Category Archives: DEBT CONSOLIDATION

Debt consolidation loan

A few credit providers and financial institutions offer a debt consolidation loan. These are taken out by individuals who have incurred a individual debts, and a debt consolidation loan aims to help pay the debts off by paying only one major loan.

First let us explain what a debt consolidation loan is. You must remember that this is still a loan that you are taking out, but the advantage with it is that you take out a single loan in which you will now include all your high-interest loans such as credit card and personal loan and hire purchase debts.

Debt consolidation is mostly taken out by taking another home loan that will cover your existing debt. This leaves you with only servicing one loan with a possibility that the interest rate on this will be much lower. Credit providers will also be able to remove your blacklisting or judgement and clearing your credit record.

Another advantage is that if you are in danger of defaulting on your other payments, by taking out a debt consolidation loan you are able to immediately pay them off. To apply click here

You will have to realize that this will work for a few people and not everyone should take out such a loan. For instance if you will not be able to pay off this long term loan.

 

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FNB

FNB Debt Consolidation Loan  FNB FNB Debt Consolidation Loan

First National Bank (FNB of South Africa) offers debt consolidation through their Easy Loans product. Just like other debt consolidation loans available from other credit providers and financial institutions, FNB works in the same way as in you take out a single loan that you will pay off with one interest rate instead paying off debts with usually higher interest rates such as credit cards. This also serves to improve your credit score if you are a blacklisted individual.

As with all consolidation loans, you need to be in a pressing situation that requires that you pay off other debts immediately, although this is not a requirement, to avoid defaulting on them. Consolidating your debts helps in helping you breathe easier and manage payments by helping you make one payment for all your major debts.

FNB debt consolidation loan is calculated by First National Bank and estimates what your potential monthly repayments are based on your risk profile and other FNB loan terms.

Here is a quick guide to whether you qualify:

  • You must be permanently employed
  • You must be a permanent resident of South Africa
  • You must be between 18 and 65 years old
  • You must have a monthly take home of R700 after all your monthly financial obligations including the newly added consolidation loan

Other documentation is pretty much what you know you must bring, such as payslip and proof of residence.

You can walk into any Easy Plan FNB branch or contact them on 087 320 4321.

FNB

FNB Debt Consolidation Loan  FNB FNB Debt Consolidation Loan

First National Bank (FNB of South Africa) offers debt consolidation through their Easy Loans product. Just like other debt consolidation loans available from other credit providers and financial institutions, FNB works in the same way as in you take out a single loan that you will pay off with one interest rate instead paying off debts with usually higher interest rates such as credit cards. This also serves to improve your credit score if you are a blacklisted individual.

As with all consolidation loans, you need to be in a pressing situation that requires that you pay off other debts immediately, although this is not a requirement, to avoid defaulting on them. Consolidating your debts helps in helping you breathe easier and manage payments by helping you make one payment for all your major debts.

FNB debt consolidation loan is calculated by First National Bank and estimates what your potential monthly repayments are based on your risk profile and other FNB loan terms.

Here is a quick guide to whether you qualify:

  • You must be permanently employed
  • You must be a permanent resident of South Africa
  • You must be between 18 and 65 years old
  • You must have a monthly take home of R700 after all your monthly financial obligations including the newly added consolidation loan

Other documentation is pretty much what you know you must bring, such as payslip and proof of residence.

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You can walk into any Easy Plan FNB branch or contact them on 087 320 4321.

Consolidate your debt using your Absa Home Loan with Absa FurtherAdvance

ot many people can find this information as Absa does not directly or explicitly tell their customers that this is their Debt Consolidation plan/product. Yes, sure, you can use the money you get from this loan to pay off your other debts or make further purchases. If you would like to read up on what and how loan consolidation pleaseread here.

Absa differs from other financial institutions and credit providers in that your home has to actually be worth the entire home loan including the extra loan amount you are requesting. For example, if you have an existing home loan with Absa and it’s worth R 300, 000 and are requesting R 100, 000 then your home will have to be evaluated at worth over R 400, 000. This is according to their conditions for taking out the Absa FurtherAdvance product.

But not to fret, you can actually use these funds as you see fit (which the NCR hopes is spent well).

Debt Consolidation with SA Home Loans

 

SA Home Loans hopes you will do what they term “a switch” in order for you to have access to their debt consolidation loan. They have a rather solid track record as a lender home loan provider and claim over 100 000 clients. They give solid advice and ask their clients to consider how they will be spending the cash they get from doing a debt consolidation with SA Home Loans.

Contact SA Home Loans and ask for them to switch your home loan in order to get a home loan with them and get access to debt consolidation.

You can contact them 0860 2 4 6 8 10 and ask to switch your home loan to them. The interest rates will be discussed and calculated in their entirety so be sure to weigh their rates, it is worth it.

Switching is not as expensive as you might think and a competitive solution from SA Home Loans might save you from getting a bad credit record.

Debt Consolidation with SA Home Loans

 

SA Home Loans hopes you will do what they term “a switch” in order for you to have access to their debt consolidation loan. They have a rather solid track record as a lender home loan provider and claim over 100 000 clients. They give solid advice and ask their clients to consider how they will be spending the cash they get from doing a debt consolidation with SA Home Loans.

Contact SA Home Loans and ask for them to switch your home loan in order to get a home loan with them and get access to debt consolidation.

You can contact them 0860 2 4 6 8 10 and ask to switch your home loan to them. The interest rates will be discussed and calculated in their entirety so be sure to weigh their rates, it is worth it.

Switching is not as expensive as you might think and a competitive solution from SA Home Loans might save you from getting a bad credit record.

Clear your debt with a Debt consolidation loan

 

You can clear your debt and avoid being blacklisted by getting a debt consolidation loan from home loan providers. A debt consolidation loan is an extra loan that you take out on your home so as to pay off extra debt and avoid getting a bad credit record. This is possible because your home grows in value every year and by re-financing you are able to release some of that value and get a loan on it. You are now able to get that loan to pay off your other long term debts.

The loan that you get should be used for long term or high interest debt as this will better serve you in clearing debts and avoiding a bad credit record.

Unsecured debt consolidation loan for blacklisted people

Apply for an unsecured debt consolidation loan and brace yourself for higher interest rates. What is the difference between this type and other loans used for debt consolidation? This is an unsecured loan, which means that you as the borrower would not place any collateral with the lender. Would you later to default with the lender they would claim from your claimed assets.

This sort of loan attracts higher interest rates because this is a greater risk for lenders. This is because an unsecured loan means you as a borrower are not fronting any collateral for the loan, which naturally makes you an even higher liability, and attracts an even higher interest loan than had you taken a secured loan.

Now, if you are blacklisted and don’t have collateral like a property, this might be the perfect loan for you to take up. Of course you will have to check the pros and cons of taking such a high interest loan over a long period to clear your debts. The higher the loan amount the longer you will have to pay the loan back.

You will need the usual documentation such as South African I.D., 3 months pay slip and bank statements.

To increase your chances, most credit providers are more likely to loan you if are not under debt review, earn a monthly or fortnight wage, not be a commission earner, have a bank account that your salary is deposited into, prove your money expenses so as to show affordability.

Unsecured debt consolidation loan for blacklisted people is a solution for most people, but not everyone.

Unsecured debt consolidation loan for blacklisted people

Apply for an unsecured debt consolidation loan and brace yourself for higher interest rates. What is the difference between this type and other loans used for debt consolidation? This is an unsecured loan, which means that you as the borrower would not place any collateral with the lender. Would you later to default with the lender they would claim from your claimed assets.

This sort of loan attracts higher interest rates because this is a greater risk for lenders. This is because an unsecured loan means you as a borrower are not fronting any collateral for the loan, which naturally makes you an even higher liability, and attracts an even higher interest loan than had you taken a secured loan.

Now, if you are blacklisted and don’t have collateral like a property, this might be the perfect loan for you to take up. Of course you will have to check the pros and cons of taking such a high interest loan over a long period to clear your debts. The higher the loan amount the longer you will have to pay the loan back.

You will need the usual documentation such as South African I.D., 3 months pay slip and bank statements.

To increase your chances, most credit providers are more likely to loan you if are not under debt review, earn a monthly or fortnight wage, not be a commission earner, have a bank account that your salary is deposited into, prove your money expenses so as to show affordability.

Unsecured debt consolidation loan for blacklisted people is a solution for most people, but not everyone.

Cash loans

Cash Loans are available for people who are blacklisted, and just like normal people with good credit blacklisted people also have access to these same facilities. Unlike the main banks like FNB, Absa and others, these facilities are available through indepedent credit providers.

What can you do to increase your chances of getting a cash loan?

Start by making sure your documentation is in order. Loan lenders always must be a South African citizens between the age of 18 and 65 earning more than R3000 per month. If you earn weekly/fortnight wages, this can be calculated, the main thing is to be permanently employed.

The next important thing with cash loan for blacklisted individuals is to have proof of address. This is what most lenders require from you to grant you the loan. However, if you are under administration, under debt review, undergoing sequestration or your expenses do not meet the standards set out by the NCR, you may not qualify. But by all means, do APPLY with credit providers.

If you would like more help please go to my contact page or visit www.loansonlinesa.co.za