Helping you pay off your loans

By Drum Digital
06 November 2018


You’re one step away from simplifying your life. Here are 5 benefits of getting a consolidation loan.

TRYING to settle your debt? You may want to consider debt consolidation. It’s a simple way to pay off multiple debts and combine it into one single loan. Pay off those student loans, accounts and that seemingly unending credit-card debt. And once you pay your debt, you can finally buy your dream home or car! Here are five benefits of consolidating your debt.

Reduced interest

You’ll reduce annual payment and interest rates. You’ll have to deal with one interest rate on one loan – instead of many loans that need to be paid off, which constantly increase due to interest. This can further help decrease your financial burden.

Stress reliever

You can focus on paying one source. This helps significantly when it comes to stressing about owing many different institutions. It’s also easier to manage.

Bye-bye creditors

You will pay just one creditor – instead of four or five. You’ll have one monthly payment instead of many individual ones.

No more ducking and diving 

Say goodbye to collection calls! No more monthly notices, dodging phone calls and laying low. Just focus on one loan and pay it every month.

Rebuild your credit record

Reduce the risk of forgetting and missing different payments. If you consolidate your debt and stick to the repayment amount of the one loan, you’ll be on your way to improving your credit record. You’ll also be less likely to miss a payment.

The verdict

While it isn’t a complete form of debt relief, debt consolidation helps give you peace of mind so you can pay multiple lenders then focus on paying one easy-to-manage instalment.

African Bank offers you consolidation loans tailored to your pocket, with low interest rates, flexible repayment terms between 12 and 72 months and no settlement quotes are required – they even give you a month’s break on your repayment. What’s more? It’s easy and you can even apply online!  

African Bank Limited offers financial products and services to residents of South Africa, with personal loans from R500 to R200 000 with fixed repayments over 7 to 72 months.


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