A debt consolidation loan is a product that allows you to pool all your current debts into one big loan. Credit card debt, personal loan, and other debts can be combined into just one loan for more convenient management.
Instead of handling a number of different loan interest rates, you’ll just have to deal with a single loan and interest rate. A consolidated loan also means you only need to manage one loan repayment instalment every month, instead of committing to multiple monthly payment deadlines.
If you’re looking for a trustworthy lender that can give you debt consolidation loans, consider getting one from Metropolitan GetUp.
What is Metropolitan Debt Consolidation Loan?
Metropolitan is an authorized financial service and credit provider in South Africa, with more than a hundred branches across the country. The finance company has been around for more than a century, providing accessible financial solutions to SA citizens, especially during trying times.
Metropolitan offers a range of products including education plan, funeral plan, life insurance plan, investment option, and retirement account. Debt consolidation loans are provided by another member of the Metropolitan Group under the name of Metropolitan GetUp.
Metropolitan GetUp is a new arm of the Metropolitan bank that’s designed to serve the more tech-savvy generation of South African users who are looking for a more innovative solution to address their unique financial needs. GetUp started just this 2019, but it’s already gaining ground among younger users because of its convenient online applications.
Bayport SA is the partner of Metropolitan GetUp in providing debt consolidation loans to South Africans. The collaboration enables GetUp to offer comprehensive loan consolidation solutions that help clients obtain short-term cash flow relief.
Applying for a Metropolitan GetUp consolidation loan also gives you the opportunity to negotiate more favourable loan terms. With this, you can save more from paying large interest rates and use the additional savings to make lump sum payments toward the loan.
Here are the important points to know about Metropolitan Debt Consolidation Loans:
- Loanable amount
With Metropolitan GetUp debt consolidation loans, you can get a loan amounting up to R250 000 to settle your other debts.
- Loan Term / Repayment Terms
Metropolitan GetUp consolidation loans have longer repayment periods, which is why they have lower monthly repayments compared to your previous debt accounts.
Metropolitan GetUp collects monthly payments through an automatic debit order with the bank account you provided during the application process. With insurance and savings plans, a payroll deduction can be arranged.
It’s up to you to decide when the debit order will be scheduled. This flexibility allows you to have better control in prioritizing which financial obligation or opportunity needs to be addressed first.
If ever your monthly repayment falls on a public holiday or weekend, Metropolitan GetUp will collect the payment on Friday or the day before the holiday.
Metropolitan GetUp asks for a flat interest rate with flexible terms.
Metropolitan GetUp asks for minimal administration fees and insurance payments. Consolidation loans are meant to be easier to manage and repay, which is why Metropolitan gives the lowest fees among its competitors.
Insurance is also applied to your consolidated loan. In the advent of death, disability, or retrenchment, you won’t have to worry about repaying the debt or passing on the burden of repayment to remaining family members.
An SMS will be sent in case you miss the due date of your monthly repayment. The SMS will contain a unique Pay@ number that you should use to make the late payment.
You can use your debit/credit card, Instant EFT, Masterpass, SnapScan, or Zapper account to pay for the missed payment. Alternatively, you can go to a Checkers, Game, PEP, Shoprite, or SPAR store and pay at the cashier using the code sent through SMS.
Financial literacy combined with expert advice makes clients smarter in their financial decisions. This is the mission that Metropolitan abides by, so rest assured you’re in good hands when you do business with them.
Metropolitan Debt Consolidation Loan Requirements
To apply for a Metropolitan GetUp Debt Consolidation Loan, you must satisfy the following eligibility criteria first:
- You must be a permanent resident of South Africa
- You must be permanently employed
- You have a good credit rating / credit score
- Your regular monthly income is at least R5 500
Here are the documents and other requirements you need to submit upon application:
- South African ID
- Proof of residence, i.e. billing statement not older than 3 months
- Latest payslip from your employer as proof of income
- Bank statement containing financial transactions for the past 3 months
Aside from these documents, you also need to provide your employment and expenditure details.
Before applying for Metropolitan debt consolidation loans, take note of the following points to avoid getting rejected:
- You won’t qualify for a Metropolitan debt consolidation loan if you’re under administration or debt review.
- If you’re income solely comes from a pension, insurance, or grant, you definitely won’t qualify to get a debt consolidation loan.
- If you don’t have regular work and you only earn commissions, you won’t qualify for a debt consolidation loan. Metropolitan GetUp will see you as a very risky debtor, so they won’t risk handling loans on your behalf.
Sadly, if you’re a self-employed individual or a contractual worker, you also won’t be able to apply for a debt consolidation loan. The uncertainty of getting regular income makes it hard for creditors to trust that you can repay loans on time.
Application Process for the Metropolitan Debt Consolidation Loan
To apply, register with your personal details here and activate the account through the link that will be sent to your email.
Once you’ve logged into the website, you can start filing your online loan application. Fill out the required details regarding your income, expenses, employment history, and banking information.
All info provided will be used by Metropolitan GetUp to assess whether they can approve your loan application. Your credit report will also be pulled up to check your debt affordability.
Once the application has been approved, you’ll receive a loan offer and all the terms and conditions associated with the credit agreement. You can accept it using your online account or reject it and look for more favourable debt consolidation loans.
When you accept the loan, you’ll be dealing with a consolidated loan on the next repayment period. You don’t have to worry about the additional cost of multiple loans you used to juggle around because your focus will be shifted onto a single loan.
Metropolitan GetUp makes it easy to access online statements, so you can monitor how much you must settle to pay the debt in full.
Reviews and Testimonies
Metropolitan GetUp is often praised for having friendly and attentive customer service representatives. The staff can assist you with whatever concerns you have regarding their products and services so that you’ll make the best financial decisions appropriate to your situation.
Still, there are cases wherein customers receive no feedback from the company for days. Some even had to send their documents through email several times just to proceed with the loan application process.
When it comes to customer service, expect to receive a hit-or-miss quality when you call Metropolitan GetUp. You might also have to follow up on your requests several times before they’re processed by the office.
Other Products from Metropolitan GetUp
Aside from debt consolidation loans, Metropolitan GetUp offers the following services:
- Free credit report
Credit reports are vital in applying for financial instruments. You can get one for free from Metropolitan GetUp and have it sent to your email within minutes.
- Income Protection
Unexpected life events can throw your finances off balance. In case your work gets affected to the point that you can’t regularly work like before, GetUp offers an Income Protection that can cover your expenses for up to 12 months.
- Funeral Cover
Protect your loved ones by giving them coverage in case tragedy strikes. With Metropolitan Funeral Cover, you can still provide for your family’s financial needs even if you’ve passed away.
If you have questions or concerns regarding Metropolitan debt consolidation loans, you can contact them through the following channels:
- Email: firstname.lastname@example.org
- Telephone: 0860 724 724
You can send complaints and feedbacks about the services and products offered by Metropolitan GetUp using the mentioned email address.
For more information about Metropolitan GetUp products, visit their FAQ page. If you need a search guide, there’s a ‘Help’ button on their website that makes it easier to search for terms related to your query.
You can also submit a request online for any questions or concerns regarding Metropolitan debt consolidation loans or any other services the company provides.
Although fairly new, Metropolitan GetUp is garnering support from the more tech-savvy SA population due to its full online application. Since the lender provides full online support, it’s easier and faster to apply, inquire, and communicate with them when needed.
Although there are some cases wherein the Metropolitan team fails to reach the quality of customer service expected of them, the company still manages to provide what their clients need in terms of debt consolidation and other services. You can’t get any better than what Metropolitan is offering, especially if you’re looking for a way to manage your debts easier.
You can stay up-to-date with the latest news, tips, and trends in handling finances by following the social media pages of Metropolitan GetUp. If you have questions regarding their service, don’t hesitate to contact them on any of their official channels.