FNB offers a variety of loans that you can use for anything from a new car, to home renovations, student fees and more. But you can also take out a personal loan to consolidate your debt. This is a great alternative for people who have a lot of debt to repay every month and struggling to keep up with the rising interest rates.
Consolidation Loan from FNB
Consolidation Loan from FNB start from R2000, with flexible repayment periods of 6 to 60 months. You also need a minimum salary of R 8350 per month to qualify. You can take out a Consolidation Loan from FNB to pay off all your debt and benefit from lower interest rates with your FNB loan.
Banks like FNB do offer unsecured consolidation loans, however there are a few requirements, like having a clear credit record, and be permanently employed. You can get a consolidation loan from private companies and these amounts may vary according to your credit risk. The other type of consolidation loans you get is a secured loan. This means that you use your house or assets as security or collateral against the loan. This option is much easier to qualify for provided that you have enough equity left in your house. You also get much lower interest rates as compared to unsecured loans.
Consolidation loans are becoming more and more popular as people realise that there is an alternative to high interest rate payments every month. These loans can be taken over a longer period of time, thereby reducing the amount of money you pay per month significantly.
Consolidation loans are available at all the major banks, but there are also additional service providers who offer these loans. Always make sure that you can afford the repayment so that you don’t borrow something that will only put you further in debt.