Nedbank offers a loan consolidation product that allows South Africans to combine multiple loans into a single, easy-to-manage account. You can borrow from R2,000 up to R400,000, with repayment terms ranging from 6 months to 7 years. Interest rates for qualified applicants start at 18%, depending on your financial history and risk profile. Having all your repayments under one arrangement helps lower your monthly instalment by reducing duplicated admin fees and possibly qualifying you for a better interest rate.

How to Apply: Step-by-Step

1. List all the loans you wish to consolidate, including the amounts still owed.
2. Estimate the total amount – between R2,000 and R400,000 – you need to consolidate.
3. Go to Nedbank’s loan consolidation online calculator and fill in your details.
4. Choose your preferred repayment period from 6 to 84 months.
5. Submit your information and, if qualified, proceed with the application for a fast decision.

Key Advantages

One key benefit is consolidating your debts into a single repayment, making budgeting and cash flow management simpler. Monthly fees are reduced, and you can save on admin costs.

Nedbank’s interest rates are competitive within the industry, especially if your credit score is strong. Flexible loan terms of up to 84 months make it possible to tailor monthly payments to your budget.

Considerations and Drawbacks

As with any credit agreement, your risk profile and creditworthiness determine your interest rate. Those with poor credit may see higher rates, up to 28% or more.

Total repayable amounts over long loan terms can end up being much higher than with shorter agreements.

Verdict: Worth Considering?

Nedbank’s loan consolidation offer is a practical choice for those managing several debts, thanks to competitive rates, flexible terms, and fast digital application.

However, ensure you understand the total cost before applying and confirm you can manage monthly repayments comfortably within your budget.