Break Free from Debt – Consolidation Loans That Work

Loan for Debt with Swiftbanker

  • Compare multiple loan offers
  • Up to R350 000
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  • Free application without commitment

Personal Loan

Consolidation Loan

Short Term Loan

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How much do you want to borrow?

R5000
R350 000

For many years you want to borrow?

1 year
15 years
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Reprsentvative example: estimated repayments of a loan of r30,000 over 15 Years at a maximum interest rate including fees of 27,5% apr would be r1,232.82. Repayment terms can range from 1 – 15 Years. Myloan 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.

Loans for debt - Understanding everything you need to know

In South Africa, many consumers struggle with managing multiple credit obligations. Loans for debt relief aim to help individuals streamline their repayments, lower interest burdens, or access emergency cash—especially when under financial pressure.

A loan for debt can serve various purposes:

  • Consolidating high-interest debts
  • Replacing multiple accounts with one manageable instalment
  • Covering urgent bills when other credit options are exhausted
However, not all loans are available to those with impaired credit or those currently under debt review. It’s essential to understand the limitations and explore legal, regulated options.

What is a debt consolidation loan?

A debt consolidation loan merges several existing debts—like credit cards, store accounts, and personal loans—into one new loan. The idea is to reduce the total interest paid and simplify repayment. Benefits include:
  • Lower monthly repayments
  • Single due date each month
  • Potentially better terms (if credit score has improved)
Banks, credit providers, and digital lenders in South Africa offer consolidation loans, but they typically require a decent credit score and proof of stable income.

Can you get a loan under debt review?

Legally, if you’re under debt review, you are not allowed to take on new credit. The National Credit Act prohibits lenders from granting loans to consumers undergoing debt counselling unless the debt review is formally cancelled and cleared by a court.

However, this doesn’t mean you’re without options. If your circumstances have improved, you may apply to exit debt review and pursue new financing—but only once formally cleared.

Where to get a R5000 loan under debt review

If you’re searching for a R5000 loan while under debt review, be cautious. Many unregulated lenders target desperate consumers and operate outside legal frameworks. Legally registered credit providers will not extend loans to those under review. However, you may consider:
  • Asking family or friends for temporary help
  • Contacting your debt counsellor to restructure payments
  • Exploring employer salary advances (where offered)
Never borrow from illegal “loan sharks” or mashonisas, as their terms are often exploitative and dangerous.

Urgent loans while under debt review

Being under debt review and needing a loan urgently creates a difficult situation. Since taking on new debt during this period is illegal, you should:
  • Work with your debt counsellor to reprioritise your current plan
  • Request a payment holiday from existing credit providers (if possible)
  • Explore community or religious-based financial support schemes
Avoid payday lenders or loan offers on social media that promise fast approval regardless of credit status. These are often scams or illegal operators.

Loans for debt review clients: What are the options?

For those listed as debt review clients, formal borrowing options are limited. However, your best strategy includes:
  • Improving your financial stability during the review period
  • Keeping up with your restructured payments
  • Requesting early clearance once you’ve made consistent progress
Once cleared, you can apply for a personal loan or consolidation loan through a regulated provider, using your improved profile and repayment history.

Risk factors and warnings

Attempting to borrow while under debt review can worsen your financial situation. Red flags include:
  • Upfront fee scams
  • Lenders who don’t check your debt review status
  • Offers via WhatsApp or Facebook
  • Demands for access to your bank account or ID
Always verify that a lender is registered with the National Credit Regulator (NCR) before proceeding.

Debt consolidation loans for bad credit

If you’ve exited debt review but still have bad credit, some lenders may still offer debt consolidation loans—often with higher interest rates or stricter terms. Consider specialist lenders who cater to high-risk profiles. You’ll typically need:
  • Proof of stable income
  • A detailed debt-to-income ratio assessment
  • Agreement to debt restructuring conditions
Improving your credit score through timely bill payments can improve your options.

Responsible borrowing: What you need to know

Before applying for any loan:
  • Understand all fees and interest
  • Avoid balloon payments unless necessary
  • Ensure you can afford repayments without jeopardising essentials
  • Avoid rolling over short-term loans
Financial planning, budgeting tools, and professional advice from a registered debt counsellor can guide you through difficult decisions. Navigating loans for debt in South Africa requires caution, clarity, and commitment. If you’re under debt review, borrowing more isn’t a solution—it’s a risk. Instead, use this period to regain control of your finances, and plan for a stronger, debt-free future with the right guidance and tools.

Swiftbanker.za.co is a part of Lacuna Digital ApS Kvæsthusgade 5C, 5. 1251 København K. CVR: 38985981

Swiftbanker.co.za is an independent comparison services that is totally free to use. Swiftbanker is not influenced by any lender an is only copensated from loans disbursed to ensure neutrality.

© Swiftbanker ZA 2023. All rights reserved.

Swiftbanker.za.co is a part of Lacuna Digital ApS Kvæsthusgade 5C, 5. 1251 København K. CVR: 38985981

Swiftbanker.co.za is an independent comparison services that is totally free to use. Swiftbanker is not influenced by any lender an is only copensated from loans disbursed to ensure neutrality.

Loan types

Loan for

Loan amount

Short term loan

Loan calculator

© Swiftbanker ZA 2023. All rights reserved.

Swiftbanker.za.co is a part of Lacuna Digital ApS Kvæsthusgade 5C, 5. 1251 København K. CVR: 38985981

Swiftbanker.co.za is an independent comparison services that is totally free to use. Swiftbanker is not influenced by any lender an is only copensated from loans disbursed to ensure neutrality.

Loan Amount

Loan types

Loan for

Short term loan

Loan calculator

© Swiftbanker ZA 2023. All rights reserved.

Swiftbanker.za.co is a part of Lacuna Digital ApS Kvæsthusgade 5C, 5. 1251 København K. CVR: 38985981

Swiftbanker.co.za is an independent comparison services that is totally free to use. Swiftbanker is not influenced by any lender an is only copensated from loans disbursed to ensure neutrality.

Loan types

Loan for

Loan amount

Loan calculator

Short term loan

© Swiftbanker ZA 2023. All rights reserved.