Consolidation loan
Apply for Debt Consolidation
- Consolidate between R40 000 and R300 000
- We search all service and credit providers to get the best option and quote
- The service provider will contact you to do the financial assessment
- All at zero cost
- We adhere to the requirements of POPIA
Representative example: a R70 000 consolidation loan at an interest rate of 24.0% per annum plus a once-off initiation fee of R1 207.50, monthly admin fee of R69.00, Insurance premium of R284.83, with a repayment term of 72 months would have a total cost of approximately R155 263.57 (Including initiation fees). The maximum annual interest rate (APR) on a long-term loan in South Africa is around 28.25% p.a. Repayment terms can be as long as 3 months to 72 months. LoanDirect is an online loan broker and is not a lender by any means. We work with NCR licensed institutes. Interest rates (APR) charged by lenders varies depending on your risk profile but can be as high as 28.25% and generally as low as 20% per annum with monthly service fees of R69. Initiation fee on credit facilities (credit cards and store cards), personal loans and short-term credit transactions are calculated as follows: R165 plus 10% of the amount in excess of R1 000, capped at a maximum fee of R1 050.
| Loan amount | Loan term | Interest rate(APR) | Service fee | Initial fee | Total repayment | Credit Insurance | Monthly Instalment |
|---|---|---|---|---|---|---|---|
| R250 000 | 72 | 24% | R69 | R1 207.5 | R535 181.76 | R1 004.83 | R7 433.08 |
Are you finding it difficult to manage debt obligations and living from one payslip to the other?
Debt consolidation might be all what you need to relive yourself off the stress of debit orders
What is debt consolidation?
This involves taking up one consolidation loan which combines all personal loans and credit cards into one easily manageable monthly installment.
Debt consolidation can be used as a tool to deal with over indebtedness and too many debit orders. A single installment will be paid until the debt is paid in full.
Why debt consolidation?
- No creditor or debt collector harassment
- One monthly debit order
- Frees up cash flow and eliminates the debt trap
- Slightly lower interest rates depending on your risk profile.