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debt consolidation loans
transparent and supportive lending
Secured loans of $4,000 - $30,000
Loan term of 1 - 5 years
No penalties for early loan repayment
Weekly, fortnightly, or monthly repayment options
Competitive interest rates from 20.50% to 39.00%
(APR 15.95% - 33.02%)
Same day funding
Earn discounts with our great offers below!
Complete 12 quarterly financial education modules to receive up to 3.50% in interest rate discounts!
Please click here for more information on our Financial Wellbeing Modules
Salary Split Discount
Set up a worry-free repayment schedule via your payroll, and receive a whopping 2.00% off your loan!
Please click here for more information on Salary Split
Refer A Friend Offer
Receive $100 off your loan when you refer a friend and their loan is settled with us - with no limits on the number of referrals!
Please click here for more information on our Refer A Friend offer
learn more about
debt consolidation loans
What is a Debt Consolidation Loan?
Debt consolidation loans are essentially loans to pay off debt. This is achieved by bringing all of your loans into one manageable repayment, effectively closing out all of your existing loans and starting afresh with one payment schedule. Consolidation loans for bad credit allow you the opportunity to take control of your finances and improve your credit rating for a stronger financial future.
What are some types of loans that typically require consolidation?
Debt consolidation of bad credit loans can be required for many reasons. You may have fallen into the trap of juggling two or more credit cards while trying to avoid the high interest rates these types of loans can incur. It is a common misconception that taking yet another credit card to cover existing ones will keep you afloat. A credit card...
what is debt consolidation?
should I consolidate my debt?
The Important Detail
Loan Amount: The Loan amount is subject to a minimum of $4,000 and a maximum of $30,000, secured by an owned vehicle.
Loan Term: The Loan term ranges from 1 to 5 years, as agreed upon by both parties.
Repayment Options: Repayments can be made on a weekly, fortnightly or monthly basis.
No Fees: No fees will be charged for the Loan, including for the establishment, settlement, or ongoing account keeping; and no penalties charged for early loan repayment.
Interest Rates: Interest rates range from 20.50% (APR 15.95%) to 39.00% (APR 33.02%). All rates displayed on this website are calculated on a per annum basis.
(1) APR: APR is the Annual Percentage Rate, or comparison rate, inclusive of fees and charges. Given there are no fees on Salt & Lime products, and borrowers may earn discounts to reduce interest rate over the life of the loan, the APR is lower than the advertised interest rate. To achieve a lower APR, customers will need to complete one or more of the 12 provided financial education modules, and/or register for Salary Split, where interest rate discounts are applicable. The advertised APR is calculated based on a secured loan amount of $10,000 over a term of 3 years, on a monthly repayment schedule, with all discounts applied as soon as they become available to borrowers (i.e. assumes modules are completed in the same month they are sent, and Salary Split is applied at the start of the loan). Example: A borrower with good credit borrowing $10,000 over a term of 3 years with monthly repayments, including an interest rate of 20.50% (APR 15.95%) and no fees - and where all financial education modules are completed over the life of the loan, and Salary Split interest rate discount is applied - would pay a monthly repayment of $374 and a total amount of $13,470.78.
Interest Rate Discounts: Borrowers may earn interest rate discounts by completing financial education modules provided over the life of the loan.
(2) Same Day Funding: Same day funding can be achieved if all required documents are received on the same day as requested, received in a reasonable timeframe prior to close of business.
(3) Module Discounts: A total of 3.50% in interest rate discount can be achieved over the life of the loan for completing financial education modules, where all 12 financial education modules will need to be completed for the full discount to be applicable. The first module will attract 0.75% in interest rate discount, and each module thereafter (11) will attract a discount of 0.25% each. Please note that the interest rate discount will place a borrower in advance on their loan, and will not alter the current contractual repayment amount. Please note that loans originated prior to 15 December 2022 can only achieve a maximum of 2.75% in interest rates discounts over the life of the loan, as an additional first module (attracting 0.75% interest rate discount) was introduced on this date.
(4) Salary Split Discount: A 2.00% interest rate discount can be achieved if the borrower successfully arranges a Salary Split, where repayments are made directly to the lender via the borrower's payroll. Borrowers will receive supporting forms at settlement, and may also request these forms to be re-sent at any time. The borrower must provide confirmation that the direct debit has been established in order for the discount to be applicable. Please note that the interest rate discount will place a borrower in advance on their loan, and will not alter the current contractual repayment amount.
(5) Refer A Friend Offer: A $100 discount can be achieved on the remaining balance of a current borrower's loan when they refer a friend using their unique referral code. Once the new referred borrower's loan has settled and the referral code verified, the discount will be applied. A $100 discount will also then be applied to the new borrower's current loan balance. There are no limits to the number of new referrals that a current borrower can make. Please note that the $100 discount will place a borrower in advance on their loan, and will not alter the current contractual repayment amount.
Security: The Loan will be secured by a registered security interest over the borrower's vehicle, as specified in the loan agreement. Borrowers must maintain comprehensive insurance on the vehicle for the life of the Loan and provide evidence of insurance upon request.