Ranging from small personal loans to large commercial debts, Sanlam Consolidation Loans offers unsecured loans for consolidating all your loans into one easy monthly payment. Loan amounts ranging between R4000 and R150000 are available from Sanlam Personal Loans, providing the best consolidation loans in the market. Customers can choose from a wide variety of loan schemes designed to suit individual needs. These range from home improvement loans, car loans, travel loans, education loans and debt consolidation loans to suit all purposes.
Sanlam Consolidation Loans is available for all kinds of borrowers. Small business owners and salaried individuals looking to improve or increase their financial status can benefit from these consolidation loans. Businesses that have recently expanded or are undergoing expansion can also make use of these loans. Borrowers with bad credit or borrowers without collateral can also get access to this lucrative financial option. In fact, even self-employed people can receive this type of loan.
The beauty of Sanlam Consolidation Loans is that there are no strict requirements for the borrower. No collateral is required and there are no income test or credit check. Repayment begins on the date of each repayment. There is no penalty for early repayment. Hence, there is no reason why repayments should be delayed.
The amount you can borrow depends on various factors such as your income, ability to repay and the duration of repayment. The repayment term may range from two to five years. For instance, if you earn R7000 per month, you can avail of loans for consolidation up to an additional R 9000. This is obviously a lot of money and you would not want to waste it by repaying late.
However, before you apply for consolidation loans, it is important that you clear all your other debts. Otherwise, you will have best-loans.co.za reviews to pay high interest on the consolidated loan. You also have to evaluate your financial status to find out whether or not you would be able to repay the loan installments. Most importantly, your existing debts must be cleared before you apply for the new loan.
Most banks in South Africa offer different types of loans, but most of them follow similar guidelines. Consolidation loans are usually taken to cover all your small business debts. They allow you to make just one low monthly payment to the company offering the loan instead of making numerous repayments to different creditors. This makes the repayment term very long.
The amount of interest you pay on Sanlam consolidation loans depends on the rate of interest the bank charge and the repayment terms agreed upon. Normally, the interest rate is variable and the monthly repayments made are fixed. There are, however, some banks that allow a reduction in the interest rate. The rate applied to consolidation loans is based on several factors including the size of your business and its earnings. Also, there is a surcharge added to the amount of your loan if you use your home as collateral for the loan. If you use your home as security, the surcharge is termed as a fee.
However, you should take note that there are some disadvantages in availing consolidation loans. First, you should keep in mind that your property will be at risk until the loan is fully paid off. Second, the company running the consolidation company may ask you to pay a fee for their service. Lastly, the interest rates on this type of loan tend to be higher than other loans.
With all these disadvantages, many borrowers turn to other alternatives. You can look up Sanlam Financial, a division of Citibank, for a consolidation loan. Citibank is known to have a good track record when it comes to consolidation loans. Aside from the interest rates, they also give points to certain clients who make use of their home as collateral. Aside from that, you can also lower your monthly payments with other lenders as long as you have a good credit standing.
You can get Sanlam Financial’s consolidation loans through different sources. The Sanlam website can give you more details about the various loans they offer. Other lenders include US Bank and Trust, Trustee, Sun Trust, Bank of America, Sun Trust Bank, Chase Bank, PNC Bank, Fifth Third Bank, Branch Bank, and lots of other financial institutions. When you go online to apply for a Sanlam consolidation loan, it will only take you a few minutes. You just have to provide some basic personal and financial information and the lender will do the rest.
If you want a Sanlam consolidation loan with better interest rates, you can choose the fixed-rate option. This means that once you have your initial application, you will be offered the same loan every year without having to check for fluctuation in rates. The advantage of this type of loan is that you will not be pressured into choosing a specific loan. However, you should take note that with a fixed-rate Sanlam loan, the total payment every month may be higher than with an adjustable-rate Sanlam loan.