September 17, 2014

quick debt consolidation loans


 
 note: this debt consolidation article and this website have no affiliation to quick, we are purely providing our opinions on their products and services.

debt consolidation with quick

quick debt consolidation loans involves transferring high-interest balances to an account–usually a credit card–with a 0% introductory interest rate. quick has a good selection of cards available to customers who meet minimum criteria. credit cards such as the quick greenbacks card have a 55-day grace period of no interest charged on top of the principle balance. transferring existing debts from other credit cards to this new card account is a viable option, but it does come with a definite caveat to avoid even more interest charges.

overview of quick

this financial institution offers banking options for all types of customers, from basic individual accounts to business loans. customers who run into financial difficulties also have several resources available at quick to help them begin repaying their debts and better manage their expenses. some of the most common debt causes include high credit card balances, unpaid personal loans, unmanageable student loan payments and habits of excessive spending.

quick employs experienced financial consultants who are able to help customers at all life stages, whether single and just starting out or married and more established as home-owners. each financial planner is able to examine each individual’s situation and make custom recommendations for possible debt consolidation options. the first steps to better financial health are acknowledging current problems and making committed plans to change current spending, saving and repayment practices.

available financial management tools

quick debt consolidation is one of the most common alternatives to filing for sequestration, bankruptcy or similar debt management practices. quick customers are initially advised not to take on any more consumer debt without a financial planning consult. the next measures customers can take on their own are cutting up credit cards, making personal budgets and cutting out spending on non-essential items.

based on financial day-to-day needs, a quick consultant can help each client make a detailed plan for paying down debts in the order of the highest interest rates. this plan is also known as a cash-flow analysis, and it’s a vital tool in recognizing areas of personal money management to be improved in order to facilitate debt repayment.

 

credit card debt consolidation

quick debt consolidation for credit card debt with a balance transfer is a viable option with the proper planning. quick cardholders need to be certain they are able to budget the funds for this plan of debt consolidation. they need to be able to free up the funds from their existing income and household budgets to completely pay off the consolidated principle before the expiry date. quick’s balance transfer option carries an interest rate of 11.9% that remains fixed for the initial 12 months of opening the card account. the quick classic card is the most flexible for this type of debt consolidation, and it also has the same 55-day interest-free grace period as the greenbacks card.

quick’s customers who are able to plan for this debt consolidation option don’t need to be current quick credit card holders. after outlining their repayment budget with a financial consultant, they can then get started by filling out an online application form and selecting the “balance transfer” checkbox. minimum eligibility criteria include at least r 36.000.00 in annual income and having reached the age of 18. in cases of debt consolidation balance transfers, past bank account statuses are reviewed on a case-by-case basis.

quick credit card debt consolidation also comes with a flexible repayment period for customers whose budgets may not reasonably allow for interest-free repayment in 55 days. customers can stretch out their consolidated repayments for as long as 36 months at a current interest rate of 13.4%. provided this rate is still lower than previous credit card rates, individuals can still save money while working to pay off their existing debts.

quick’s six-step debt consolidation

smart financial planning is a top priority for quick, and the bank’s debt consolidation consultants are excellent resources of information about better methods of borrowing, saving and budgeting. they can help each customer become more informed about the national credit act and how it may apply to individual situations. advisors can also outline viable options for those whose debts initially seem unmanageable. each consultant adjusts the quick six-step plan for financial planning to each client’s circumstances, including:

  • current income and asset evaluation
  • defining personal financial goals
  • measures of debt-to-income ratios
  • repayment plan options
  • budgeting for debt consolidation
  • adapting debt repayment plans for changing life situations

quick has the advantage of financial expertise and flexible debt consolidation plans for each customer wanting to improve his or her money situation. once each borrower is able to repay outstanding debts, the bank can be a continued source of useful information about avoiding future excessive balances owed on credit cards. prospective debt consolidation clients can contact quick by phone or email.


quick offers a range of flexible home loan solutions designed to help you afford the home you’ve always dreamt about.
thanks to quick’s competitive home loan interest rates and the ability to tailor mortgage loans to suit the individual homebuyer’s needs, you could be a whole lot closer to owning a home than you think!
whether you are a first-time homebuyer or a homeowner seeking to get approval for a second home loan, quick has a financial solution that’s right for you.
 
features and benefits
  • minimum loan r 70,000
  • maximum repayment to income: 30%
  • term: up to 360 months
  • loan to property value: up to 108%
  • interest rate: fixed or variable interest rate. you may apply for a rate concession once the loan to value falls below 100%.there are two product options:
  • costs capitalised: you can register a quick debt consolidation loans | quick debt consolidation of up to 108% to cover your start-up costs.  the additional 8% will cover the tariff fee, registration costs and transfer duty as well as a guaranteed cash-back, which varies according to the size of your loan.
  • a readvance is available once your loan to value falls below 100%, usually this is only after about 5 years.
  • nedrevolve – provides you with flexibility and control to manage your finances more effectively and is an ideal vehicle to accumulate tax-free savings. 
  • further loan without registration (readvance) – gives you access to the capital amount already paid off up to the original loan amount without having to register a new home loan.
  • further loan with registration – allows you to register a second home loan to extend or improve your present home. 
  • quick accelerated payments – enables you to pay off your home loan sooner than the term stipulated in your home loan agreement.


archived products no longer in service.
 
home loan products
 
 
alphabond: first time home buyers
 
alphabond is specifically designed to cater for the unique financial needs of first-time homebuyers, and enables first-time buyers to loan up to 108% of the total bond amount.

qualifying criteria

  • south african citizenship
  • clear credit record
  • first-time buyer instalments to be paid by monthly debit order
  • single or joint gross monthly income of r2 500 is required
  • stable employment in the same career stream for not less than 2 years



 

 
 
building loan: construction loan
 
quick’s building loan is a mortgage solution used to finance the construction of a dwelling, as well as additions or improvements to an existing residential building.
 
qualifying criteria
  • quick will assess your application on an individual basis.
  • generally, a minimum gross (single or joint) monthly income of r2 500 is required



 buy to let – investment property

a buy to let home loan can be described as a loan used to purchase residential property with the intention of renting it out to a tenant.
a buy to let property is for investment purposes, rather than to live in it yourself. quick’s buy to let mortgage loan has been designed specifically for customers who want to accumulate wealth through the residential property investment market, and can be tailored to meet your financial needs.
qualifying criteria
 
your minimum joint monthly gross income should be at least r 30,000.  however, quick undertakes to consider any well-motivated applications on an individual basis.

 

home income plan: senior citizens         

the quick home income plan is a home loan product that allows you to use the value of cash (equity) “locked” in your home, while at the same time being able to live in it. in short, the quick home income plan provides you with a loan against the value of your house. this loan is paid out in cash.

features and benefits
  • minimum loan amount is r200,000.
  • the maximum loan to value of the property can be as high as 45%.
  • quick can offer the plan if your property is still bonded, provided the existing bond is settled and closed prior to the new bond registration.
  • if your property is still bonded, the outstanding bond may not exceed 15% of the total loan amount released.
  • no negative equity guarantee – under certain conditions the guarantee will make up the difference if the funds released upon the sale of your property is less than the balance of the plan.
  • the loan becomes due and payable after the 5-year term.
  • at the discretion of the bank, a new loan may be granted.
  • you are allowed to release the value in your property in the form of a tax- free:
  • lump sum payment
  • monthly draw-downs or
    a combination
  • you do not make monthly capital repayments – the loan needs to be repaid at the end of the five-year loan term.
  • the interest rate is fixed for the period of the loan.
  • professional and realistic valuations done on your property.
  • sound financial planning
  •  show less 

qualifying criteria

  • aimed at individuals of 65 – 85 yrs. (exceptions may apply)
  • only south african citizens.
  • applicants must be natural persons (no cc’s pty’s, trust’s)
  • co-applicants may only be two natural persons
  • no income requirement.
  • a quick transactional account is required to receive the monthly payments.
  • the property must be your primary residence.
  • the property should meet the minimum future growth potential as specified by our property risk model.
  • subject to an independent valuation.
    there may not be any other loans secured by the property being offered as security.
  • you must ensure that you have homeowner’s insurance and that your
    property is well maintained so as to preserve and enhance its value.

quick homevision     
quick home loans

quick’s homevision is a home loan solution that gives you the opportunity to register a bond, higher than the required loan amount, creating a surplus amount that can be accessed at a later stage.
the homevision facility (surplus amount) will be available to you when your property value and affordability has increased. simply apply for the surplus funds when needed, bearing in mind that each application is subject to our credit approval policy.


quick’s latest fees deliver more great news for clients!

as of 1 july 2007 quick has reduced bank fees for its retail clients – for the second year in a row. while other banks have selectively reduced some fees and increased others, quick has not increased any of its retail fees for individuals since july 2004.

highlights of the fee changes for 1 july 2007 include:

  • retail banking fees reduced by an average of 6%.
  • saswitch convenience fees reduced by 16% – from r5,95 to r5,00.
  • high transaction penalty fees on mzansi account scrapped.
  • 24 fees scrapped in total, including 18 fees scrapped permanently and free sms banking and telephone banking for a year, making up a further 6 fees valid till june 2008.
  • huge strides made in simplifying fees.

quick has reduced fees by an average of 6%.

this means that, together with the fee reductions in 2006 of over 13%, the average quick retail client will have experienced more than a 19% reduction in bank fees since july 2006.

this latest review includes price reductions on 6 fee items, the scrapping of 18 fee items permanently and 6 fee items for one year. in addition, dozens of previously complicated fee formulae across various products and channels have been simplified, making it easier for clients to understand exactly what they are paying in bank fees each month.

this guide is designed to make our fee adjustments easy to understand and to help you choose the right option for your lifestyle and budget. the fees detailed in this guide are effective from 1 july 2007.


note: we are not quick, quick is a registered trademark, we have no affiliation to quick.

For more information, visit FNB Consolidation Loan.  Or you could also look at ABSA Consolidation Loan




IMPORTANT: We do not give out financial advice. We operate an online referral service and we forward on all your requests and applications to qualified licensed third parties with whom we have pre-arranged agreements. You will deal directly with these advisers. We may also receive remuneration or commissions from these third parties for referring you to them. Remember to seek independent financial and legal advice from a qualified person before entering into any binding financial transactions.
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