Consolidation Loans:

Simplify and save with a LoanGIANT Consolidation Loan.

You get these benefits:

• A single service fee and credit protection plan.

• A single fixed monthly payment.

• Lower monthly payments on your qualifying credit; consolidating debt frees up cash.

• Our experienced team will handle the admin of settling your credit commitments.

• You could qualify for further cash in your bank account.

• A fixed loan term that avoids the cycle of revolving credit. 

What is a Consolidation Loan and how does it work?

Your qualifying accounts are reduced into one single monthly payment at a fixed interest rate. A Consolidation Loan is designed to simplify your finances, so instead of having several lending and credit accounts to manage, you’ll have just one. LoanGIANT handles all the admin of settling your accounts for you. You may also qualify for further monies.

Apply online today to see if you qualify.

Frequently Asked Questions

Why should I use LoanGIANT to consolidate my accounts?

With over 25 years’ experience in providing leading financial services to South Africans, LoanGIANT is an Authorised Financial Services and Registered Credit Provider (NCRCP20), and a business unit of FirstRand Bank Limited.

LoanGIANT will handle all the admin of settling your lending and credit accounts for you, giving you peace of mind.

 

How will a consolidation loan improve my cash flow?

When consolidating debt, your monthly repayment of the qualifying credit will be lower than you are currently paying. Most South Africans who have consolidated their accounts with LoanGIANT increased their cash flow between R1 000 and R1 500 every month. 

 

When should I consider consolidating debts?

If you’re left with very little cash each month after all your qualifying lending and credit accounts have been paid, consolidating debt can be helpful. It’s a financial tool that’s used by businesses and many financially savvy people to simplify their financial affairs, save on administrative costs and free up cash. It's especially helpful in tough economic times.

 

How will LoanGIANT settle my debts?

We’ll let you know for how much your accounts will be settled and will handle the settlement on your behalf. It's your responsibility and will be in your best interest not to re-open or continue to use these accounts.

 

Does debt consolidation affect my credit score?

Debt consolidation stands to benefit your credit score since you’re less likely to miss the repayment of a single loan instead of many individual accounts. However, debt consolidation is only the first step to improving your financial health. The next step is to improve your credit score rating. A poor credit score will negatively impact your chances of getting financial assistance in the future, making it difficult to rent or buy a home, take out a loan or even secure vehicle finance.

 

To get you started, sign up for CreditKnow. CreditKnow is a FREE and secure financial wellness tool that allows you to check your credit score rating and learn how to improve it.

What other benefits can I expect with debt consolidation?

• You’ll have the convenience of paying a single, fixed monthly payment; plus, a single service fee, and a credit protection plan.

• The Personal Protection Plan will settle your outstanding loan balance in the event of your death, permanent disability or certain dread diseases.

• Your monthly repayment of the qualifying credit will be lower than what you’re currently paying. 

• You may also have the chance to put further monies you may qualify for to good use.

 

What type of accounts can I consolidate?

LoanGIANT will review your credit profile and determine which accounts are eligible for debt consolidation on a case-by-case basis. Qualifying accounts usually include a range of loans (excluding home loans), credit cards, and retail accounts.

 

What do I need to apply for a debt consolidation loan?

A good credit record.

A regular monthly income of at least R5 000.

If you meet those criteria, then you’ll need to supply us with:

• The details of your bank account into which your salary is paid.

• Your last 3 months’ payslips or bank statements.

• A clear copy of your ID document.

• A recent document confirming your residential address.

 

Loans are subject to the National Credit Act No.34 of 2005. All loan applications are considered and are subject to credit approval. The interest rate with regards to a LoanGIANT Personal Loan varies between 26.75%** an 27.5%** per annum (compounded monthly). All loan includes a once-off initiation fee of up to R 1 207.50** and a monthly service fee of R69.00**. our rate and initiation fee will be determined according to your personal risk profile. For illustration purposes, the figures in this table are calculated at an interest rate of 27.5% per annum. The repayments indicated also include a monthly premium for the Personal Protection Plan of R3.50** per thousand of your loan or part thereof. ** Rates and fees are current as of 19 April 2018 and are subject to change at the discretion of LoanGIANT.

 

Personal Loans Contact us: 078 734 8045 CustomerCare@LoanGIANT.cash *All insurance products are offered by BetterLife Distribution Services Propriety Limited, an authorised financial services provider (FSP Licence No. 24015).

 

BetterLife Protection policies are underwritten by Old Mutual Alternative Risk Transfer Limited, a registered long- term insurer, and administered by IUA Business Solutions (Pty) Ltd (FSP Licence No. 15737), an authorised financial services provider. Short-term insurance policies are underwritten and administered by Auto and General Insurance Company Limited, an authorised financial services provider (FSP Licence No. 16354) Loan FAQ’s Naturally, the thought of signing up for a personal loan must come with numerous questions. To help you find the answer you’re looking for as quickly as possible, we have a list of our most frequently asked questions, along who their answers below. If you can’t find what you are looking for, feel free to contact us directly.

 

Q How do I receive the cash from my loan?

A On approval and acceptance of your loan, we transfer your loan amount directly into your bank account.

 

Q Should I take out insurance to cover my loan?

A “Yes, absolutely!” every LoanGIANT Loan includes a Personal Protection Plan, which settles your outstanding loan balance in the event of your death, permanent disability or certain dread diseases. It also provides limited cover in the event of temporary disability and should you be retrenched, a once-off payment equal to six instalments will be paid put to you. Of course, you’re free to substitute the plan with a policy of your choice, providing the cover is equivalent.

 

Q As a South African citizen, do I require a bank account to take out a loan?

A To qualify for a loan, you must have a South African bank account into which your salary is paid.

 

Q Can I be refused a loan?

A All requests are considered, but your final loan amount will be based on your personal financial profile and is subject to credit approval.

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Q Do I have to provide collateral to secure my personal loan?

A No you do not. Personal loans are unsecured.

 

Q Are there any restrictions on what I use my personal loan for?

A There are no restrictions on how you use your personal loan. The money is deposited directly into your bank account, and you can use this money how you choose.

 

Q How do I apply for a personal loan?

A If you are interested, simply complete your details on the online application form to start the process. If you meet our application requirements, an expert loan consultant will be in contact with you to complete the full application over the phone.

 

Q How much can I burrow?

A Loans range from R5000 to R150 000 in increments of R1000. The amount you qualify for is based on your personal financial circumstances and subject to credit* approval.

 

Q What are your repayment terms?

A Repayment terms are between two and six years and are FIXED for the full term of your loan.

 

Q What can I use my personal loan for?

A Your personal loan can be used for any home related or other expenses including:

• Bond registration costs

• Water and electricity deposits

• Moving costs

• Deposit shortfall

• Transfer duty

• Attorney fees

• Any additional items to make your house a home

• Other personal expenses

 

Q How quickly can I get my money?

A Should you be able to provide all the required information when applying for your loan and your application is approved, you will get your cash in next to no time.