Debt consolidation is the process of combining all your existing debt into one consolidated loan which provides many benefits to you as a consumer, such as a single loan repayment for all your existing debt loans at a reduced cost for an extended repayment period. Learn more

If you feel like you’re drowning in a sea of bad debt, a consolidation loan can be your rescue, provided that you are ready to become more responsible with your finances and commit to getting out of debt. Applying for a debt consolidation loan can see you living a debt-free life sooner than later, provided that you are committed to achieving a clear debt record and becoming more vigilant about your debt management. Learn more

When applying for your debt consolidation loan online, you will need to provide us with a copy of your South African ID; Proof of residence not older than 3 months, latest payslip and last 3 month’s bank statements. You may also be required to provide us with a bit more information about yourself, such as your income and expenditure details and employment information. You will be required to upload these documents to complete your application. Apply now

Debt consolidation helps you simplify your finances by restructuring your debt into one monthly loan to offer immediate debt relief and peace of mind that you will be able to get out of debt faster, and maintain a healthy credit profile with one affordable and manageable loan. Learn more

Once you have selected the other loans that you wish to be settled, your online application will be assessed. Once your consolidation loan is approved, your other loans are settled by Bayport and the balance (if any) of the money will be deposited into your bank account.

Debt consolidation should be considered if your monthly debt repayment expenses are higher than what you can afford. Restructuring multiple loans into one monthly loan, you only have to worry about paying one monthly payment, often at a lower cost, with lower interest rates, and with the option to extend the repayment period; thereby offering you immediate relief by freeing up some of your cash monthly. Learn more

To be eligible to apply for a debt consolidation loan, you will need to prove permanent residence in South Africa, be permanently employed with a minimum income of at least R5,500 per month and have a good credit score with the credit bureau. Bayport also offers Employee Wellness Debt Consolidation solutions with preferential rates and terms. Learn more

Debt consolidation can affect your credit score in a positive or negative way depending on your behaviour. After successfully applying for debt consolidation loans; credit providers will consider your other accounts as being settled or paid in full, as all your debt is restructured into one single loan. This will have a positive effect on your credit score. Another way to improve your credit score in the long term is to ensure that make your consolidation loan repayments in a timely manner. Learn more