Are you one of the more than 20 million South Africans in debt right now? It’s not a great feeling to enter a new decade in the ‘red’. High interest rates make it difficult to pay off your debts quickly, which makes it even more difficult to save a decent amount of money for your retirement.

Many people take on various debts at the same time, such as credit card, store card, personal loan and overdraft. This compounds the effect of those interest rates and leaves many people in a desperate situation, unable to stay in control of their finances.

Taking back control of your financial life means tackling your strategically and debt head on. If you are struggling with multiple debts, simplify things and take out a debt consolidation loan.

Debt consolidation explained

A debt consolidation loan is a loan you take out when you have several existing loans that you need to pay off, but are struggling to make the monthly payments.

The African Bank personal loan consolidation lets you bundle up to five loans into one consolidation loan of up to R250 000, so that you only need to concentrate on one repayment.

Advantages of a consolidation loan

  • You can combine several creditors, monthly fees and interest rates into one easy-to-manage payment.
  • You only have to worry about one repayment a month, which means you’ll less likely miss a
  • You can settle several debts and only have one loan.
  • You could save money because one monthly repayment with one favourable interest rate is more affordable than several payments with varying interest rates.
  • You only have to deal with one institution, which means less admin and hassle.

Apply for a consolidation loan

To apply for debt consolidation loan, click here. To get started, you’ll need:

  • Identity document
  • Latest payslip
  • Latest bank statement reflecting three salary deposits

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