CONSOLIDATION LOANS INFORMATION

Please see information on Consolidation Loans below.

        

Consolidation Loans

You can take control of your debt with a consolidation loan. Please see the area below for more information.

What is a Consolidation Loan?

A consolidation loan, or debt consolidation loan, is designed to help you manage your debts. A consolidation loan is essentially taking out a loan to pay off all your debts in one go leaving you with just one reduced, low interest monthly payment.

Who can apply?

The exact criteria for these loans depends on the loan provider. In some cases you will be have to have a minimum income to ensure that you can meet the repayments. You might also have to put up an asset as collateral but this is not always the case.

Your credit score could be used to determine whether or not you are accepted for a loan.

How can I apply?

Applying for consolidation loans are easy with most providers offering fast and simple online applications. It is imperative that you research and compare loans before committing. With Which Way To Pay South Africa you can browse the different consolidation loans and compare all the different features as well as any added benefits.

Once you have found the loan that you want simply click on the 'More Info' tab to enquire further. You are under no obligation and most providers allow you to take the application process step by step so you can stop the process at anytime.

What are the Benefits?

Consolidation loans allow you to feel more in control of your spending because you will only have to deal with one monthly payment meaning that you can budget better and therefore lower the risk of getting into more debt.

If the payment is lower that what you would be paying with the combined debts, then a consolidation loan can be more affordable. Often interest is frozen and you no longer have to juggle numerous debts.

What are the Disadvantages?

In some cases these loans can end up costing more than the combined debt would do in the long term. Some might not want to take another loan to deal with what you already owe which could potentially put you at risk of getting into more debt. With these loans it is essential that you don't get yourself into more debt because the situation could easily escalate.

Consolidation loans usually require that you put up an asset as collateral such as your home or car. This means that you risk having your home repossessed should you fail to meet the requirements of the loan agreement.

        


Please note that Which Way To Pay South Africa www.whichwaytopay.co.za is not authorised to give personal financial advice under the South Africa financial regulations.

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