African Bank offers a Consolidation Loan allowing you to combine up to five loans into one manageable repayment. You can borrow up to R500 000, with fixed interest rates and flexible terms between 18 and 72 months. This can significantly reduce your monthly expenses as you benefit from a lower consolidated repayment, and for added value, you can earn 1.3% of your instalments back as Audacious Rewards points.

How to Apply for the African Bank Consolidation Loan

To apply for this loan, start by downloading the African Bank app or register for online banking through their website. If you prefer, you can visit an African Bank branch in person or phone their Call Centre. During the application process, provide your personal details, list the loans you wish to consolidate, and submit required supporting documents. Approval typically happens quickly once all checks are complete.

Pros of the African Bank Consolidation Loan

One key advantage is the potential for lower monthly repayments, which can free up your monthly budget. The fixed interest rate locks in predictable amounts, so you’re not exposed to rate increases. No settlement quotes are required, and the process is streamlined for convenience, including the option to take a once-off break from repayments if you qualify.

Cons of the African Bank Consolidation Loan

While consolidation makes repayments simpler, loan terms may extend your overall debt period, possibly resulting in higher total interest costs. Consolidating may also lead to closing your credit facilities, reducing your credit options until the new loan is settled. Qualification criteria also apply, which may exclude some applicants.

Our Verdict: Is the African Bank Consolidation Loan Worth It?

The African Bank Consolidation Loan is an ideal choice if you’re seeking to simplify your debts, reduce monthly financial stress, and enjoy the certainty of a fixed rate. However, consider the longer repayment period before proceeding. Overall, it stands out for its flexibility, speed, and the added bonus of rewards for responsible repayment.