First National Bank (FNB of South Africa) offers debt consolidation through their Easy Loans product. Just like other FNB debt consolidation loans available from other credit providers and financial institutions.

FNB works in the same way as in you take out a single loan that you will pay off with one interest rate instead paying off debts with usually higher interest rates such as credit cards. This also serves to improve your credit score if you are a blacklisted individual.

As with all consolidation loans, you need to be in a pressing situation that requires that you pay off other debts immediately, although this is not a requirement, to avoid defaulting on them.

Consolidating your debts helps in helping you breathe easier and manage payments by helping you make one payment for all your major debts.

FNB debt consolidation loan is calculated by First National Bank and estimates what your potential monthly repayments are based on your risk profile and other FNB loan terms.

Here is a quick guide to whether you qualify:

• You must be permanently employed
• You must be a permanent resident of South Africa
• You must be between 18 and 65 years old
• You must have a monthly take home of R700 after all your monthly financial obligations including the newly added consolidation loan

Other documentation is pretty much what you know you must bring, such as payslip and proof of residence.

You can walk into any Easy Plan FNB branch or contact them on 087 320 4321.