Publish Date: 07/03/2019
A consolidation loan could improve your 2020 finances
It’s January. The New Year’s festivities are a fading memory, but the avalanche of bills is probably giving you a nasty headache. School fees, uniform, stationary, data, debts… at times, you’ll wish you could just hide under a rock and pretend that none of them exist. Can you relate?
Wouldn’t it be easier if you just had one bill or debit order each month? Well, the good news is, you can. The answer is: consolidation loans.
What is debt consolidation?
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, especially now, at the start of the new year. So how does debt consolidation work? With it, you can turn a couple of loan payments into one, usually lower, payment. This means more money each month for you to either pay off other debts, cover expenses or invest.
An important thing to consider is that not all debts can be consolidated. So, which debts can you consolidate? We explain these for you below.
Who should consolidate their debts?
Consolidation loans aren’t for everyone. It requires the discipline to stay within your means and resist the temptation to take on more debt. The main reason you would consolidate your debts is because you can barely keep up with your monthly payments. That’s when a consolidation loan can be a valuable tool in getting your finances on track for the year 2020.
Ready to apply for an African Bank Consolidation Loan? It’s a quick and easy process to apply for one, and you can upload your documents through our website. Click here to get started. These are the documents you’ll need:
Debt consolidation loans for bad credit isn’t a magic wand that also makes bad financial decisions disappear. However, when used properly, it can play an instrumental role in improving your finances, your credit record, and ultimately, your ability to achieve your financial goals.
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'.