Do you need ideas to help you deal with debt the right way? African Bank can help. Learn how to apply for a consolidation loan in South Africa.
If you find you are drowning in debt, there is good news. African Bank is offering a loan specifically designed to help South Africans who are suffering from too much debt.
We believe that by working together as a team, we can help you overcome your debt, whether it is credit card debt or debt from a single loan. African Bank will show you how you can benefit from our mix 'n match options.
You could make the most of your budget by combining all your debts. You can combine up to 5 debts in 1 easy Consolidation Loan. We offer Consolidation Loans up to the value of R250 000. You might find that you benefit from the savings that lower repayments give you.
How to manage your debt with African Bank debt consolidation
It may surprise you how easy it is to gain financial stability through debt consolidation. Managing your debts is vital, and African Bank's consolidation options could be the best way to tackle the problem.
Debt consolidation will absorb all your smaller debts. These include clothing accounts, short-term debt, and credit card accounts. Instead of paying small debts and small amounts of interest, you will only be obliged to pay one monthly instalment and one interest rate.
How easy is it to apply for a consolidation loan from African Bank?
Applying for an African Bank Consolidation Loan is easy. You could enjoy the benefits of debt consolidation by paying a lower interest rate on a single debt obligation. For your application, you will need:
- Proof of Income
Your proof of income is your latest payslip or a letter from your employer proving you are employed.
- Your ID document
You need to be 18 years and older to qualify.
- 3-month bank statement
You will also be required to produce 3 months of your most recent bank statements. This should reflect 3 salary deposits.
Your Consolidation Loan comes with credit insurance
Should anything untoward occur, preventing you from making payments, your credit will be insured. If you qualify for a debt Consolidation Loan, you would be a Category A Consumer. Your credit protection plan would either pay off the balance in a single payment or pay it off in terms of your credit agreement.
Events that could be covered according to your credit agreement include short-time unpaid leave, permanent disability, temporary disability, contracting dread diseases, and death.
Did you know African Bank offers a unique benefit called "Choose Your Break"? This feature offers existing African Bank customers a payment break option.
Category B Consumers have a credit protection plan that will cover death only. Your outstanding debt could be covered if you pass away with this insurance.
Should you qualify for a loan, loan terms range from 18 to 72 months. With flexible repayment terms, you could manage your debt responsibly. Your interest rates would then be from as little as 12%. You could apply for personal loans of up to R250 000. If this sounds like something that will interest you, there are many ways you could apply at our institution.
How can I apply for a debt Consolidation Loan? What must I do?
Would you like to find out more about how you can benefit from a debt Consolidation Loan? If you are keen to find out more, you could give us a call. An African Bank call agent will be happy to answer your questions.
You could also visit one of our African Bank Branches if you prefer a face-to-face experience. Other ways to apply include visiting our website for an easy online application option. Alternatively, it would be easy for you to apply telephonically.
It might be a great idea to apply directly on the African Bank website. The "apply now" button will take you to the easy application form. It is easy to apply on your smartphone, personal computer or tablet.
Is it easy to keep up to date with my money?
Yes, we have made it easier for you to keep up to speed with your money through our online banking portal. It is easy to bank online from your phone or your computer. Enjoy the convenience of free and secure banking.
How do I know if debt consolidation is the best solution?
How will I know if debt consolidation is the best option for me? If I am already in debt, won't this make it worse for my monthly repayments? If you have these and other questions, you can enjoy peace of mind when you approach us. At African Bank, we believe in integrity first and foremost. There are no hidden agendas.
We will tell you upfront whether debt consolidation is the right type of loan for you. If your monthly repayments on your debt consolidation plan are lower than all your other debts, then you will benefit from the extra savings. It is a good idea to do your calculations carefully, factoring in the charges and accumulated interest.
Here's how we can make your life easier
We try to make your life easier, because we know dealing with finances can become complicated. It is our job at African Bank to ease debt. We offer a wide range of alternative payment options should you choose to take out a debt consolidation loan.
How to pay your monthly repayments
African Bank is here to help. We have made paying your account a simple process. There are a few options which we recommend:
- Visa or MasterCard
- Branch payments
- Mobile or debit order
- In-store payments
- EFT payments
Are you looking for a credit solution with affordable loan payments?
You can consider taking out a debt consolidation loan and only paying one lot of interest every month. African Bank offers a low-interest loan. By putting all your small loan amounts under one umbrella, you save.
Take out 1 easy-to-manage consolidation loan and get rid of bad debt to improve your credit score. This is especially useful if it is a lower-interest loan. One of the common reasons people take out debt consolidation is that from month-to-month it can put additional funds in the bank for you.
One of the options and benefits people could enjoy would be a better managed monthly budget. You could make a dent in your debt by contacting us to enjoy actual debt relief.