Debt Consolidation Loan - South Africa
Debt consolidation loans should be a first option when you are drowning in a sea of debt from the rising interest rates, increased cost of living, and credit cards that caught up with you.
Consolidating your short term debt into one loan makes even more sense with a lower interest rate. Credit cards have a high interest rate, and when your minimum monthly payment is received late by the credit card company, you’ll pay an additional fee for late payment. In South Africa it’s more or less R100 each month when they receive your payment after the due date.
Within all this commotion your credit rating goes for a loop and you find it more difficult to raise a loan.
The answer to this nightmare is to raise money through low interest debt consolidation loans.
By adding up all your outstanding debt on credit cards, car loans, and store accounts you’ll get an idea of the amount to apply for when you consider consolidating your debt.
There are two options:
The lower interest rate on your bond makes it more beneficial to extend your mortgage. There will be fees payable for the registration, but it should be minimal. (Ensure to include it in your calculations if you don’t have extra cash.)
When you don’t own property, your only option is to apply for a personal loan. The interest rates are higher, but your credit rating won’t suffer the blow it will, when you apply for debt review.
Owning property puts you well ahead to obtain debt consolidation loans, even if you have judgements or have been black listed.
We have partnered with DebtLab to assist you with raising funds to settle your debt. They are professional with high ethics and operate within the NCA and NCR guidelines in South Africa.