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African Bank

  • Debt Consolidation Loans up to R250,000
  • Low-interest starting from 15%
  • Repayment up to 72 months

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African Bank homepage
Author African Bank. Screenshot of African Bank website.
[Accessed May 11, 2023]

About African Bank

With African Bank, you can borrow, save, insure, and invest. They specialise in a wide range of financial products and services.

African Bank was originally founded in 1964 by a group of black businessmen who decided to find a way to access banking services not only for themselves but for the entire black community.

Banks didn’t fully cater to them, and they decided to take matters into their own hands. The South African Reserve Bank (SARB) has licensed African Bank as a locally controlled bank.

A variety of financial products are available

Financial freedom is something that African Bank understands. They’re committed to assisting you to usher in positive developments in your life by bringing you a variety of financial products that offer peace, reliability, and assistance.

Value that exceeds your expectations

Their commitment is solid enough to make a world of a difference while providing value that exceeds your expectations. African Bank pledges to embody its purpose in its everyday interactions. The term humanity through banking has roots in them serving humans generously over the years.

African Bank’s Core values

  • Transparency - African Bank ensures that all their interactions with their customers are conducted in an open and honest way, whether that’s through verbal or written communication. They’re open to factoring in different perspectives while being committed to respectfully expressing their own.
  • Creativity - Their willingness to observe situations in an innovative and fresh way helps them find solutions and enhance people’s lives.
  • Collaboration- African Bank uniquely collaborates with like-minded, talented people who in turn benefit the entire team. This teamwork is what creates the magic that they’re consistently striving for.
  • Empathy - African Bank strives to put itself in its customer's shoes. Understanding people and offering compassion and support are embedded in their core value system.
  • Sustainability - African Bank is committed to transforming because they believe that adapting enables growth and innovation. Characteristics that are in accordance with high standards assist them to deliver the best products and services.

African Bank Services

If you’re finding it hard to make ends meet every month, and you’re seeking a solution on how to get out of debt quickly, a debt consolidation loan could be the best remedy for you.

You’ll need to be disciplined and committed to making this process work for you. By taking out a debt consolidation loan from African Bank, you can combine up to 5 loans into one.

Combine up to 5 loans as one package

Things have a funny way of working out when we work together, as opposed to doing everything on our own. That’s the same way the debt consolidation loan from African Bank works.

You’re granted the option to select and combine up to 5 loans to roll into one simple and affordable consolidation loan of up to R350 000. This may leave you with extra money at the end of the month and a lower repayment.

The benefits of debt consolidation

There are numerous benefits you stand to receive when you apply for African Bank’s debt consolidation loan. Make the boldest of moves by settling multiple debts and saving yourself some money.

  • Save on interest - Having so many debts means that each one of those debts comes with its own interest rates. This makes you end up paying too much each month. Fortunately, with a consolidation loan, all your debts are combined into one payment, leaving you with one fixed interest rate.
  • You get to pay a lower instalment - Debt problems and financial worries are more common than you might think. Your salary is used to pay off all your debts, leaving you broke and unsatisfied with your life. A debt consolidation loan from African Bank can assist you to pay up your outstanding debts and still have some money left for other important things.
  • If you are paying many debts to different creditors; a debt consolidation loan combines all these debts for you to pay only one creditor.
  • Your credit score improves - Not paying your debt repayments every month can be detrimental to you as this negatively affects your credit score. Choosing to combine all your debts into one reduced monthly instalment, will be a much simpler way to ensure all your accounts are paid off every month, hence giving you a healthy credit score.

African Bank – Consolidation Loan

  • Loan Type Debt Consolidation Loans
  • Interest Rate 1527.5% p/a
  • Loan Amount up to R250,000
  • Repayment 18 months to 72 months

Benefits of African Bank

  • Affordable repayments terms
  • Competitive interest rates
  • Easy online application process

Qualify for a debt consolidation loan from African Bank that suits your needs

Managing your finances can be complicated. African Bank plans to ease off all their customers' debt by offering them a broad range of payment options they can choose from while taking out their debt consolidation loan.

Documents needed to apply for a debt consolidation loan from African Bank

  • Latest proof of income. For example, your latest payslip
  • South African ID showing you’re of the legal age of 18 years and above
  • Latest 3 months' bank statement showing at least 3 salary deposits

5 easy steps to qualify for a debt consolidation loan from African Bank

  1. Fill in your personal details
  2. Fill in your financial details
  3. You’ll receive a one-time pin
  4. Receive your offer
  5. Application is complete

What else should you know about African Bank’s debt consolidation loan

  • Flexible terms - African Bank offers repayment plans that start from 12 to 72 months, helping you improve the way you manage your cash flow.
  • Lower repayments - Stop paying hefty interest rates and stick with one fixed interest rate and reduced fees.
  • Easy process - There’s no need for settlement quotes.
  • You get to choose when to have a break - You are given an option of choosing a break from paying your repayment.

How monthly repayments can be made

  1. Make payment at your nearest branch
  2. Pay with your Visa or Mastercard
  3. Eft payments
  4. Debit order
  5. Pay directly at the store
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African Bank is a trusted & reliable provider of debt consolidation loans

In our review, African Bank adheres to the compliance criteria in accordance with the National Credit Act, where the granting the loan will not cause financial distress to the consumer.

✅ African Bank is a registered credit provider in South Africa: NCRCP7638

African Bank Contact

Physical Address

Postal Address

  • Private Bag x170, Midrand, 1685, South Africa

Opening Hours

  • Monday 08:00 – 17:30
  • Tuesday 08:00 – 17:30
  • Wednesday 08:00 – 17:30
  • Thursday 08:00 – 17:30
  • Friday 08:00 – 17:30
  • Saturday – Closed
  • Sunday – Closed