Nedbank Debt Consolidation Loan
With the recent recession in South Africa, the petrol increase planned for October. Many South Africans are looking to save money on bill payments. If you are paying off two to three accounts a month. Then it can be hard on your pocket. Offered by Nedbank is the Nedbank Debt Consolidation loan to assist clients if needed.
One way to reduce your monthly expense on these accounts is to look at a Debt Consolidation loan.
You have to note that a Debt Consolidation loan is different from a personal loan. A Debt Consolidation loan is mainly to pay off or consolidate your debt. The Debt Consolidation loan can only be used to pay off valid debt accounts.
You cannot use a Debt Consolidation loan to pay off a friend, family member or a money lender.
Is It A Good Idea To Apply For A Debt Consolidation Loan?
- It can be risky. You are lending money from one moneylender to pay off other multiple creditors.
- In doing this you will incur more fees lending fees.
- On the other hand, you will only have one account to pay each month.
- For the Debt Consolidation loan to be viable you will have to get or negotiate a good interest rate and monthly payment back fee.
Using Your Property To Consolidate Your Debt
- If you own a property and paying a bond then you can also look at borrowing extra on your bond to consolidate your debt.
- The value of your property must be more than what you are owning on your bond.
- You will have to be aware of the extra burden on your pocket for doing this.
- And if you are saving money on your monthly expenses then avoid by spending those savings by making more debt.
- Rather save the money or pay extra into the loans so that you can be debt-free sooner.
Applying For A Nedbank Debt Consolidation Loan
- Nedbank primary provide debt consolidation loans to its clients.
- You have to be a low-risk client to qualify for the Debt Consolidation loan.
- Nedbank will consolidate up to three loans for you.
- Visit your nearest Nedbank branch to ask for assistance to apply for a Nedbank Debt Consolidation loan.
- You can also call Nedbank General enquires 0860 555 111 for assistance.
Are You Blacklisted And Need A Loan?
Read: Loans For Blacklisted.