Reviews

Debt Consolidation

Combine multiple debts into a single lower monthly payment. South African debt consolidation and debt review options under the National Credit Act. A debt consolidation loan combines several existing debts — credit cards, store cards, personal loans

Found 7 reviews

DirectAxis offers a range of loans to suit your financial needs. Whether you need a personal loan, a consolidation loan, or a vehicle finance option, DirectAxis has you covered. With competitive inter…

  • ✅ DirectAxis offers competitive interest rates on their loans, making it more affordable for customers to borrow money.
  • ✅ Their loan application process is quick and easy, with most applications being approved within 48 hours.
4.0
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LoanFinder offers a variety of loans to suit your financial needs, whether you’re looking for a personal loan, business loan, or debt consolidation loan. With competitive interest rates and flex…

  • Comparison platform providing access to multiple loan providers in one place
  • Quick and simple online application without visiting a branch
4.0
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Bayport Financial Services offers a variety of loan products to meet the financial needs of South Africans. Their loans are tailored to individual circumstances and can be used for various purposes su…

  • Diverse loan products including personal loans, debt consolidation, and education finance
  • Flexible repayment terms tailored to individual financial circumstances
4.0
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Sanlam loans offer flexible and affordable financing options to meet your personal and business needs. With competitive interest rates and easy application processes, Sanlam makes it simple to access …

  • ✅ The application process for Sanlam loans is quick and easy, with minimal paperwork required.
  • ✅ With Sanlam loans, borrowers can access funds quickly, helping them to address their financial needs promptly.
4.0
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Old Mutual loans are a popular choice for South Africans looking for financial assistance. With competitive interest rates and flexible repayment terms, Old Mutual offers a range of loan options to su…

  • ✅ Old Mutual offers competitive interest rates on their loans, making them an affordable option for customers.
  • ✅ Their loan application process is quick and easy, allowing customers to access funds when they need them most.
4.0
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African Bank offers a variety of loan options to meet the financial needs of individuals and businesses in South Africa. These loans include personal loans, business loans, and vehicle finance, with c…

  • Full-service bank offering personal loans, vehicle finance, and credit cards
  • Online application with a quick approval process
4.0
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Capitec Bank offers a variety of loan options to suit your needs, including personal loans, home loans, and vehicle finance. With competitive interest rates and flexible repayment terms, Capitec Bank …

  • ✅ Capitec Bank offers competitive interest rates on their loans, making it affordable for customers to borrow money.
  • ✅ The application process for Capitec Bank loans is quick and easy, with minimal paperwork required.
4.0
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Guide: Debt Consolidation

Combine multiple debts into a single lower monthly payment. South African debt consolidation and debt review options under the National Credit Act.

A debt consolidation loan combines several existing debts — credit cards, store cards, personal loans — into one new loan with a single monthly instalment, which can lower your total interest cost if the new rate is below the blended rate of your existing debts, and simplifies your budget to one due date instead of several.

This is different from debt review (also called debt counselling), a formal process under the National Credit Act where a registered debt counsellor assesses whether you are over-indebted and, if so, negotiates reduced instalments directly with your creditors and has you declared "under debt review" with credit bureaus until your debts are settled. Debt review does not add new borrowing — it restructures what you already owe — while a consolidation loan is new credit used to pay off old credit.

Consolidation suits borrowers who can still qualify for a new loan and simply want to simplify and potentially reduce their overall interest cost; debt review suits those who can no longer meet their current repayments at all and need legal protection from creditors while a repayment plan is put in place.

To apply for consolidation you will need proof of identity, income and the settlement figures for each debt you want to pay off. Any registered lender must still run a full affordability assessment under the NCA before approving a consolidation loan, regardless of how it is marketed.

FAQ about Debt Consolidation

No. A consolidation loan is a new credit agreement you still need to qualify for under an affordability assessment. Debt review (administration under Section 86 of the Act) is a separate legal process run by a registered debt counsellor for consumers who are already over-indebted.
Only if the new loan's total cost of credit is genuinely lower than the combined cost of your existing debts, and if you close or stop using the old accounts once settled — otherwise you risk ending up with more total debt than before.
Yes, most consolidation loans can combine various credit types into a single facility, provided the total fits within what the lender's affordability assessment determines you can repay.

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