Consolidation loan for bad credit

Consolidation loan for bad credit

Consolidation loan for bad credit in South Africa – Getting a loan for blacklisted at the best of times can be difficult. But trying to get a loan while you already struggling to pay your debt can be impossible. That’s were a consolidation loan can help you combine all your debt into one manageable monthly installment and still get some excess cash out to spoil yourself.

How does a consolidation loan for blacklisted clients work?

Once your application is received we do an assessment on all your accounts that you have. A affordability is done based on this information. From there we inform you how much your total loan will be, how much of your debt we can settle and the balance you will get out once all the debt are paid. Note that this is not debt review but an actual loan.

Consolidation loan for bad credit qualifying criteria:

18 Years or older

Employed

Have a bank account

Consolidation loan for bad credit

When to consolidate your debt while blacklisted?

Struggling to pay you accounts every month. Have a low credit rating due to spiraling debt. Consciously taking payday loans or using your credit card and overdraft to get through the month. These are all signs that you need to lower your monthly commitments. Don’t feel bad as you are one of many South Africans who are over indebted due to circumstances beyond our control. Just know that there is light at the end of the tunnel. 

Can consolidating my debt help my credit rating?

Yes by reducing your monthly installments your are not overcommitted and this will have a positive effect on your credit score. Also you don’t need to keep apply for small loans, increasing credit and overdraft limits which also help your credit score improve. As long as you don’t fall in the same debt trap again going forward your credit profile can recover.

Leave a Comment

Your email address will not be published.