Get debt-free with a debt consolidation loan. Are you disciplined enough to take on a debt consolidation loan? Debt consolidation can help people who are in debt to take back their financial lives!
Getting a debt consolidation loan is easier than it looks, with just a few things to consider first:
- Are you a home owner?
- Do you own any other assets?
- Are you fully and permanently employed?
- Do you receive your monthly salary in a bank account?
Then you stand a chance of securing a debt consolidation and start living a debt free life.
One of the first things you will need to do when you get yourself a debt consolidation loan is to change your spending habits by drawing up budgets and sticking to them. It sound easy but this is the first thing that can trip people who have just qualified for debt consolidation loans.
Nedbank offers debt consolidation loans, debt management plans and other financial planning tools. But specifically to get yourself a debt consolidation loan with Nedbank, whether you’re a client of theirs or not.
First debt consolidation loan you can get is by applying for their credit card in order to do a balance transfer. You can apply for credit card such as a green back card and transfer balances from other banks into the Nedbank credit card. Or more like pay off everything else and pay off this card at the current advertised rate of 3 to 36 months at an interest of 13.4%, but of course do read your terms and conditions.
Secondly try this method of Nedbank debt management: If you have property that you can put up as collateral, why not apply to re-mortgage your home. This way the extra money that you get you can put into your home. Although this is a risky move, as you will essentially be pushing your debt into another debt vehicle, you can pay this off quicker and with lower interest rates. If you increase the amount you pay per year you can pay this debt off safely without having to get into trouble with the credit regulators.
Tip: apply for debt consolidation with as many companies as you can and match their interest rates and terms.
Apply here for your debt consolidation loan!
This website talks at length about how a debt consolidation loan works, and Sanlam, like other financial services providers, is able to offer you a debt consolidation loan. Sanlam debt consolidation loans work through your home loan.
So how are you able to get a consolidation loan from Sanlam? Through re-financing your home. If you own your own home you will be able to re-finance your bond and use that extra cash to pay off big ticket items such as high interest especially at the current 2013 interest rates. This can also include the furniture you bought on hire purchase, you can pay them off and reduce your payment on them.
Are you able to be financially disciplined enough to take on a debt consolidation loan? Because that is the advice Sanlam debt consolidation loans demand, or any other consolidation loan for that matter. But unlike other companies that offer debt consolidation, Sanlam really thinks you should give it more thought. This is because a debt consolidation loan is a great tool if you use it properly. Now, I’m certain you have said to yourself that you will surely take better care of your financials and not come close to ruin again, but discipline is more than just making a promise to yourself and it is about actually changing the way you deal with money.
As always, it’s good advice that you apply with more than one lender so as to compare rates. You can be successful with one debt consolidation loan but fail with the other, so read up on how you can qualify.
Struggling to find debt consolidation loans in Port Elizabeth? The Friendly city not so friendly towards your dream of consolidating your debt? Apply here online for debt consolidation and get help with your debt from anywhere in the country. How will debt consolidation help you? Debt consolidation will help you pay those high interest debts by getting you one loan with much lower and longer term loan.
So, even if you are in P.E. you can get help lowering payments on:
- STORE CARDS
- CREDIT CARDS
- PERSONAL LOANS
- BANK OVERDRAFTS
- HIRE PURCHASES
Debt consolidation loans can also help you get lower your risk on getting a bad credit record by paying off that loan you struggling to pay and already are late on.
You can get a secured debt consolidation loan or an unsecured debt consolidation loan, depending which one you are able to afford. Remember that you will have a debt consolidation loan is an actual loan so you will still have to be credit worthy to be approved for a debt consolidation loan.
If you do not qualify or are just too far with your debt, you can apply for debt help here, where you can apply for debt review and debt counselling.
Get up to R 230,000 personal credit with Capitec Bank. Capitec Bank offers its customers who are on its Global One product to apply for a personal loan of up to R 230,000 and pay it off in 84 months. You can get a loan within 20 minutes of application. The bank will also contact you to tell you whether you have been approved or declined for the personal loan.
What do you get with this?
- The money will be available in your transaction/savings account immediately after approval
- Fixed monthly repayments
- You are able to consolidate all your existing loans for easier using this loan
- You also get Free retrenchment and death cover from Capitec Bank
When applying for a Capitec Bank personal loans please remember:
- Your South African ID book
- An original proof of residence such as your municipality bill
- Your latest salary slip or salary advice
- A 3-month bank statement
Capitec bank also prides itself on being transparent and they publish how much you will pay for their loans. Here is a list of examples of loan repayments: http://www.capitecbank.co.za/personal-banking/credit/rates
To Apply for a personal loan click here
Absa Bank is running a promotion where you can get an Absa debt consolidation loan with them by consolidating your debt onto your Absa credit card. You could qualify to pay an interest rate of only 8,8% for the first 8 months with your Absa consolidation. The offer will end 30 June 2013, and as usual please read through and understand their terms and conditions for taking their consolidation loan.
If you don’t have a credit card with Absa, you can still apply for the credit card to enjoy this debt consolidation loan, but you will be charged an initiation fee and monthly service fee. Find out more about this promotion by going to http://www.absa.co.za/Absacoza/Offers/Promotions/Balance-Transfer or by calling 0861 46 22 73.
There are other ways to get Absa debt consolidation. Absa Bank is considered to be one of the four big banks in South Africa, and just like the other banks you can get an Absa debt consolidation loan through their Absa Further Advance product.
When you apply for a debt consolidation loan, there are a few thing that websites ask for when you apply for a debt consolidation loan online (keep this information handy when you apply):
- Whether you are blacklisted
- Your personal information such as marital status and ID number
- You banking details, including your bank account details
- Employment details such as employee number, frequency of salary
- Income. Gross/Nett income, expenses (calculate these carefully)
- Spouse/next of kin information. This is to verify other information
As always with loans, you should have the following documents:
- South African ID
- Salary slip
- Proof of address
- 3 months bank statements
Before all of this is sent out, make sure that you have agreed to their terms and conditions, and you are happy with the interest rate that they will charge you. Getting a debt consolidation loan can be can be simple, and how you can get it is also explained here.
To apply please go here!
There are a lot of debt consolidation loans for South African citizens, the trick is getting an affordable consolidation loan that suits you as an individual. A warning that is always given to people who would like to consolidate their debt is that they should realize that they are actually taking out another loan, which means their debt has not magically disappeared but rather that it is now a lot more manageable.
This is because consolidating a loan means you are taking a loan so as to pay off your existing loans that have a higher interest rate and you are putting your debt into one manageable loan that has a lower interest rate and, because it is mostly over a long period, a longer period to pay your debts off.
And which consolidation loans are available in South Africa?
They are the secured loans, where you have to have collateral like a house (and depending on who you talk to you can put in your pension, etc., and other sure finances as collateral). Credit providers who give these loans are mostly the big financial institutions like Absa, FNB and Standard Bank. To read more on how this is done follow this link.
The next is an unsecured loan, where you do not have collateral like your own home or secured finances. This, and you will find this out when you visit credit providers, is the most risky for lenders. Follow this link to find out more about it.
At the end of the day you do not need to despair about finding loans available to consolidate your debt tailored especially for you.
To apply please Click Here.
Apply for an unsecured debt consolidation loan and brace yourself for higher interest rates. What is the difference between this type and other loans used for debt consolidation? This is an unsecured loan, which means that you as the borrower would not place any collateral with the lender. Would you later to default with the lender they would claim from your claimed assets.
This sort of loan attracts higher interest rates because this is a greater risk for lenders. This is because an unsecured loan means you as a borrower are not fronting any collateral for the loan, which naturally makes you an even higher liability, and attracts an even higher interest loan than had you taken a secured loan.
Now, if you are blacklisted and don’t have collateral like a property, this might be the perfect loan for you to take up. Of course you will have to check the pros and cons of taking such a high interest loan over a long period to clear your debts. The higher the loan amount the longer you will have to pay the loan back.
You will need the usual documentation such as South African I.D., 3 months pay slip and bank statements.
To increase your chances, most credit providers are more likely to loan you if are not under debt review, earn a monthly or fortnight wage, not be a commission earner, have a bank account that your salary is deposited into, prove your money expenses so as to show affordability.
Unsecured debt consolidation loan for blacklisted people is a solution for most people, but not everyone.
To apply please go to our loan consolidation page.
You can clear your debt and avoid being blacklisted by getting a debt consolidation loan from home loan providers. A debt consolidation loan is an extra loan that you take out on your home so as to pay off extra debt and avoid getting a bad credit record. This is possible because your home grows in value every year and by re-financing you are able to release some of that value and get a loan on it. You are now able to get that loan to pay off your other long term debts.
The loan that you get should be used for long term or high interest debt as this will better serve you in clearing debts and avoiding a bad credit record.