6 quotes for debt consolidation from local Pros

Frequently asked questions

• Am I eligible for a debt consolidation loan?

  You may not qualify for a debt consolidation loan if you have already defaulted on repayments or had judgments against you. If that is not the case, you still have to meet certain qualifications: they vary slightly from provider to provider, but in general you must be between ages 18 and 60, you must be a citizen of South Africa, your income must be a certain amount (usually at least R2500 per month), and you must be permanently employed at the same employer for a certain amount (usually at least 3 months).

• When should you consolidate your debt with a loan?

  If you have a few loans or credit accounts to pay off, you can make repayment easier by bundling all your debt into a single debt consolidation loan. This reduces your admin fees to one and allows you to restructure your debt. Be mindful that your consolidation loan might have a longer repayment period than your other personal loans.

• What is the maximum duration I can take my consolidation loan for?

  Debt consolidation loans are typically offered as unsecured loans over terms from 12 to 72 months.

• What are the benefits of debt consolidation?

  Debt consolidation reduces your multiple debt repayments to one, therefore it simplifies repayments and makes it easier to budget. Moreover, debt is reduced through lower interest rates and longer terms.