Publish Date: 18/02/2020
Student loans, car loans, credit card bills… You spend so much money paying off your debt each month, that often there’s nothing left for you. Trust me, you’re not alone. There is, however, a solution. To get out of debt, a debt consolidation loan can be a helpful tool. You might ask yourself ‘what is a consolidation loan and how does it work’. We unpack it all for you in this blog and show you how these types of loans can be of value to you.
What is debt consolidation?
Debt consolidation means combining all your debts into one easy-to-manage amount. This process means applying for a consolidation loan, which you will then use to turn several payments into one – often with a lower interest rate and new terms of agreement. If you’re having trouble making ends meet every month and you’re looking for solutions on how to get out of debt fast, a debt consolidation loan can work for you. This will however require discipline and commitment in order to make the process work for you.
Benefits of a debt consolidation loan
There are many benefits to applying for a debt consolidation loan. It’s the smart move when it comes to paying off multiple debts and you can save some money too. But there’s more…
Things to remember
While debt consolidation can be an effective way to get control of your debt, there are a couple of things to remember.
Ready to apply for an African Bank Consolidation 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:
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'.