- Create an online profile on our website by following the simple steps
You can leave a request by filling out the form
- Wait for the decision
We make use of TruID – a secure platform that safely sends us your proof of income on your behalf with your consent
- Approval of the loan amount
A credit limit will be granted once we have verified your details and conducted credit checks
- Receive money
Accept your credit offer as well as the debicheck mandate and your loan will be deposited into your bank account
Fill out the client form. It is important to provide complete information otherwise you will not be able to submit your application. After submitting your application, our team will review it. We try to speed up the review process as much as possible.
1. A valid SA ID;
2. Latest 3 months bank statements;
3. A valid cell phone number.
A DebiCheck debit order is a new debit order electronically confirmed by the consumer, with their bank or service provider, on a once-off basis, at the start of a new contract that has been signed up with a company. DebiCheck is a new way in which the consumer can control how certain debit order collections are made from their bank account. DebiCheck ensures that consumers are in control of and aware of debit orders being processed to their bank account. Additionally, it provides the company or service provider that consumers are dealing with, with the comfort of knowing that the consumer has acknowledged and is aware of these debit orders.
Borrowers frequently take out new loans to pay off existing ones. However, instead of freeing up financial resources, they often find the debt bubble keeps piling up. As a result, they’re unable to pay off the original loan and end up taking on even more. Lend Plus, a non-banking credit organization, offers debt consolidation with flexible interest rates to help manage your debt. Contact us for a free consultation on our loan programs at — +27 71 868 5388.
Debt Consolidation Loans in South Africa – Simplify Your Finances Responsibly
Debt consolidation is a tool that is becoming relevant for borrowers with a large number of loans. In South Africa, the financial instrument debt consolidation allows loans to be consolidated into one, which simplifies the repayment process and reduces the interest rate.
Responsible debt consolidation through reduced servicing costs allows for more efficient redirection of funds to repay loans. Consolidation, if you are conscious of your obligations, can help you plan your budget.
Important! But it should be understood that this tool is not the only solution. Before consolidating debts, it is important to review the reasons for the accumulation of loans and develop a financial recovery plan.
What Is a Debt Consolidation Loan?
Consolidation loans is a special loan program that is used to repay multiple loans, making it easier to manage personal finances and tax burden. With this feature, the borrower consolidates debts, such as a credit line, microloan, or consumer loan.
Instead of multiple monthly payments, the client has to make one payment on favorable terms. Consolidation reduces the risk of delinquency, and reduces the burden on the budget, as you do not have to pay for servicing a large number of loans.
How Does a Debt Consolidation Work?
Debt consolidation loan works by giving the client one large loan in which all small debts are consolidated. Instead of paying for several loans, only one payment has to be made to the new lender. For example, the microfinance organization Lend Plus offers such tools.
Financial debt consolidation involves the following:
- A thorough debt analysis before merging multiple loans.
- Expert managers at our non-banking organization will help you find the loan with the most favorable interest rate.
- Finalizing the new loan and paying off your remaining debts.
This way, the client will make payments on a single loan with more convenient terms. Lend Plus managers will work with you to design a customized financial support program.
Benefits of Consolidation Loans with Lend Plus
The primary advantage of consolidation loans is reducing the financial burden, allowing for better budget management. Clients can pay off their debt at a lower interest rate.
Benefits of debt consolidation:
- A single payment, which reduces the likelihood of delinquency and the amount of fees a borrower pays while repaying multiple loans.
- Reduced interest costs. If the loan has a lower rate, the total amount of payments is reduced.
- Improved credit history. Making regular payments helps in making the financial reputation cleaner.
Lend Plus Microfinance Organization selects loan programs with comfortable interest rates.
Who Qualifies for a Debt Consolidation Loan at Lend Plus?
The microfinance organization offers best consolidation loan to adult borrowers with a stable monthly income of at least ZAR 500 and no delinquencies on current loans. A consistent income is a primary requirement at Lend Plus, a non-banking loan organization, as it indicates a borrower’s financial responsibility.
Important Considerations Before Applying
Before applying for guaranteed debt consolidation loans, carefully assess your current financial situation. First, you need to make sure that you can make timely payments on the loan.
Other points to consider:
- Next, you should assess your current debt load and calculate the amount of servicing each loan. The list should include debts on all types of credit, including cards, consumer loans.
- Compare interest rates on loans. This will give an idea of the savings that can be get through consolidation.
- Calculate your monthly income and debt-to-debt ratio in detail. Before applying for a loan, it is important to understand what percentage of your budget you’ll spend for repayment. Ideally, you should spend no more than 40% of income, if the percentage is higher, there may be additional financial problems with repayment.
You should also create a plan of action in case of financial difficulties. Before applying for a debt consolidation loan, create a strategy for making decisions in the event of force majeure, such as salary delays.
Why Lend Plus Doesn’t Offer Loans to Clients with Existing
The microfinance organization does not offer services to clients who are in arrears, because the NCO adheres to the principles of responsible credit policy. The main task of the organization is to help steadily create stable financial position. Working exclusively with borrowers who have no current delinquencies, the company reduces the risks of non-repayment of funds and helps clients avoid additional financial difficulties.
Refusal to cooperate with clients with delinquencies is also aimed at creating favorable conditions for successful debt consolidation. A consolidation loan is effective only when the borrower is able to make regular and timely payments on the new loan.
How to Apply for a Debt Consolidation Loan with Lend Plus
To apply for a debt consolidation loan with Lend Plus, a customer needs to follow a few simple steps that will help them assess their financial situation and get a decision from the company. You have to fill out an online application on the website, provide documents to prove your identity. Usually, it is a passport or other identification document.
Does Lend Plus Consider Credit History?
Credit history is one of the key factors considered when approving applications. Lend Plus checks a client’s credit rating to determine if the new loan can be repaid on time. A healthy credit history increases the chances of getting a loan with favorable terms.
What Information Is Needed to Apply?
To apply for debt consolidation, the borrower must provide passport details, scans of documents, and proof of income. A statement from the credit bureau stating whether there are outstanding loans is also required.
Why Choose Lend Plus for Your Debt Consolidation Needs?
Deciding whether you need a debt consolidation loan depends on your financial goals and current situation. If you have multiple loans with high interest rates and want to lower your overall cost of debt, consolidation may be a smart move. However, it is important to carefully consider your ability to pay off the new loan to avoid further financial problems.
Apply for a Responsible Debt Consolidation Loan with Lend Plus
Responsible financial management is a key aspect that helps to reduce your debt load. If you think debt consolidation is the right option for you, Lend Plus can offer you flexible loan terms. Apply to simplify your finances and move closer to financial stability.