Struggling to keep track of multiple repayments? A debt consolidation loan combines all your debts into one.
Life doesn’t always go as planned, and sometimes that means dealing with more debt than you can comfortably manage. If you’re struggling to keep up with multiple repayments, a debt consolidation loan can help you take back control of your money.
A debt consolidation loan lets you combine multiple debts – like credit cards, store accounts or personal loans – into a single new loan.
You’ll repay one monthly amount instead of several. This can help you save money and simplify your budget.
If approved, your credit provider settles your existing debts and combines them into one loan. You then repay that loan with one monthly instalment.
Because consolidation loans often have longer repayment terms, your monthly payment may be lower – making it easier to manage. But paying over a longer period can mean paying more interest overall.
Tip: Pay extra whenever you can to reduce interest and settle your loan faster.
You can also visit a branch to apply in person.
Debt consolidation can simplify your finances – but it’s not a quick fix. A longer loan term may reduce your monthly payments, but can also increase the total interest you pay.
Before applying, make sure you:
