6 quotes for debt consolidation loan 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.

• WIll I have a lower interest rate if I take out a debt consolidation loan?

  The interest rate applied is based on your affordability and personal credit profile. Your monthly rate may be lower, but note that your consolidation loan might have a longer repayment period than your other personal loans. This could translate into paying more interest when loan terms are extended.