Debt consolidation is a tool that can help relieve you of financial stress due to multiple debt accounts. You could already be having sleepless nights or waking up in the middle of your sleep with cold sweat thinking about your payments. This stress can even start to manifest mentally and physically making you sick.
Choosing to consolidate your debts can give you that peace of mind you have been yearning for. You can sleep better at night without having to worry about the multitude of fees and interest building up on several debt accounts. Addressing your debt obligations by consolidation can lower down your financial stress drastically.
Bond Busters helps with debt consolidation needs
Part of the IDM group, Bond Busters are quite known for putting together repayment programs for South African afflicted with debt problems. The company also makes use of its financial expertise to take on even the hardest and complicated. You can also expect the most professional and expert service given by the company.
One of the unique characteristics of the company is that even if it is in the finance industry, it is not actually a lender. That might be surprising for a lot of South Africans with how they can be extended a loan for consolidating their debts. Bond Buster actually works more as a debt counselor rather than granting loans.
The idea is that you talk to financial experts who would take the time to ask you all the pertinent questions about your debt accounts. The size of your payables, the interest rate on each of them, and even what your payments total to every month. These help the experts from Bond Busters understand your need better in light of a debt consolidation program.
Their next step in the process is to look at the multitude of lenders that they have and find you a loan. The objective of which is to combine all your debts under one account. They also look to help you pay a lower amount every month. They consistently balance your need for an acceptable interest rate, repayment term, and monthly payments.
Types of loans
The company can help you find a loan from multiple partners that they have. For amounts lower than R50,000, you can be approved for unsecured loans for debt consolidation. These are basically loan types where you do not put any asset as a collateral. The lender takes on greater risk when giving these types of loan out. As such, these tend to have higher interest rates.
Another type is referred to as secured loans. These give you the chance to use an existing asset as a collateral. It can be your car, your house, any physical asset with value. The lender then puts a lien on your asset. This assures them that in case of default, they would have possession of your asset so they can recoup potential losses. These types of loans have lower rates because of the collateral. Bond Busters can also help you remortgage your house. This helps you tap into paid equity and use it to cover your debts.
Debt consolidation is just one of the services that Bond Busters offer. They also provide debt financing and clearance, short-term loans and even loans for bad credit. If you want to know more about consolidation of your debt, you can visit this article.