Getting a Sanlam Debt Consolidation Loan

loans-for-blacklisted-people

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.

Debt Consolidation Port Elizabeth

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
  • BONDS

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.

Capitec Bank personal loans

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

Apply online for a debt consolidation loan

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!

Debt Consolidation Loans available in South Africa

loans-for-blacklisted-people

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.

Unsecured debt consolidation loan for blacklisted people

debt consolidation loan

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.

Clear your debt with a Debt consolidation loan

debt consolidation loan

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.

Debt Consolidation with SA Home Loans

loans-for-blacklisted-people

SA Home Loans hopes you will do what they term “a switch” in order for you to have access to their debt consolidation loan. They have a rather solid track record as a lender home loan provider and claim over 100 000 clients. They give solid advice and ask their clients to consider how they will be spending the cash they get from doing a debt consolidation with SA Home Loans.

Contact SA Home Loans and ask for them to switch your home loan in order to get a home loan with them and get access to debt consolidation.

You can contact them 0860 2 4 6 8 10 and ask to switch your home loan to them. The interest rates will be discussed and calculated in their entirety so be sure to weigh their rates, it is worth it.

Switching is not as expensive as you might think and a competitive solution from SA Home Loans might save you from getting a bad credit record.

Debt consolidation using Standard Bank Further Advance (2nd bond)

loans-for-blacklisted-people

If you have a home loan with Standard Bank you may take out what they term the Standard Bank Further Advance, which as they sort to explain as a  second bond. Just like other such loans you can use it to consolidate your debts.

Standard Bank Further Advance is a second bond that you register with Standard Bank and use to gain access to a money that you can use to pay off your debts, i.e. to consolidate your debts under one lower interest loan. Although it’s unlikely that Standard Bank will ask you what you will do with the money they might check that you will be using it wisely to avoid them getting into trouble with the NCR.

Some people confuse the Further Advance product with Re-Advance product. With Further Advance you can use the money for anything else you would like, but with the Re-Advance you use it to make alterations and improvements to your current property, but this will require that you give supporting documents like approved building plans and quotations. This is the only difference between these two products so make sure you choose the correct product so as to consolidate your debts with Standard Bank home loan.

If you would like to read more about how best to consolidate your debt please click here.