If you desperately need to reduce your monthly instalment on the debt you repay, consider taking out a debt consolidation loan with Standard Bank. This means you’ll have a lower amount to repay every month and avoid those high interest rates that just keep on accumulating.
What is a Standard Bank consolidation loan?
A consolidation loan can be used to pay off all your creditors at once, and then only have one instalment left to do every month. You take out a loan that will be able to cover all your outstanding debt, so that you don’t have any payments left at the end of the month. You then pay off you’re your one loan, saving you money every month.
Generally this is a great idea for people with high loan repayments, providing that you qualify for a loan and is able to afford your repayments. Taking out an ABSA loan will allow you to repay one amount, instead of multiple creditors every month.
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.
Depending on the amount of loans you have, a debt consolidation loan can save you up to 60% on your monthly payments, which will give you the much needed relief that you have been looking for. With a debt consolation loan you won’t risk getting a bad name at multiple creditors, but rather only have one loan to repay at the end of every month.
Visit www.standardbank.co.za to see what loans are available and to speak to a consultant about a customised solution for your debt repayment needs.