Monzo has integrated ClearScore’s ‘Clearer’ technology to offer a debt consolidation loan that automatically finds and settles a customer’s existing borrowing directly with lenders in a single monthly payment, in what it claims is a “first” for a UK bank.
According to research conducted by ClearScore and Disrupt Insight, around 21 million UK adults have two or more different credit products.
Of the 1,017 UK adults surveyed, 60% believe debt consolidation can help simplify their monthly payments and more than half think it can reduce stress.
Luke Enock, general manager for borrowing at Monzo, said: “Debt consolidation should help people feel more in control. But too often, it means more admin at the exact moment people…