there, it's one loan, one lender, and one repayment to manage. Simple.
Am I eligible?
Armstrong's Finance debt consolidation loans are available to a wide range of New Zealanders. We assess every application individually, so even if you've been turned down elsewhere, it's worth talking to us.
To be eligible for a debt consolidation loan, you'll need to:
Frequently asked questions
Debt Consolidation Loans
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Debt Consolidation Loans
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Will debt consolidation save me money?
It really comes down to your current interest rates, the new rate you qualify for, and how long you want to take to pay off your loan. If you’re rolling together high-interest debts like credit cards, you’ll often save money on interest with a consolidation loan. Just keep in mind that choosing a longer loan term can sometimes mean you pay more overall, even if the rate is lower. We’ll crunch the numbers for you before you apply, so you’ll know exactly what to expect and can make the best choice for your situation.
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Will consolidating my debt affect my credit score?
Getting a quote through Armstrong's Finance does not affect your credit score. A full credit check is run only after you proceed with a formal application, and we'll let you know before it happens. Paying off existing debts and closing accounts can have a short-term impact on your credit score, but consistent repayments on your new consolidated loan can help rebuild it over time.
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Do I have to consolidate all of my debts?
Not at all. You get to decide which debts you want to include in your consolidation loan. Some people roll all their debts together, while others just focus on the ones with the highest interest and leave the rest out. We're here to help you figure out what works best for you.
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Can I add more debt to my consolidation loan later?
No, you can't add more debt to your consolidation loan once it's been approved. If you take on new debt later, you'll need to handle that separately. That's why it's a good idea to have a plan in place for managing your finances after you consolidate.
Ready when you are
Apply in minutes. Know your options today.
No obligation. Just a clear picture of what's available to you.
No obligation. Just a clear picture of what's available to you.
Loan Information
Armstrong's Finance Limited (FSP1012153) is registered on the Financial Service Providers Register (FSPR) and holds a Class 2 Financial Advice Provider licence and is authorised to provide regulated financial advice services in accordance with the Financial Markets Conduct Act 2013. Armstrong's Finance Limited acts as a finance broker and does not directly provide credit. All lending is provided by third-party lenders on our lender panel.
Remuneration: Armstrong's Finance Limited is remunerated by way of commission paid by lenders. The amount of commission varies between lenders and products. Armstrong's Finance Limited may receive different commission rates from different lenders. We manage this conflict by recommending products based on your individual needs and circumstances rather than the level of commission received. Full details are set out in our Disclosure Statement, which is available on our website and on request free of charge.
Lending criteria apply. All applications are subject to credit assessment, responsible lending inquiries, and individual lender eligibility criteria in accordance with the Credit Contracts and Consumer Finance Act 2003 (CCCFA) and the Responsible Lending Code (revised July 2024). Interest rates range from 7.95% p.a. to 29.95% p.a. Rates are variable unless otherwise stated, are subject to change, and are based on individual credit assessment. Establishment fees vary between $0.00 and $2,500 depending on the type of loan arrangement, and are included in your loan structure and repayments.
Dispute resolution: If you have a complaint that we are unable to resolve, you may refer it to Financial Services Complaints Ltd (FSCL), our approved dispute resolution scheme. This service is free of charge. Contact details are available in our Disclosure Statement and on our Complaints page.
Financial hardship: If you are experiencing financial hardship, you may be entitled to apply for a hardship variation under the CCCFA. Please contact us as soon as possible. See our Financial Hardship page for more information.
Your personal information is collected and held in accordance with the Privacy Act 2020. Please refer to our Privacy Policy for details of how we collect, use, and store your information.