African Bank offers a Consolidation Loan that enables you to combine up to five existing loans into a single, manageable repayment. You can borrow up to R500,000, and the repayment term ranges between 18 and 72 months. With fixed interest rates and the chance to earn Audacious Rewards, this proposition stands out for South Africans seeking to simplify their debt and possibly reduce monthly outgoings.

African Bank’s Consolidation Loan provides competitive interest rates determined by your credit profile. No settlement quotes are needed in advance; instead, you only need to provide proof once your other loans are settled. The application process is accessible, as you can apply online through their app or website, by visiting a branch, or by calling their customer centre.

How to Apply Step by Step

1. Register or log in to African Bank’s online banking platform or app.
2. Complete the Consolidation Loan application form and upload required documents.
3. Await loan approval and review your agreement details, including repayment dates.
4. Once approved, provide proof that old loans have been settled.
5. Start repaying one consolidated, predictable monthly amount.

Key Pros of the Offer

One of the key advantages is that you can merge up to five loans, streamlining your finances into one easy payment. This brings simplicity and better money management.

Another benefit is the potential for lower monthly repayments, thanks to the fixed interest rate and extended repayment periods, which can greatly ease your budget pressure.

Key Cons of the Offer

While consolidating loans reduces complexity, extending your loan term could increase the total interest paid over time. Thus, it’s important to consider the total cost.

Applicants also need to provide proof of settled loans, which could delay the process if your previous lenders are slow in issuing settlement confirmations.

Our Verdict

The African Bank Consolidation Loan is a practical choice for those seeking financial simplicity. The flexible terms, potential cost savings, and digital convenience make it highly attractive, though it’s crucial to review the full cost of borrowing over the agreed term before applying.