Paying several creditors at a go can cut down on your payslip. You could end up with a bad credit score and even wallow in debt even deeper. At times, you when you take out multiple loans, you may not be fully aware how rough it will get ahead. High interest rates, paying more in monthly payments, and probably having many bills to jungle could be straining you not only financially but also mentally.
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Many South Africans are living on the edge as the appetite for unsecured loans deepens.data by Differential Capital estimate that around 7.8 million South Africans owe about 22,000 ZAR in unsecured loans.
While there are many ways to force yourself out of debt, debt consolidation has probably crossed your mind. Debt consolidation is when you merge your existing personal loans into a single manageable debt. Instead of paying monthly fees, installments, and interest rates to different creditors you combine all into one convenient loan.
And one place you can get this unique service is at FNB bank.
Let’s talk about FNB debt consolidation SA.
You may find yourself seeking for a debt consolidation due to the following reasons:
Let’s say you are currently paying different types of unsecured loans. The loans will come with different interest rates, monthly installments, and fees. You could end up paying hefty amount when servicing the different loans. But if you convert these loans into one manageable debt, you get to pay a single installment. Also, you lower interest rates, which means you will probably means you will get to save a few rands.
Benefits you reap with FNB Debt Consolidation:
You get to save up to 20% on interest rates and fees.
It can be a real challenge to keep up with servicing the various loans you owe. When paying installments for a single loan, the interest rates are probably lower, and it is easier to manage.
When you are paying lower interest rates towards your loan, serving your loans is manageable. Because you are paying a single loan, it is unlikely to default on your payments. That means you could see an improvement in your credit score if you keep up with timely payments.
First, you must meet these three requirements:
Documents required For FNB bankers:
Documents required For non-FNB bankers
Why sail through the turmoil of servicing multiple loans when you can consolidate your loans with FNB bank? You only have to approach the bank.