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African Bank
Consolidate up to 5 loans into 1, with fixed interest and potential rewards. Lower your monthly repayments, with terms up to 72 months and credit insurance options.
African Bank offers a solution for managing multiple debts with its Consolidation Loan, ideal for South Africans looking to improve their monthly cash flow. You can combine up to five loans into a single payment with a fixed interest rate. The maximum loan amount is R500 000 with flexible repayment terms ranging from 18 to 72 months. Instead of juggling various due dates and interest rates, everything is brought together into one manageable monthly instalment.
You may also benefit from extra value, such as earning back 1.3% of your loan instalments as Audacious Rewards points. The application process does not require settlement quotes—simply provide proof once your previous loans are settled. African Bank also allows qualified applicants to take a one-month repayment break, easing your financial planning.
How to Apply: Step by Step
- Register via the African Bank App or Online Banking platform for a seamless, data-free application process.
- Provide your personal and financial details as requested within the secure digital platform.
- Submit proof of payment for settled old loans, replacing the need for complicated settlement quotes.
- Wait for approval, then sign your new agreement outlining all repayment dates and terms.
- Commence with your single consolidated repayment each month as agreed.
Key Pros of the African Bank Consolidation Loan
One of the main advantages is simplifying your financial management, with up to five separate loans consolidated into just one. This reduction in paperwork and reminders is highly convenient.
Another benefit is the locked-in fixed interest rate. You will not be affected by increases, helping you budget more confidently over the long term.
Potential Cons to Consider
African Bank’s consolidation loan is capped at R500 000, which may not be enough for those with very high levels of existing debt.
As with most consolidation loans, missing payments can negatively impact your credit rating, so you must commit to regular repayments.
Our Verdict
This African Bank Consolidation Loan is best suited to those with multiple debts who need a manageable repayment plan and a clear schedule. Features such as reward points, a payment break, and insurance cover add meaningful value. Just be sure to check that the total costs and contract conditions meet your financial needs before making a commitment.
