Experian, the money platform, has revealed the transformative impact ReFi powered loans are having on UK consumers.
As of May 2025, ReFi technology has “enabled the lending of over £70 million in debt consolidation loans.”
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 said to be a “win-win” for lenders and customers, “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 reportedly 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 … 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.”