London, UK – May 19, 2025 – Experian, the money platform, has revealed the transformative impact ReFi™ powered loans are having on UK consumers. As of May 2025, ReFi™ technology has already enabled the lending of over £70 million in debt consolidation loans1.
Since becoming part of the Experian credit comparison marketplace in January, ReFi™ technology has helped provide substantial financial relief to consumers. The average loan size is £8,548, and by getting a ReFi™ powered loan, a customer borrowing this amount will, on average, reduce their monthly debt repayments by £139.181. Over the term of a 36-month loan, this equates to a total saving of £5,010.531.
Experian are currently working with lenders such as Oakbrook, MyCommunity Bank, Plata, and Admiral Money on these ReFi™ powered loans, with more set to join soon. Since Oakbrook became the first lender to offer these loans on the Experian Marketplace in October, they have been performing 25% better than regular loans1. This is despite piloting ReFi loans to customers who would previously have been declined for failing affordability. This improvement is attributed to gaining certainty that the consolidation of debts from multiple providers will take place at an affordable rate with the customer only having to make a single monthly repayment on a date that best suits them. This is a win-win for lenders and customers alike, helping to create a healthier borrowing landscape for all involved.
ReFi™ addresses a major issue with debt consolidation loans. Traditionally, when consumers apply for a debt consolidation loan, there’s a risk of ‘double counting’ because their original debts are calculated as part of the affordability assessment along with the new consolidation loan. This is because lenders can’t be certain that the funds will be used to repay the existing debts, resulting in creditworthy consumers being declined for affordability reasons, trapping them in debt.
ReFi™ solves this by working with lenders to directly settle consumers’ debts with their creditors, ensuring existing debts are paid off. This simplifies the process, as with certainty that legacy debts will be cleared from a portion of the new loan, the lender can be confident their new customer’s budget is affordable for them. By giving customers who were impacted by the issue of ‘double counting’ access to loans, ReFi™ is unlocking credit for potentially millions of individuals with few alternatives.
Another key feature of these loans is the use of ReFi’s balance confirmation capability. This is a way to check how much consumers owe with each lender, inclusive of any fees, before combining all their debts into a single monthly payment that works for them. This step makes sure everything is accurate, and consumers see the total amount they need to pay. In some cases when applying for a debt consolidation loan consumers are asked how much they owe, if the balance figures provided by them are wrong, it could lead to the loan being denied or fees that weren’t budgeted for applying at a later date. ReFi powered loans are the only debt consolidation loans that can do this and work with lenders directly to settle consumers’ debt.
Jake Ranson, ReFi™ Managing Director at Experian, commented: “ReFi™ is a game-changer for UK consumers, unlocking incremental offers, substantial savings, and faster paths to a debt-free life. Growing the availability of affordable consolidation loans matters as it creates opportunities for people to reset their finances. With our current partnerships with Oakbrook, MyCommunity Bank, Plata, and Admiral Money we are able to showcase the positive outcomes and diverse benefits that ReFi™ brings to the consumer lending landscape.”
– ENDS –
References:
1Source: Experian marketplace data, 2nd May 2025
What is debt consolidation?
Debt consolidation is when you move some or all of your existing debt from multiple accounts (such as credit cards and loans) to just one account. To do this you’d pay off – and potentially close – your old accounts with credit from the new one. Your debt won’t disappear, but it will all be in one place. It often involves switching to a lower or no interest balance transfer card or debt consolidation loan for a fixed period, allowing you to potentially save on interest for a period of time, saving you money and allowing you the opportunity to pay off your debt faster as a result of paying less in interest during that period. You can read more about debt consolidation on the Experian website here.
Media contact:
Eliza Odire-Boadi, Consumer PR Manager, Experian UK&I
Tel: 07816192572 / Email: eliza.odire-boadi@experian.com
About Experian
Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realise their financial goals and help them save time and money.
We operate across a range of markets, from financial services to healthcare, automotive, agribusiness, insurance, and many more industry segments.
We invest in talented people and new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at www.experianplc.com.