How A Capitec Debt Consolidation Loan Works
If you have multiple accounts that you are paying off not leaving you with much spending money for the month. You can take out a single loan to pay off all your other debt. You will only have one account to pay at the end of the month and hopefully with a less payment amount.
Choose how many months you want to pay to pay the loan off. The longer you take to pay off the loan the less your monthly payments will be. Remember the longer you take to pay off the debt consolidation loan the more interest you will pay.
Debt Consolidation Loan
With the rising cost of food, services, and petrol many South Africans are looking for a debt consolidation loan to reduce their monthly expenses. Taking out a loan to consolidate your debt like clothing accounts, for example, is not a bad idea.
You will save money at the end of the month. You will have to remember that the loan you take might take longer to pay off.
Keep your head the money that you save from the debt consolidation loan do not spend it or make more debt. Pay it into the debt consolidation loan you took you can pay off the loan sooner.
Capitec Bank Debt Consolidation Loan Benefits
- You only pay one account.
- Your monthly payments will be less.
- Maintain your credit profile.
- You easily manage your payments with the Capitec App.
- You can take a loan for up to R250 000 and pay over 84 months.
- Special credit insurance for loans over 6 months.
How To Apply
- Complete the online form Capitec Bank.
- SMS your ID number to 30605.
- Or visit your nearest Capitec Bank branch.
Remember to not make more debt from the money you save. Maybe take some of the money you save and pay extra into the debt consolidation loan. That way you will pay off the loan quicker. Or you can always put the money away for a rainy day.
Calculate your budget here. Remember to always calculate your budget on a monthly basis.