Capitec advertise a consolidation loan as one of their primary products. It does not exist.
While other banks are quite clear they offer a personal loan which can be used for any purpose, Capitec actually advertise a consolidation product.
This is not the case and the exact same method of affordability assessment is used as would be for a loan on a luxury purchase. While your monthly commitments come down, their system shows they will increase. So while Capitec is happy for you to 'consolidate' they don't for a minute believe you will.
A consolidation has its own set of qualification criteria, and the bank settles accounts directly with creditors to ensure the loan is used for this reason. Because of this, banks can see what the monthly commitments will be after the loan and factor this into the affordability assessment.
This kind of loan is standard across the world because it assists clients to maintain a good profile and brings the banks more customers. Capitec use the popular name 'consolidation' for marketing purposes to get people in the door but at no point do they offer this product.
Save yourself hassle. Even a perfect credit profile and high salary will not help you
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