FNB Debt Consolidation

Save up to 20% with FNB Debt Consolidation SA

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. 

Why Consolidate your loans with FNB  

You may find yourself seeking for a debt consolidation due to the following reasons: 

• You have huge monthly loan instalments to pay.
• The interest rates on loans are Skyrocketing.
• It is getting harder to keep up with installments on loans you owe. 

How does FNB Debt consolidation work?

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:  

• interest rates reduction

You get to save up to 20% on interest rates and fees. 

• Pay one installment

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. 

• A chance to improve your credit score

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. 

What you need to consolidate with FNB

First, you must meet these three requirements:

• You must be above 18 years of age.
• You must be permanently employed or self- employed.
• Your minimum net salary should be R1800.

Documents required For FNB bankers:

• South African green-coded ID or Smart ID card.
• Your last payslip.
• Your residential address( not older than three months).
• Three months bank statements - self-employed customers should have 6 months bank statements.

Documents required For non-FNB bankers 

• Carry your green-coded ID or Smart ID if the FNB does not have it yet.
• Your residential address.

Last word…

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.