Representative example: a R50 000 loan at an interest rate of 24.5% per annum plus a once-off initiation fee of R1 207.50 (added to the loan amount in this example) and a monthly admin fee of R69.00, over 72 months would have a total cost of R 103 155.57.
The maximum annual interest rate including fees is 27.5%. Repayment terms can range from 1 - 72 months.
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 lenders’ discretion.
Sometimes borrowing and taking out loans can help you achieve your goals sooner. But sometimes, debt can be a heavy burden that's difficult to get rid of. If you're struggling with your debts, DebtBusters can help.
Debt Busters is a top debt counselling company in South Africa, and in this guide, you'll find all the information you need to decide if Debt Busters is your best choice for recovering your financial health.
DebtBusters: Quick Overview
In a nutshell, DebtBusters provides the following solutions to borrowers who need to regain control over their debt:
Debt solutions for the workplace
DebtBusters: Full Review
As the name suggests, DebtBusters is a debt counselling company that helps over-indebted consumers. The company provides several debt solutions, including debt management, debt consolidation, and credit monitoring. When you approach DebtBusters for help, a consultant will go over your debt and budget with you and will let your creditors know you're undergoing debt review.
The consultant will also negotiate a new payment arrangement with your creditors, such that you'll have a lower interest rate and fees, where possible. You will also only have one single monthly instalment that will be distributed to your creditors by an independent payment distribution agency.
Once the process is over, your credit record will be cleared. You'll be debt-free and able to apply for new credit. Overall, DebtBusters provides an essential service to South Africans struggling to become debt-free and who need an easier way to stay in control of finances.
Pros of DebtBusters
Helps you save money: DebtBusters will negotiate with your lenders to get your interest rate and fees reduced. This will lower the total cost of your loan.
Comfortable monthly repayment: Having a smaller monthly repayment will leave you with more disposable cash to cover other essential expenses.
Protects against your assets: You don't have to worry about your lenders seizing your assets and selling them off.
Legal protection: Debt review decreases summonses and judgements against you and also offers protection against creditors that hassle you.
Qualified counsellors: You'll have experts helping you improve your personal finances and providing free financial education, so you're guaranteed to see progress in your debt situation.
Easy debt consolidation: DebtBusters will help you combine all your current debts so that they can be covered by a single monthly repayment. You don't need to apply for a debt consolidation loan.
Easy, paperless application: Applying to be a DebtBusters client can be done online. Simply leave your details in the form provided, and DebtBusters will get in touch.
Cons of DebtBusters
Can't apply for a new loan: When you're under debt review, you won't be able to apply for a new loan until you have completely repaid your existing debt.
Information goes in your credit file: If you're under debt review, this information will be displayed in your credit report until you complete the process.
You have to keep your debt for longer: It will take longer to be debt-free if you opt for smaller repayments.
What Services Does DebtBusters Provide?
Debt counselling: DebtBusters is primarily a debt counselling company. They will arrange a more comfortable payment plan with your lenders, so you can unlock more cash, save on interest, and eventually become debt-free.
Debt consolidation: If you're currently dealing with multiple loans and multiple repayments, debt consolidation allows you to combine your debt and pay it all off with one monthly instalment.
Credit Monitoring: You'll get help keeping track of your credit score, so you'll know if you're heading in the right direction.
Debt management: This solution is for borrowers who are struggling with their debts but who are not yet over-indebted. Debt management will help you stay on top of your loan payments, protecting you from debt review and bankruptcy.
Debt settlement: If you have a lump sum and want to use it to pay off your accounts, DebtBusters will negotiate a settlement discount and manage the process for you.
Insurance: DebtBusters also provides Credit Life cover, which covers your debt if you lose your income. Other insurance products from this company include funeral cover, car, and home cover.
Debt solutions for the workplace: DebtBusters also says they have debt solutions for employees who want to help their staff get debt relief.
Is DebtBusters a Trusted and Reliable Company?
Here are some details that indicate this company is reputable:
It's a registered debt counsellor
The company is a member of The National Debt Counsellors' Association (NDCA)
The company belongs to Intelligent Debt Management Group, one of South Africa's leading debt management companies.
According to DebtBusters, they have helped over 150 South Africans get their debt under control.
The company has over 400 experts and exam-qualified debt counsellors.
DebtBusters has won awards for best debt Counsellor numerous times.
DebtBusters offers debt counselling services - a formal debt solution introduced by the National Credit Act.
DebtBusters Is Best for Borrowers Who Are:
Financially stressed and struggling with debt, but have a regular and consistent income
Willing to stop borrowing until they have repaid existing debts
Looking to save money while still paying off their loans
Find and Compare Personal Loans With MyLoan.co.za
As mentioned initially, personal loans are great for when you need to achieve your financial goals sooner. But, if you borrow more than you can afford, a company like DebtBusters can help you gain control of your financial life. Once your debt review program is over, your credit record will be cleared, and you will have the opportunity to start borrowing again.
Don't repeat your mistakes! Many people find themselves trapped in a vicious debt cycle by taking out the wrong types of loans. The best way to avoid this is to know all your options and make thorough comparisons. With MyLoan.co.za, you can make a single application and receive multiple offers that you can compare.
You don't just have to settle for the first offer that you get. It's essential that you compare factors like interest rate, fees, and charges to find the most affordable option. MyLoan.co.za can also help you if you have decided not to choose DebtBusters. Instead, you can apply for a debt consolidation loan and use it to pay off your current debts. This leaves you with one new loan that's easier to manage.
Start now to compare available loans from our reputable partner lenders. The good news is our partner lenders encourage responsible borrowing, so they will help you maintain control over your budget by only approving a loan you can afford. If you pay off your loans faithfully, you'll boost your credit score in the long run.
How do I contact DebtBusters?
Call 0861 365 914/5
Visit 5th Floor, 11 Adderley Street, Cape Town, 8000, South Africa
How do I become a DebtBusters client?
You can become a DebtBusters client by leaving your name, email, phone number on the contact form found on the company's website. You then wait for DebtBusters to get in touch with you.
How does DebtBusters Work?
DebtBusters offers help to borrowers who are overloaded with debt. When you become a client, the company will negotiate a more flexible payment arrangement with your creditors on your behalf. DebtBusters make it possible to pay off your creditors with a single monthly payment, so the entire process will be less stressful.
What's the difference between debt review and sequestration?
With debt review, the counsellor will negotiate with your lenders on your behalf for a more affordable and flexible payment plan. On the other hand, sequestration involves selling off your assets to pay off your debt, and it can take up to five years to get your credit history cleared.