Debt Consolidation Loans

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Debt Consolidation Loans

Debt consolidation means taking out a new loan to pay off a number of liabilities and consumer debts, generally unsecured ones. In effect, multiple debts are combined into a single, larger piece of debt, usually with more favourable pay-off terms: a lower interest rate, lower monthly payment or both.

Debt consolidation may be a useful tool to get your financial affairs under control.

Why choose to take out a Debt Consolidation Loan?

  • Instead of having many accounts to pay each month, you’ll only have a single monthly payment.
  • You could improve your monthly cash flow.
  • We’ll do the legwork, your loan will be used to settle your retail or credit accounts, or existing loans.
  • Any money remaining you can use as you please.
  • Repayments are fixed

A Debt Consolidation Loan can be used to settle a number of smaller debts that you have, such as store cards or other loans, into one loan. By consolidating and taking a loan over a longer term you could improve your cash flow.

If you’d like to streamline your finances, a Consolidation Loan may just be the perfect financial fit for you. It is designed to simplify your finances, instead of several creditors to manage you’ll have just one. You’ll find it easier to manage payments and will save on monthly service fees and debit order costs. Interest rates are fixed making it easier to budget too.

They’ll take your personal financial profile into consideration when you apply. If your loan is approved, it’ll be for an amount that you can comfortably afford. The success of your application is subject to credit approval.

When you take out a Debt Consolidation Loan, you’ll have a single monthly payment at a fixed interest rate – and, if you’re taking the loan over a longer term, your monthly repayment could be lower. In fact, most South Africans who have consolidated their accounts with DirectAxis, you’ll be pleased to know, increase their cash flow by an average of R1 900 every month!

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