African Bank Consolidation Loan – Easier Loan Repayment Option

Overview

Between April and July 2013, over 10 million South Africans applied for loans. A March 2014 review showed that only 20% of loans are being used to pay bills. Another statistic reveals that 60% of the credit active population in South Africa is drowning in debt. For this reason, debt consolidation has become a popular method of settling debts. Many people have credit agreements with financial institutions, and at times, may struggle with keeping up to date with payments every month. This is where consolidation loans come in handy.

African Bank consolidation loans create a temporary window of opportunity for clients. They offer clients a quick and compelling solution. This option offers clients lower interest rates and gives them more breathing space by reducing repayments. Essentially, this creates one debt stream, which reduces the stress of having to run around to pay for multiple loans at the end of the month.

African Bank offers a Consolidation Loan option to individuals with a valid South African I.D., who are 18 years or older. They will need to produce proof of residence, their latest payslip as well as one months’ bank statement. Short-term consolidation options give clients 3 to 12 months to pay. R1000 to R10 000 is offered to clients on a short-term basis. African Bank Consolidation Loans are also available on a long-term basis, offering clients up to R180 000. There are 84 months to pay.

A great benefit of opting for consolidation loans is that clients have extra money in their pockets at the end of the month. As a responsible lender, African Bank encourages clients to remember that this option is a tool not a solution. The end result is determined by the decisions and actions of the person using it.

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