Loan Consolidation
Say goodbye to the stress of juggling multiple payments. With a consolidated loan, you can simplify your finances by combining your loans into one easy payment, freeing up your money to go further.
R
3 000
MINIMUM MONTHLY INCOME
R
300 000
*
MAXIMUM LOAN AMOUNT
12 TO 84
MONTHS TO REPAY
Personalised
INTEREST RATE
*
T&Cs apply
Some of the benefits
Quick online application
Easily apply on our Banking App and get a quote in minutes
Lower repayments
Gain more control of your finances with a possible lower monthly instalment
Access extra funds
By consolidating your loans, you have the option to apply for additional funds when you need it most
No initiation fee
Consolidate your loans at no additional cost
How it works
- Choose which personal loans you want to combine into a single, new loan ·
- These loans can be held with us or other credit providers
- You may apply for additional funds as part of consolidation
- We manage the settlement payment process for you, so you don’t have to stress about the admin
- You will earn UCount Tiering Points for your new loan
- Your loan can be insured for disability, retrenchment, dread disease, death, or inability to earn an income
Qualification criteria
- be 18 years or older
- be a South African citizen or permanent resident
- meet the minimum monthly income of R3 000
- have at least 1 personal loan from Standard Bank or other credit providers
What it cost
- Monthly service fee: R69
- No initiation fee
- Personalised interest rate
How to get it
Apply on the Banking App:
- Sign into your Banking App
- At the bottom of your home screen, tap on “More”
- Select “Open or Add an account”
- Select “Personal Lending”
- Tap on “Loan Consolidation”
- Select “See what you can get”
- Follow the prompts and we will call you back
Alternatively, you can contact your Banker or visit your nearest branch for assistance.
*T&Cs apply. The offer will only be shown to you if you qualify to consolidate your loans.
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How it works
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Qualification criteria
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What it cost
-
How to get it
- Choose which personal loans you want to combine into a single, new loan ·
- These loans can be held with us or other credit providers
- You may apply for additional funds as part of consolidation
- We manage the settlement payment process for you, so you don’t have to stress about the admin
- You will earn UCount Tiering Points for your new loan
- Your loan can be insured for disability, retrenchment, dread disease, death, or inability to earn an income
- be 18 years or older
- be a South African citizen or permanent resident
- meet the minimum monthly income of R3 000
- have at least 1 personal loan from Standard Bank or other credit providers
- Monthly service fee: R69
- No initiation fee
- Personalised interest rate
Apply on the Banking App:
- Sign into your Banking App
- At the bottom of your home screen, tap on “More”
- Select “Open or Add an account”
- Select “Personal Lending”
- Tap on “Loan Consolidation”
- Select “See what you can get”
- Follow the prompts and we will call you back
Alternatively, you can contact your Banker or visit your nearest branch for assistance.
*T&Cs apply. The offer will only be shown to you if you qualify to consolidate your loans.
Frequently asked questions
What does loan consolidation mean?
Loan consolidation allows you to combine and switch up to 3 personal loans into one new loan. Through a streamlined process, your old loans are settled using the new loan, helping to simplify your repayment schedule. Instead of juggling multiple monthly payments, you’ll only have a single payment to focus on.
Additionally, if you need extra funds for a new opportunity or emergency while managing your existing loans, loan consolidation can give you the extra cash you need without adding an extra debit order and associated fees.
Additionally, if you need extra funds for a new opportunity or emergency while managing your existing loans, loan consolidation can give you the extra cash you need without adding an extra debit order and associated fees.
Is a loan consolidation worth it?
Yes, if you’re juggling multiple loans and qualify for consolidation, you can potentially lower your overall monthly fees and simplify your payments.
What is the difference between loan consolidation and debt relief?
Loan consolidation is ideal if you’re generally managing your monthly budget well, but you want to simplify your repayment schedule and potentially reduce monthly fees.
Debt relief is suited for situations where you’re struggling to repay existing loans, and involves restructuring debt to make payments more manageable. A specialist may recommend various solutions, such as extending loan terms, re-spreading arrears, offering payment holidays, or incorporating more complex debt consolidation when appropriate.
As an example, the estimated repayments of a Loan Consolidation of R30 000 over 36 months at an interest rate of 24.75% would be R1 423 per month. This includes the monthly service fee of R69 and the once-off initiation fee of R1 207.50 (VAT inclusive). Our interest rates are personalised up to a maximum of prime plus 17.5% as per the NCA regulation. T&Cs apply. This example is representative and for illustrative purposes only. It does not constitute a contract. Repayment rates are personalised and may vary.