debt consolidation loan calculation

Finding yourself falling behind on your credit card payments? Managing multiple loans and bills on different credit accounts can be challenging, not to mention difficult to track and maintain. From additional fees, interest rates, and payment plans. It can be hard to manage your obligations to pay all your accounts. The best way to get ahead is with our simple debt consolidation loans calculator, where you can easily look into your loan’s projected long-term cost and monthly payments.

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*Representative example: Estimated repayments of a loan of R30,000 over 36 months at a maximum interest rate including fees of 27,5% APR would be R1,232.82 per month. Arcadia Finance is an online loan broker and not a lender. Our service is free, and we work with NCR licensed lenders in South Africa. Interest rates charged by lenders can start as low as 20% APR, including an initiation and service fee determined by the lender. The interest rate offered depends on the applicants' credit score and other factors at the lender's discretion.

Loan amount R100 - R250,000. Repayment terms can range from 3 - 72 months. Minimum APR is 5% and maximum APR is 60%.
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Is a debt consolidation loan right for you?

Left unchecked, your debt can cripple you further into financial hardship. Taking out yet another loan to repay the last loan. Paying one loan with another loan is not ideal. With multiple accounts to pay, you could easily fall into this trap. With several accounts, you would be paying more in fees and interest each month for each of your accounts. You may be better off consolidating your debt into a single loan from the interest rates to late fees and prepayment fees from multiple accounts. The benefit of this is that instead of paying various accounts, you pay one. Additionally, the credit provider who consolidates your debt will pay all your outstanding debts and loans whilst placing them in a singular loan repayment plan over an extended period. This significantly decreases your monthly repayments and reduces all the fees associated with each account.

About Arcadia Finance

Secure a loan effortlessly with Arcadia Finance. Our platform allows you to complete a free application and receive loan offers from up to 10 lenders. We ensure the trustworthiness and compliance of all our lending partners with the regulations of the National Credit Regulator of South Africa.

The benefits of debt consolidation

Consolidating your debt can significantly reduce your monthly loan repayments each month. Reduce the time and admin spent when paying multiple accounts. Eliminate additional fees associated with each account. The option to extend your loan term will significantly reduce the amount to be repaid each month. Consolidating your debt will lead to an affordable payment plan within your budget.

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Risks of a debt consolidation loan

While monthly repayments to your credit provider may be very affordable when your debt is consolidated, the pitfall that many South Africans make is seeing their reduced monthly payments as additional money to spend. This can result in taking out other loans and starting back at square one. Additionally, with a debt consolidation loan, the terms are usually longer than a conventional credit loan. The result is finding yourself in debt for longer and taking more risks.

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Is debt consolidation right for you?

When settling your monthly payments and finding yourself with little money left over or struggling to manage all your accounts timely. Debt consolidation could be the answer. This will save you precious time and cash regarding all the additional fees associated with each account. With the option to extend your loan term, you can significantly reduce your required minimum monthly payments each month. With reduced payments, you will find your monthly payments more manageable. This is a great financial tool to simplify and manage your debt more efficiently.