A debt consolidation loan allows you to consolidate different kinds of debt, like loans and credit cards, into one loan making it easier to manage your repayments.
The main benefits of this type of loan is:
- You move from having multiple loans and installments to one loan and one installment.
- You are able to negotiate a new interest rate with the loan consolidation provider which could bring in additional savings.
- A debt consolidation loan may also have loan term longer than those of your original debt, making your monthly installment more affordable.
If you need to consolidate your debt, make sure you use a reputable provider. In our blog article "Things to look out for when selecting a reputable lender" we share some valuable tips. Click here to read more: https://www.metgetup.co.za/blog/things-to-look-for-when-selecting-a-reputable-lender.