Publish Date: 07/03/2019
If you’re determined to face your debt with discipline, a debt consolidation loan is a powerful tool that could pave the way for a healthier financial future. It’s a fantastic way to simplify your finances.
With a debt consolidation loan, you can turn several loan payments into one cost-effective payment. So how does debt consolidation work? Below we unpack how you can benefit from a consolidation loan:
A disciplined approach to consolidation loans
A consolidation loan might make things easier, but it still requires discipline. Create a budget and be strict with yourself. Use your consolidation loan as a stepping stone to a better financial future and don’t take out additional credit while you’re paying it off.
Do your homework first
Before signing on the dotted line, be sure to compare interest rates and payment terms from different institutions. With African Bank, you can get a single Consolidation Loan for up to R250 000, with the option to combine up to five loans into one. When you qualify for an African Bank Consolidation Loan, you can also choose when you would like your “payment break” – one month when you can take a break on your repayment.
Consider your affordability
Before applying for a Consolidation Loan, it’s a good idea to get to grips with your finances. To see if you can afford the loan, credit providers take the following into account:
Ready to apply for an African Bank loan? It’s quick and easy to apply for an African Bank Consolidation Loan, and you can upload your documents through our website. Click here to get started. These are the documents you’ll need:
Read more: Know your rights when applying for a loan
About African Bank
Our mission is to be a successful Retail Bank offering a wide range of products and services to the consumers of South Africa. The people who work for African Bank represent the diverse population of South Africa; therefore we are a reflection of you, of all South Africans. We seek to provide value - more than our consumers expect of us. We promise to live our purpose 'humanity through banking' in all that we do and we are confident that we can, because 'We are You'.