Experian has launched a partnership with non-bank consumer lender, Oakbrook, to offer debt consolidation loans.

The move, which aims to improve access to credit for more customers, will see loans available on the Experian Marketplace using Paylink’s ReFi technology.

Debt consolidation remains the number one reason customers search for loans with Experian. However, the credit rater has suggested that many customers face challenges in securing a debt consolidation loan due to affordability restrictions.

To address this, Experian has partnered with Paylink to integrate its ReFi solution, which is designed to expand financial inclusion and provide more customers with the opportunity to consolidate their debts.

Oakbrook is now the first lender to go live with ReFi-enabled loans on the Experian Marketplace. Experian said the partnership will enable customers to simplify their finances and save money by consolidating their existing credit commitments, including personal loans and credit cards, into a single, manageable debt consolidation loan.

Commercial director at Experian, Ewan Hamilton, said: “We are thrilled to partner with Oakbrook on a shared ambition to improve financial inclusion and help households reduce their debt more effectively.

“The collaboration between Experian, Oakbrook, and Paylink will help us address the affordability challenges many customers face, making debt consolidation more accessible and improving financial wellbeing for many people across the UK.”

Head of marketing at Oakbrook, Claire Smith, added: “This collaboration with Experian and Paylink enables us to bring this vision to life, providing innovative solutions that give customers better access to credit and help them simplify their financial commitments.

“As the first lender to offer ReFi-enabled loans, we’re excited to lead the way in delivering real, positive change for consumers, empowering them to manage their debts more effectively and meet their financial objectives.”

---