A Debt Consolidation Loan can be used to settle a number of smaller debts that you have, such as store cards or other loans, into one loan. By consolidating and taking a loan over a longer term you could improve your cash flow.
If you’d like to streamline your finances, a Consolidation Loan may just be the perfect financial fit for you. It is designed to simplify your finances, instead of several creditors to manage you’ll have just one. You’ll find it easier to manage payments and will save on monthly service fees and debit order costs.
Credit Providers take your personal financial profile into consideration when you apply. If your loan is approved, it’ll be for an amount that you can comfortably afford. The success of your application is subject to credit approval.
When you take out a Debt Consolidation Loan, you’ll have a single monthly payment at a fixed interest rate – and, if you’re taking the loan over a longer term, your monthly repayment could be lower. In fact, many South Africans who have consolidated their accounts have increased their monthly cash flow by an average of R1850!