Debt Consolidation

Today, many South Africans are neck-deep in debt and have little to no idea how to resolve their numerous loans, leaving them at the mercy of creditors who make their lives almost miserable. But guess what? All that is now in the past as more and more South Africans who are over-indebted are now considering options like debt review and debt consolidation as a way to resolve their mounting loans. 

While it’s pretty hard for many South Africans to keep track of multiple loans, a debt consolidation loan will help solve that problem by pulling all your debt into a single loan. And you know the best part, it will also save you the hassle of paying multiple admin fees for different loans. 

Why debt consolidation is a great option for over-indebted South Africans

As we mentioned earlier, if you’re neck-deep in debt and struggling to meet up with your loan repayment agreements, there are several options on the table you can explore. While debt counselors may recommend debt review for some people, others may be asked to opt for debt consolidation. And just so you know, debt consolidation is excellent for many reasons. 

With debt consolidation, over-indebted South Africans no longer have to worry about paying multiple admin fees on several loans. And that’s because debt consolidation lets them bundle everything into a single payment. How cool can that be?

Another tremendous upside of opting for debt consolidation is that it helps lower your monthly installments. This makes it great for any South African struggling to make repayment. By opting for debt consolidation, heavily indebted South Africans have a rare opportunity to extend their loan terms and lower their monthly installments. 

When you have just one monthly payment to meet, you won’t spend hours worrying about accidentally missing a payment. And this is essentially what debt consolidation works to achieve. 

What are the benefits?

Nobody likes to deal with debts that make their lives almost miserable. Unfortunately, many South Africans are caught up in the vicious cycle of debt with no way to get out. Thankfully, debt consolidation is here to give heavily indebted South Africans the peace of mind they deserve. Just so you know, by combining your debt into a single loan, debt consolidation will benefit you in several ways. 

  • For starters, debt consolidation simplifies your repayments and makes it super easy to budget. This is especially true since those who opt for this option know exactly how much will be debited from their account every month. 
  • Debt consolidation dramatically helps lower your monthly installments since the option allows you to spread your repayment over a long time. But keep in mind that while debt consolidation helps reduce your monthly installments, it means that you’d take longer to pay off your loans. So before you decide if loan consolidation is for you, consider this aspect of debt consolidation. 
  • Another brilliant thing about debt consolidation is that it allows debtors to get rid of revolving credit such as credit cards or store accounts that just keep accumulating over time. 

How does debt consolidation work?

Right from the get-go, we mentioned that debt consolidation is one of the options available to many South Africans who are neck-deep in debt and looking for a reliable solution to get them out of debt. And guess what, debt consolidation isn’t as complicated as many consider it to be. The best part is that this option has helped many South Africans resolve their mounting debt, and we are sure you will benefit from this brilliant solution too. 

To bring you up to speed, debt consolidation involves taking out a loan to offset several smaller loans. And with us at your service, you have a reliable professional that will make all your repayments to your respective credit accounts. The cool thing about bundling all your debts into a single loan is that it reduces all of the admin fees you’d have incurred for multiple repayments. More so, loan consolidation gives you peace of mind and more time to pay off your loan at lower installments. 

Here is the thing you should know, when you’re deep in debt, most of your creditors don’t provide you with options to renegotiate payment terms and may even make your life miserable by threatening you with lawsuits. By opting for debt consolidation, you can kiss goodbye to harassment as this option comes with several perks that will tilt the odds in your favor, allowing you to meet up with your respective obligations without sweating it. 

When is debt consolidation a good idea?

Debt consolidation is a smart move if you have several credit accounts you’d like to close. Also, debt consolidation is a brilliant option for people interested in the ease and simplicity of a single monthly payment for all their loans. Similarly, if you want to lower your monthly installments, debt consolidation wouldn’t be such a bad option. 

Consolidating your debt will give you more time to pay off your debt, giving you some extra breathing space as your creditors will no longer be after you. But even though debt consolidation will increase your loan terms to lower your monthly installments, keep in mind that this option will ultimately result in more accrued interest over time. So before you jump on this option, have that at the back of your mind. 

Regardless of your reasons for opting for a debt consolidation loan, always remember that a full credit assessment is always required before a consolidation loan will be approved. We always advise our customers to close credit accounts that have been fully repaid using credit from a debt consolidation loan. If you fail to close a revolving credit account like credit cards, you could end up incurring more debt, putting yourself at risk of financial stress or over-indebtedness. 

Applying for debt consolidation

Many South Africans think that applying for debt consolidation is a complicated process, but guess what? The process is super easy and only takes a couple of minutes. Just so you know, applying for a debt consolidation loan is almost like applying for a regular personal loan. The process is simple and starts with either a phone call, a visit to a branch, or an online application. 

For people who don’t want to go through the hassles of visiting a branch or spending hours speaking to a consultant over the phone, feel free to fill out the online form on our website. We will be more than happy to guide you on all the appropriate steps to apply for a debt consolidation loan. And if you meet all the criteria, your debt consolidation loan should be approved without any hassle. 

What do you need to apply for debt consolidation?

While a debt consolidation loan is available to South Africans who are over-indebted, you must meet specific requirements before being eligible for this type of loan. Here are some things you must have to apply for a debt consolidation loan. 

  • A valid means of identification
  • Three months bank statement 
  • As proof of employment, you’re required to have your most recent payslip
  • You must be 18 years or older. 

Why you should choose us

With many years of experience in this sector and have helped thousands of South Africans resolve their mounting debts, we know what works and what doesn’t. We evaluate your unique problems and offer a probable solution to get you out of debt as quickly as possible. The icing on the cake is that we handle the entire process professionally and discreetly. 

From our experience with debt consolidation, we know for a fact that things work better when we work together. To this end, we have put together a team of experts and partnered with professionals to help you make the most of your budget by combining your loans. 

By opting for our debt consolidation loan services, you’ll not only enjoy all of the awesome perks that come with debt consolidation but also be able to mix and match up to 5 loans into one. With this option on the table, you can meet all your loan repayment obligations without sweating it. 

Get your debt review journey started

There is no better time to begin your debt consolidation process than now. And since the process is as easy as applying for a personal loan, we doubt you’ll run into any problems. Simply fill the online form on our website to kick off the process. We will be more than happy to guide you.