The process of getting a personal loan is something worth sitting down and thinking it through. It’s always best to have the best advice from a financial institution that is reputable. Going to loan sharks is not an option to fix or help you in the short term or long term. Their interest rates come with crippling amounts and sometimes are over 50% of the loan. Over the years the need for personal loans in South Africa has grown and it has become a market that financial institutions help out with. African bank is one of the institutions that have helped South Africans with personal loans. The bank will continue to offer services to make the life of loan seeker better. African bank has a range of loans on offer and a growing trend in the market has been consolidation loans. African bank offers this product. It is important to pay off loans in time. Consolidation loans takes out the pressure from this. You will close your debts and just focus on one loan to pay off.
African bank consolidation loans offer the following:
- A single loan designed to pay off all debts.
- Repayments terms are for the duration of 18 to 60 months.
- Installment rates and fees of different debts frees up more money.
- There is no need for settlement quotes.
- Customers can consolidate 5 different debt accounts.
African bank has a prime interest on loans. These are the type of loans that are serviced at prime interest. The interest rate has a fixed structure from the time of application. This will result in your interest rate being the same rate even if prime interest increase or decrease during the repayments of the loan. The repayments period of this loan is from 3 to 18 months and it’s from R1 000 to R20 000.
Benefits – African Bank debt consolidation loan
- Affordable repayments
- Prime rate repayments
- Repayments are up to 60 months
African bank has also credit cards on offer.
Their Gold card comes with these benefits:
- They are Internationally recognized
- Till point of sales and purchases are fee
- The first two withdrawals are free
- Credit Life insurance is available on the credit card
Credit Life Insurance is a product on African bank credit cards. The insurance covers the followings:
- Permanent Disability
- Temporary Disability
Application process for African Bank Consolidation Loans or Credit Card is simple. You can go to their website and type in your details on the online application form and you will be given an offer. You can agree to the terms or you can choose not to. When you accept a consultant will make contact with you via the phone and you can proceed with the application with the consultant.
To qualify you must meet the following criteria
- Must be over 18years old
- Produce a valid South African ID book/or card
- Must be employed and working permanently
- Must have proof of residency not older than 3 months