If you are looking to reduce your debt repayments every month, you have the option of taking out a debt consolidation loan. This means you will have only one loan to repay and to benefit from lower interest rate meaning you will have more money in your pocket.
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.
Debt consolidation with Standard Bank is easy, as they offer a variety of credit options to you. They offer 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.
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.
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.