African Bank Debt Consolidation Loans are loans of up to R250 000 that are provided by African Bank that are intended to help individuals who are drowning in debts to better manage their finances.
In South Africa there are thousands of people drowning in debt as a result of getting too much credit and failing to pay it back and as a result most find themselves being blacklisted or having a negative credit score.
African Bank is one of the leading financial lenders that are on the market, offering various personal loans, debt consolidation loans, car loans and insurance products and services. If you have multiple debts that you are struggling to manage this might be the right solution for you.
Why choose African Bank Debt Consolidation Loans?
A consolidation loans basically means that it is a loan given by a financial services provider to help you settle any of your existing smaller loans and pay them off completely, and afterwards only deal with paying for that one loan you took out to pay off your other debts.
These types of loans are beneficial because they help you better manage your debts, benefit from lower installments and interest rates and generally help you keep ahead of your finances and budget.
A lot of people have trouble making payments on their debts, and if this is not managed properly it can end up affecting their credit profile, and possibly have them blacklisted. This is where African Bank Debt Consolidation Loans come in handy, because they help you keep afloat and manage your debts effectively.
African Bank Debt Consolidation Loans are designed to meet the direct needs of the borrower, giving them as much as R250 000 without requiring any form of collateral. The repayment terms are flexible offering up to 60 months in repayment terms, and their interest rates are also very much competitive.
Benefits of African Bank Debt Consolidation Loans
Better Money Management
Getting a consolidation loan allows you to free up most of your debts and have them paid off leaving you with one manageable loan which you can effectively take care off. It can be difficult to keep track every month when you have multiple loans that need to be paid off and it is easy to forget one which will cause you to have problems with the lenders.
Improved Cash flow and Savings
With a consolidation loan you will enjoy the benefits of having more cash flow as a result of lower monthly installments which will allow you to have more money in your pocket every month.
Improved Credit Score
Consolidation loans also help improve your credit record in the long run, you should just ensure that you keep your payments on time.
African Bank Debt Consolidation Loans FAQs
What is required to apply for these consolidation loans?
The application process is very easy and can be done either online or by visiting your nearest African Bank branch, and the feedback is generally much faster than some of it. Basic requirements for applying for these loans you will need to be above the age of 18 years with a South African ID Book, must provide proof of income and 3 months bank statements, must have an active bank account and also provide your latest proof of address not older than 3 months.
How long does it take to get the money?
Once your loan is approved you can get it deposited directly into your bank account in a matter of hours, and this is where debit orders will run from when you are making your repayments.
How will I pay back the loan?
Repayments for consolidation loans from African Bank will be paid off using a debit order so you don’t have to worry every month when it’s time to pay the loan. You simply must ensure that you have enough money in your bank account so that the debit order won’t bounce.
How much interest will I pay?
The interest rate charged will be pegged based upon your credit profile, so if you have a good credit profile you will most likely pay a lower interest rate than someone who has bad credit.
African Bank Debt Consolidation Loans Contact Details
Find out how you can consolidate your existing loans through making use of African Bank Debt Consolidation Loans by calling their call centre number 0861 111 011 or telephone number 011 256 9000.
You can visit your nearest African Bank branch and chat to their consultants in-branch and they will be able to help you with any questions that you might have regarding their consolidation loans. Visit their website www.africanbank.co.za and find out more information from there.