African Bank Debt Consolidation Loan
Combine your debts into one manageable payment - even if other banks have said no.
Quick Facts
What is African Bank Debt Consolidation?
African Bank debt consolidation is a personal loan designed to help you combine multiple debts into a single, more manageable monthly payment. African Bank has built its reputation on providing credit to South Africans who may not qualify at traditional banks, making them a popular choice for debt consolidation.
With loans up to R250,000 and repayment terms of up to 72 months, African Bank can help you consolidate credit cards, store accounts, other personal loans, and various debts into one fixed monthly payment. Their specialists understand debt struggles and work with you to find a solution that fits your budget.
While African Bank's interest rates are typically higher than the Big Five banks, they offer accessibility and convenience that makes them a viable option when other lenders have declined your application.
Key Features
Fees & Charges
| Fee Type | Amount |
|---|---|
| Initiation Fee | Up to R1,207.50 |
| Monthly Service Fee | R69 |
| Credit Life Insurance | Required (varies) |
| Early Settlement Fee | None |
| Failed Debit Order | R75 |
* Fees are regulated by the National Credit Act. Credit life insurance is mandatory and the premium will depend on your age and loan amount.
Example Repayment Calculation
Loan Details
- Loan Amount: R80,000
- Interest Rate: 26% p.a.
- Term: 60 months
- Initiation Fee: R1,207.50
- Monthly Service Fee: R69
Monthly Payment
Total repayment: R149,100
Total interest: R69,100
This is an illustrative example only. Your actual rate depends on your credit profile and affordability assessment. Credit life insurance is additional. Use African Bank's official calculator for accurate quotes.
Requirements
How to Apply
Get a quote
Use the African Bank website or call centre to get a quick quote based on your income and required loan amount.
Apply
Apply online through the African Bank website, call 0861 111 011, or visit any African Bank branch nationwide.
Submit documents
Provide your ID, proof of income, bank statements, and details of the debts you want to consolidate.
Credit assessment
African Bank will assess your application and affordability. Decisions are typically made within hours.
Receive funds
Once approved and contracts signed, funds are paid out within 24-48 hours to settle your debts.
Pros & Cons
Advantages
- More accessible to customers with impaired credit
- Lower minimum income requirement (R3,500)
- No existing bank account required
- Fast approval and payout process
- Available through multiple channels
- Specialists focused on helping you manage debt
Disadvantages
- Higher interest rates than traditional banks
- Credit life insurance is mandatory
- Lower maximum loan amount (R250,000)
- May have stricter affordability criteria
Frequently Asked Questions
Ready to Consolidate?
Get a quote from African Bank and see how you could simplify your debt repayments.
Apply Online Call 0861 111 011Why Choose African Bank?
- More AccessibleOptions when others say no
- Fast DecisionsKnow your status quickly
- No Account NeededThey can open one for you
Compare Before Applying
African Bank typically has higher interest rates than traditional banks. If you have good credit, compare quotes from multiple lenders first. Only choose African Bank if it's your best available option.
Compare Options
See how African Bank compares to other debt consolidation providers.
View All Providers →Ready to Simplify Your Debt?
African Bank can help you consolidate your debts into one manageable payment.