African Bank’s Consolidation Loan stands out for individuals looking to simplify their finances. You can combine up to five loans into one, for a maximum total value of R500,000. Repayment terms range from 18 to 72 months, while the interest rate is fixed. This helps you lock in your payments and avoid unpleasant fee surprises. An added bonus is receiving 1.3% of your instalments back as Audacious Rewards points, letting you benefit further from responsibly managing your debt.

How to apply for an African Bank Consolidation Loan

Start by visiting the African Bank website or download the banking app. First, register or log in to your profile. Next, fill in the online application specifying details about your current loans. Upload any required supporting documents. Finally, review your offer, accept the terms, and submit your application for approval. No settlement quotes are required—just provide proof of payment that your old loans have been settled. You can also visit a local branch or call the call centre for assistance.

Pros of African Bank Consolidation Loan

Combining up to five loans makes payments easier to manage and may lower your monthly outlay. The fixed interest rate ensures predictability, and the Audacious Rewards programme is a unique way to earn back a portion of what you pay. You’ll also benefit from flexible terms and the convenience of managing your entire application process online or through the app at no extra data cost.

Cons of African Bank Consolidation Loan

While consolidation can improve your monthly cash flow, it’s important to consider that extending your loan term may increase the total interest paid over time. Additionally, your eligibility for the full R500,000 depends on your individual profile and creditworthiness. If you prefer face-to-face service, online application may feel less personal, although in-branch help is available.

Our verdict

African Bank’s Consolidation Loan is particularly attractive for South Africans with multiple debts seeking simplicity and the potential for lower repayments. The rewards scheme is a bonus, and the application process is efficient. This loan is best suited for those happy with fixed interest and who value managing their finances mostly online. Consider your full financial picture before committing, but African Bank’s offer warrants a closer look.