When it comes to taking a debt consolidation loan, it’s always good to consider all your options so you can choose the best deal at the lowest rates. The facilitation loan can help you to reduce the amounts that you pay every month Watergate, as you will only have one single loan to repay.

Old Mutual

Old Mutual Finance’s loans are made to suit each individual’s financial needs, helping them to achieve financial freedom and escape the trap of bad debt. There is an easy way to consolidate your debt, with the My Money Plan.

  • The terms of the loan is 3 – 48 months
  • Qualify for a personal loan of up to R100 000.
  • Fixed interest rate at the time of the personal loan application.
  • You need to be employed for at least 3 months at the same employer.

ABSA

ABSA offers personal loans that you can use to consolidate your debt, you can take a personal loan of up to R120,000 and you can pay this over a term of up to 60 months. They have flexible loan options which is perfect to use as a consolidation loan.

FNB

With FNB’s consolidation loan options, the best rate you likely to pay would be around 11%, and the highest 32%. This depends on your risk profile. You will probably need to take Credit Life cover. Rates start at around R3 per R1000 so if you took a loan of R70 000 the premium would be at least R210 p.m.

Nedbank

Some of the benefits of a Nedbank loan include:

  • They offer a straightforward application process with friendly assistance from trained staff
  • If you qualify, the cash deposit will deposited into your bank account.
  • There are flexible repayment periods of up to 60 months, with payments debited from your bank account.

Standard Bank

Standard Bank offers a personal loan that you can use to cover your debt, and then only repay your loan with Standard Bank. This loan gives you great interest rates, which is a benefit if you have a lot of debt. Debt repayments usually come with a lot of interest, which is usually why people cannot afford high repayments over a longer period of time.