Important disclosure

Compare Personal Loans

Many of us find ourselves in situations where we need a little bit of extra cash. Whether it’s for an emergency, a car or even a holiday (for when that’s allowed again!), find yourself a better deal by comparing personal loans from top South African lenders.

Calculate your repayments and narrow down the right loan for you, by using the filters below. Select the amount you wish to borrow and adjust the duration of the loan to better suit your budget.

Calculate repayments

A cash loan from R2 000 up to R250 000. Fast, paperless application process. Decision in seconds. Cash in your account within 24 hours. Flexible repayment options; choose from 12 to 60 months. Free monthly statement via email or SMS. Customer Protection Insurance. Interest from as low as 15%.

Overview

Minimum loan amountR2,000

Maximum loan amountR250,000

Minimum term (months)12 months

Maximum term (months)60 months

Personal loan interest rates (base)15.00%

Personal loan APR15.00%

Monthly repayments (approx)R796

Total repayments (approx)R28,656

Total interest repayments (approx)R8,656

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR936.50

Minimum monthly incomeR2,000

GO TO RCS

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0861 729 727

Data accurate as of18.01.2020

GO TO RCS

Hide info -

Get up to R250 000 over 1 – 84 months. Choose between the amount you want, the monthly installment that suits your pocket, or the option that gives you the lowest interest rate. Credit is approved in minutes and the money is available immediately. Pay fixed monthly repayments.

Overview

Minimum loan amountR50,000

Maximum loan amountR100,000

Minimum term (months)1 month

Maximum term (months)84 months

Personal loan interest rates (base)14.20%

Personal loan APR14.20%

Monthly repayments (approx)R797

Total repayments (approx)R28,692

Total interest repayments (approx)R8,692

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR3,000

GO TO Capitec Bank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 66 77 89

Data accurate as of12.07.2020

GO TO Capitec Bank

Hide info -

Loans up to R250,000. Terms between 7 months and 72 months.

Overview

Minimum loan amountR10,000

Maximum loan amountR250,000

Minimum term (months)7 months

Maximum term (months)72 months

Personal loan interest rates (base)15.00%

Personal loan APR15.00%

Monthly repayments (approx)R805

Total repayments (approx)R28,980

Total interest repayments (approx)R8,980

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR2,000

GO TO African Bank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?No

Sponsored No

Telephone0861 111 011

Data accurate as of18.01.2020

GO TO African Bank

Hide info -

Tired of those expensive repayments? Then switch your personal loans to Absa. It’s easy and with our guaranteed lowest interest rate, you will start saving money immediately. We can switch your personal loans of up to R350 000 and pay your creditors directly.

Overview

Minimum loan amountR15,000

Maximum loan amountR350,000

Minimum term (months)12 months

Maximum term (months)84 months

Personal loan interest rates (base)18.82%

Personal loan APR18.82%

Monthly repayments (approx)R845

Total repayments (approx)R30,420

Total interest repayments (approx)R10,420

Rate typeFixed or Variable

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR2,000

GO TO Absa

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feen/a

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 100 372

Data accurate as of12.06.2020

GO TO Absa

Hide info -

Absa Study Loan

Absa
12 months
to 60 months
R15,000
to R100,000
10.00%

View fees & additional info +

Our study loan offers you the opportunity to borrow funds at a low interest rate to support yourself or someone you would like to benefit from study funding. Finance your full tertiary experience from the tuition fees, accommodation, study book and technical equipment you need for your studies. If you take out our study loan and you’re offered a lower interest rate elsewhere, we’ll beat it. Terms and conditions apply. Pay interest only for the 12 months and only start repaying from month 13.

Overview

Minimum loan amountR15,000

Maximum loan amountR100,000

Minimum term (months)12 months

Maximum term (months)60 months

Personal loan interest rates (base)10.00%

Personal loan APR10.00%

Monthly repayments (approx)R754

Total repayments (approx)R27,144

Total interest repayments (approx)R7,144

Rate typeFixed or Variable

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR3,000

GO TO Absa

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feen/a

Missed payment feeUnknown

For debt consolidation?No

Sponsored No

Telephone0860 100 372

Data accurate as of12.07.2020

GO TO Absa

Hide info -

Get up to R250 000 over 1 – 84 months. Choose between the amount you want, the monthly installment that suits your pocket, or the option that gives you the lowest interest rate. Credit is approved in minutes and the money is available immediately. Pay fixed monthly repayments.

Overview

Minimum loan amountR10,000

Maximum loan amountR25,000

Minimum term (months)1 month

Maximum term (months)84 months

Personal loan interest rates (base)12.90%

Personal loan APR12.90%

Monthly repayments (approx)R783

Total repayments (approx)R28,188

Total interest repayments (approx)R8,188

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR3,000

GO TO Capitec Bank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 66 77 89

Data accurate as of12.07.2020

GO TO Capitec Bank

Hide info -

Simplify your debt with one consolidation loan. Combine up to 5 loans into one single consolidation of up to R250 000 and get one lower repayment.

Overview

Minimum loan amountR10,000

Maximum loan amountR250,000

Minimum term (months)12 months

Maximum term (months)72 months

Personal loan interest rates (base)15.00%

Personal loan APR15.00%

Monthly repayments (approx)R805

Total repayments (approx)R28,980

Total interest repayments (approx)R8,980

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR2,000

GO TO African Bank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0861 111 011

Data accurate as of18.01.2020

GO TO African Bank

Hide info -

Loans up to R250,000. Terms between 7 months and 72 months.

Overview

Minimum loan amountR10,000

Maximum loan amountR250,000

Minimum term (months)7 months

Maximum term (months)72 months

Personal loan interest rates (base)15.00%

Personal loan APR15.00%

Monthly repayments (approx)R805

Total repayments (approx)R28,980

Total interest repayments (approx)R8,980

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR2,000

GO TO African Bank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?No

Sponsored No

Telephone0861 111 011

Data accurate as of18.01.2020

GO TO African Bank

Hide info -

A personal loan from R1000 up to R250 000. Fast, paperless application process. Decision in seconds. Cash in your account within 24 hours. Flexible repayment options; choose from 12 to 60 months. Fixed monthly repayments. Free monthly statement via email or SMS. Optional Customer Protection Insurance. Interest from as low as 15%

Overview

Minimum loan amountR1,000

Maximum loan amountR250,000

Minimum term (months)12 months

Maximum term (months)60 months

Personal loan interest rates (base)15.00%

Personal loan APR15.00%

Monthly repayments (approx)R805

Total repayments (approx)R28,980

Total interest repayments (approx)R8,980

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR5,000

GO TO DirectAxis

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?No

Sponsored No

Telephone0861 02 03 04

Data accurate as of18.01.2020

GO TO DirectAxis

Hide info -

Tired of those expensive repayments? Then switch your personal loans to Absa. It’s easy and with our guaranteed lowest interest rate, you will start saving money immediately. We can switch your personal loans of up to R350 000 and pay your creditors directly.

Overview

Minimum loan amountR15,000

Maximum loan amountR350,000

Minimum term (months)12 months

Maximum term (months)84 months

Personal loan interest rates (base)18.82%

Personal loan APR18.82%

Monthly repayments (approx)R845

Total repayments (approx)R30,420

Total interest repayments (approx)R10,420

Rate typeFixed or Variable

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR2,000

GO TO Absa

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feen/a

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 100 372

Data accurate as of12.06.2020

GO TO Absa

Hide info -

Flexible loans, on your terms. Get a Personal Loan of up to R250 000. Same day approval!

Overview

Minimum loan amountR15,000

Maximum loan amountR29,000

Minimum term (months)12 months

Maximum term (months)36 months

Personal loan interest rates (base)21.00%

Personal loan APR21.00%

Monthly repayments (approx)R859

Total repayments (approx)R30,924

Total interest repayments (approx)R10,924

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR936.50

Minimum monthly incomeR2,000

GO TO Izwe Loans

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0861 666 424

Data accurate as of18.01.2020

GO TO Izwe Loans

Hide info -

No matter what your plans are, we’ve got a personal loan that suits your needs. We offer the widest range of personal loans of up to R350 000 with a loan repayment term of up to 84 months. If you take out an Absa Personal Loan and you’re offered a lower interest rate elsewhere, we guarantee to beat it.

Overview

Minimum loan amountR3,000

Maximum loan amountR350,000

Minimum term (months)12 months

Maximum term (months)84 months

Personal loan interest rates (base)21.00%

Personal loan APR21.00%

Monthly repayments (approx)R869

Total repayments (approx)R31,284

Total interest repayments (approx)R11,284

Rate typeFixed or Variable

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR2,000

GO TO Absa

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feen/a

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 100 372

Data accurate as of12.06.2020

GO TO Absa

Hide info -

Make your dream real. Apply for a personal loan in less than 10 minutes. Options to Consolidate your loans. Create one loan with one monthly repayment. Flexible repayment options. Specify your repayment period and amount according to your needs. Fast pay outs. A lump sum deposited into your account.

Overview

Minimum loan amountR10,000

Maximum loan amountR29,999

Minimum term (months)12 months

Maximum term (months)60 months

Personal loan interest rates (base)23.00%

Personal loan APR23.00%

Monthly repayments (approx)R891

Total repayments (approx)R32,076

Total interest repayments (approx)R12,076

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR15,000

GO TO Old Mutual

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 50 60 70

Data accurate as of18.01.2020

GO TO Old Mutual

Hide info -

Get access to your funds again when you’ve repaid 15% of your loan with the option to increase your original amount over time. Your revolving loan is paid straight into your account. Apply for a loan online or on our banking app and get real-time approval. If you have enough Rewards Points, you can pay your monthly installment with UCount Rewards. The option to increase your loan amount at a later stage.

Overview

Minimum loan amountR10,000

Maximum loan amountR300,000

Minimum term (months)1 month

Maximum term (months)60 months

Personal loan interest rates (base)10.25%

Personal loan APR10.25%

Monthly repayments (approx)R757

Total repayments (approx)R27,252

Total interest repayments (approx)R7,252

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR8,000

GO TO Standard Bank of South Africa

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?No

Sponsored No

Telephone0860 123 000

Data accurate as of18.01.2020

GO TO Standard Bank of South Africa

Hide info -

Get a Personal Loan of up to R300 000 for planned or unplanned expenses. Whether you need extra money to help turn your house into your dream home, walk down the aisle or go on that well-deserved holiday, FNB has the right credit solution for your every need.

Overview

Minimum loan amountR1,000

Maximum loan amountR300,000

Minimum term (months)1 month

Maximum term (months)60 months

Personal loan interest rates (base)13.00%

Personal loan APR13.00%

Monthly repayments (approx)R784

Total repayments (approx)R28,224

Total interest repayments (approx)R8,224

Rate typeFixed or Variable

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR6,000

GO TO First National Bank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0861 113 010

Data accurate as of18.01.2020

GO TO First National Bank

Hide info -

A cash loan from R2 000 up to R250 000. Fast, paperless application process. Decision in seconds. Cash in your account within 24 hours. Flexible repayment options; choose from 12 to 60 months. Free monthly statement via email or SMS. Customer Protection Insurance. Interest from as low as 15%.

Overview

Minimum loan amountR2,000

Maximum loan amountR250,000

Minimum term (months)12 months

Maximum term (months)60 months

Personal loan interest rates (base)15.00%

Personal loan APR15.00%

Monthly repayments (approx)R796

Total repayments (approx)R28,656

Total interest repayments (approx)R8,656

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR936.50

Minimum monthly incomeR2,000

GO TO RCS

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0861 729 727

Data accurate as of18.01.2020

GO TO RCS

Hide info -

It is easy to apply for a Bayport personal loan of up to R250,000 with our simple online loan application process and personalised service. Once you have registered, all it takes is a minute, to find out if you qualify for a Bayport personal loan.

Overview

Minimum loan amountR20,000

Maximum loan amountR250,000

Minimum term (months)6 months

Maximum term (months)72 months

Personal loan interest rates (base)15.00%

Personal loan APR15.00%

Monthly repayments (approx)R805

Total repayments (approx)R28,980

Total interest repayments (approx)R8,980

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR3,000

GO TO BayPort

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone087 287 4001

Data accurate as of18.01.2020

GO TO BayPort

Hide info -

Instead of having many accounts to pay each month, you’ll only have a single monthly payment. You could improve your monthly cash flow. We’ll do the legwork, your loan will be used to settle your retail or credit accounts, or existing loans. Any money remaining you can use as you please. Repayments are fixed

Overview

Minimum loan amountR5,000

Maximum loan amountR250,000

Minimum term (months)12 months

Maximum term (months)60 months

Personal loan interest rates (base)15.00%

Personal loan APR15.00%

Monthly repayments (approx)R805

Total repayments (approx)R28,980

Total interest repayments (approx)R8,980

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR5,000

GO TO DirectAxis

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0861 02 03 04

Data accurate as of18.01.2020

GO TO DirectAxis

Hide info -

A Student Loan from FNB gives students and parents a sense of comfort knowing that funds are available for further studies. Personalised interest rate. Access to loans from R4000 to R80 000 for each year of study. Only pay interest, fees and charges while the student is studying and start repaying interest, fees, charges and capital on completion of their studies. Credit life insurance. You could boost your ebucks reward level.

Overview

Minimum loan amountR4,000

Maximum loan amountR80,000

Minimum term (months)12 months

Maximum term (months)36 months

Personal loan interest rates (base)17.00%

Personal loan APR17.00%

Monthly repayments (approx)R826

Total repayments (approx)R29,736

Total interest repayments (approx)R9,736

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR6,000

GO TO First National Bank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?No

Sponsored No

Telephone0861 113 010

Data accurate as of18.01.2020

GO TO First National Bank

Hide info -

Get the loan you’re looking for at the fixed monthly repayment amount and term you feel comfortable with. Your annual percentage rate for a personal loan will not exceed prime + 17.5%. Apply for a loan online or on our banking app to find out how much you qualify for. Choose to repay your loan over 12 to 72 months. Pay your monthly instalment with your Ucount Rewards points.

Overview

Minimum loan amountR3,000

Maximum loan amountR300,000

Minimum term (months)12 months

Maximum term (months)72 months

Personal loan interest rates (base)17.50%

Personal loan APR17.50%

Monthly repayments (approx)R831

Total repayments (approx)R29,916

Total interest repayments (approx)R9,916

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR8,000

GO TO Standard Bank of South Africa

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 123 000

Data accurate as of18.01.2020

GO TO Standard Bank of South Africa

Hide info -

We'll help you get it, fast. Quick Online Loans from R100 to R250,000. 100% Free to apply. Instant Online Loans - Cash paid into your bank account today. Low repayments, over 2 to 60 monthsHigh approval rate. Use for any purpose. Bad credit history-no problem.

Overview

Minimum loan amountR8,000

Maximum loan amountR20,000

Minimum term (months)2 months

Maximum term (months)60 months

Personal loan interest rates (base)19.50%

Personal loan APR19.50%

Monthly repayments (approx)R853

Total repayments (approx)R30,708

Total interest repayments (approx)R10,708

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR5,000

GO TO Hoopla Loans

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone087 724 6110

Data accurate as of18.01.2020

GO TO Hoopla Loans

Hide info -

We'll help you get it, fast. Quick Online Loans from R100 to R250,000. 100% Free to apply. Instant Online Loans - Cash paid into your bank account today. Low repayments, over 2 to 60 monthsHigh approval rate. Use for any purpose. Bad credit history-no problem.

Overview

Minimum loan amountR20,000

Maximum loan amountR250,000

Minimum term (months)2 months

Maximum term (months)60 months

Personal loan interest rates (base)20.00%

Personal loan APR20.00%

Monthly repayments (approx)R858

Total repayments (approx)R30,888

Total interest repayments (approx)R10,888

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR5,000

GO TO Hoopla Loans

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone087 724 6110

Data accurate as of18.01.2020

GO TO Hoopla Loans

Hide info -

Bigger dreams, bigger loan! Dream big with a ubank loan of up to R180 000 payable over 72 months.

Overview

Minimum loan amountR10,000

Maximum loan amountR180,000

Minimum term (months)12 months

Maximum term (months)72 months

Personal loan interest rates (base)21.00%

Personal loan APR21.00%

Monthly repayments (approx)R869

Total repayments (approx)R31,284

Total interest repayments (approx)R11,284

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR3,000

GO TO Ubank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 008 322

Data accurate as of18.01.2020

GO TO Ubank

Hide info -

Whether you need money for unexpected expenses, a medical emergency, or to fund a specific project, Sanlam can offer you a fixed-rate personal loan according to your needs and circumstances. You can apply for any amount, from R5,000 to R200,000. You can tailor your repayment term to suit your budget (from 24 months to 6 years). Repayments are fixed for your full loan term, so that you can budget ahead easily. Sanlam will always take your current financial circumstances into consideration and never lend you more than you can comfortably afford to repay

Overview

Minimum loan amountR5,000

Maximum loan amountR200,000

Minimum term (months)24 months

Maximum term (months)72 months

Personal loan interest rates (base)21.90%

Personal loan APR21.90%

Monthly repayments (approx)R879

Total repayments (approx)R31,644

Total interest repayments (approx)R11,644

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR5,000

GO TO Sanlam

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0861 440 044

Data accurate as of18.01.2020

GO TO Sanlam

Hide info -

Goods from R2 000 up to R250 000 can be purchased at accredited stores. Flexible repayment terms from 6 up to 72 months to suit your pocket. No deposit required. Straightforward application process. A loan from a trusted bank for the goods you need.

Overview

Minimum loan amountR2,000

Maximum loan amountR350,000

Minimum term (months)6 months

Maximum term (months)72 months

Personal loan interest rates (base)24.75%

Personal loan APR24.75%

Monthly repayments (approx)R910

Total repayments (approx)R32,760

Total interest repayments (approx)R12,760

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR3,500

GO TO Nedbank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?No

Sponsored No

Telephone0860 103 582

Data accurate as of12.07.2020

GO TO Nedbank

Hide info -

Loans available from R2 000 to R300 000*. Flexible repayment periods from 6 up to 72 months. Monthly repayments debited from your bank account. The best possible interest rate that we can offer you. Easy online loan application process.

Overview

Minimum loan amountR2,000

Maximum loan amountR350,000

Minimum term (months)6 months

Maximum term (months)72 months

Personal loan interest rates (base)24.75%

Personal loan APR24.75%

Monthly repayments (approx)R910

Total repayments (approx)R32,760

Total interest repayments (approx)R12,760

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR3,500

GO TO Nedbank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 103 582

Data accurate as of12.07.2020

GO TO Nedbank

Hide info -

Apply for a personal loan from R5000 up to R200 000 and get an instant answer! Apply for your loan over a term of anywhere between 2 and 6 years. A guaranteed fixed interest rate means your monthly repayment will never change. Cover your vehicle finance or personal loan debt, in the event of unforeseen circumstances such as dread disease, death, disability or retrenchment.

Overview

Minimum loan amountR5,000

Maximum loan amountR200,000

Minimum term (months)24 months

Maximum term (months)72 months

Personal loan interest rates (base)25.00%

Personal loan APR25.00%

Monthly repayments (approx)R913

Total repayments (approx)R32,868

Total interest repayments (approx)R12,868

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR3,000

GO TO Wesbank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0861 238 252

Data accurate as of18.01.2020

GO TO Wesbank

Hide info -

results per page

CompareLoans.co.za provides factual information in relation to financial products. While CompareLoans.co.za attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at the time of publishing. The information published on CompareLoans.co.za is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with CompareLoans.co.za. CompareLoans.co.za recommends that you read the relevant product disclosure statement or product guide before taking up any financial product offer. For more information please see CompareLoans.co.za's Terms of Use and Services Guide.

Minimum and maximum loan periods vary between 1 months and 10 years. Comparison interest rates vary between 6.55% and 60% p.a. Total interest repayments vary between R685.05 and R844.12 over the life of the loan. *Comparison rate is based on an unsecured loan of R20,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

What type of loan are you looking for?

The complete guide to personal loans in South Africa

Introduction

Every month, over 40,000 individuals search for the best personal loans in South Africa. For this reason, CompareLoans brings you the tools you need to make your search easier and simpler. This thorough guide will therefore empower you with the knowledge to make critical financial decisions when making a personal loan application. You will learn about:

  • How personal loans work in South Africa;
  • Types of personal loans;
  • Choosing the best personal loan for your situation;
  • How much you can borrow when making a personal loan application;
  • How personal loan interest rates work in South Africa;
  • The different registered credit providers found in South Africa;
  • How the estimated total cost of the loan is calculated;
  • What you need to apply for a personal loan;
  • How the personal loan application process works;
  • How you can better the chances of getting your loan approved; and
  • Answers to commonly asked questions about South African personal loans.

There’s more. Ultimately, going through this article will give you the confidence to choose a personal loan that meets your needs and covers any financial gaps you might have.

What is a personal loan?

A personal loan is borrowed money received from a financial institution. The term borrow implies that you have to pay back the money. Overall, personal loans in South Africa have the following features:

  • You can borrow between R2000 and R300 000
  • You can pay back the money over a period that is between 1 month and 84 months (7 years)
  • The loan funds can be used for general purposes. Some people use the funds to renovate their home or buy a car while others use it to consolidate debt or cover wedding expenses. It’s all up to you.

Basically, a personal loan is a contract between you and a lender. The lender agrees to give you a specific amount of money. In turn, you pay back the money over a specified time but with interest on top. Other terms and conditions apply, but these vary from lender to lender.

Definitions for standard terms associated with personal loans

Terms relating to the loan

  • Principal amount: This is the money that you initially borrowed. It doesn’t include interest payments and other charges. For example, if you borrow R10,000, then this is the principal amount. Also, if you pay off R7,000, then the principal amount becomes R3,000.
  • Loan term: This is the time you have to pay off the loan. Personal loan terms typically start from 1 month and go up to 84 months.
  • Interest: This is what lenders charge customers for borrowing money. The interest rate for your personal loan is determined by the lender and expressed as a percentage.
  • Monthly repayment: This is a payment you make every month to the lender when you pay back your loan. Each monthly repayment goes towards reducing the principal amount as well as covering interest and other charges associated with the loan.
  • APR/Comparison Rate: The Annual Percentage Rate is also referred to as the Comparison rate. It includes interest as well as other loan charges.

Terms relating to your situation

  • Credit history: Your credit report or history shows all the information about the money you have borrowed from lenders in the past. It also shows how you have made your bill payments. South Africans are entitled to one free credit report per year. These can be obtained from any credit bureau such as Compuscan and Transunion.
  • Credit score: This is a rating that indicates whether you’re good at paying back your loan or not. It is based on your credit history. For example, a credit score of more than 800 shows lenders that you can be trusted to pay back your loan. However, if your credit score goes below 579, this indicates that you are more likely to default on your loan.
  • Draw down: This is when a lender transfers their money into your account after they approve your loan application. Once the loan has been drawn down, you’re free to use it as you wish.
  • Defaulting: When you default on a loan, it means you have failed to pay back your monthly repayments as per the agreement with your lender. Defaulting on your loan ultimately leads to a poor credit score and other negative consequences.

How do personal loans work in South Africa?

When you wish to take out a personal loan, the entire process generally involves the following steps:

  1. Comparing loans – There are different types of personal loans. Each type offers various benefits and disadvantages as well as different terms and conditions. The first step involves making a comparison so you can choose the best loan for you. Use the calculator on this page to start comparing loans.
  2. Checking the requirements to see if you qualify – Once you have found the loan that fits perfectly into your budget and situation, the next step is to make sure that you have all the information and documents needed for the personal loan application process. You should also meet certain requirements such as those concerning age and monthly income.
  3. Approaching the lender and making an application – If you qualify for the loan, you can then make a personal loan application with the appropriate lender. This can be done online, over the phone, or through a branch visit.
  4. Getting approved and agreeing to the terms and conditions of the loan – If your personal loan application is approved, you have to accept the lender’s offer. This agreement between you and the lender is the loan contract. The loan contract covers details such as how much money you’re getting, the interest rate for the loan, and how much time is required to pay it back. Once the agreement is made, the lender transfers money into your bank account, ready for your use.
  5. Paying back the loan – Typically, personal loans in South Africa are paid off in monthly instalments. The size of each monthly repayment depends on the total cost of the loan. Beside loan terms and monthly repayments, paying off a personal loan might also involve other terms and conditions such as penalty fees for early repayment.

Types of personal loans in South Africa

Many registered credit providers in South Africa offer a variety of personal loans. The type of personal loan that is best for your situation depends on many factors. These include what you want to use the money for, how much you earn each month, and your credit score.

Generally, these are the types of personal loans available to South Africans:

  • Secured personal loans – This type of personal loan lets you borrow money when you use any valuable asset such as your car or home to guarantee the loan. By using collateral, you can borrow more money and secure lower interest rates and fees. However, you risk losing the asset if the loan is not paid back as agreed.
  • Unsecured personal loans – These loans require no security or guarantee, and they are for general purposes.
  • Secured car loans – You can use the car that you’re buying to secure the loan.
  • Debt consolidation loans – You can use this loan to pay off your existing accounts. This leaves you with only one easy-to-manage account that might save you on interest and other charges.
  • Lines of credit – These come with a maximum credit limit. How much you pay back depends on how much you have used. Lines of credit are also for general purpose use.
  • Online loans – You can make an online personal loan application and receive money in the comfort of your own home.
  • Student loans – These help you pay for your education and other related expenses.
  • Overdraft – If your bank balance is low, you can still withdraw a limited amount of money from your account.
  • Bad credit loans -You can still get financial help with a poor credit score and no security.

What are personal loans used for?

Before taking out a personal loan, most people often want to know if they can use the money for a specific purpose. Some lenders will ask you to provide a reason for taking out the loan. This helps them to guide you towards taking the right loan for your situation. Typically, you can use a personal loan to:

What are personal loan interest rates in South Africa

The lender determines the interest rate for your personal loan. When you agree to the terms of the loan contract, you also agree to this set interest rate. The maximum interest rate for personal loans in South Africa is around 27.50% per annum as per the National Credit Act Regulation.

Personal loan interest rates in South Africa vary from lender to lender. However, they can be divided into either fixed interest rates or variable interest rates. Furthermore, there is also the standard interest rate and the comparison rate. Typically, your lender will start charging you interest on the same date that the loan is drawn down into your bank account.

Fixed-rate personal loans vs. variable rate personal loans

You can either get a loan with a fixed interest rate or a variable rate. Fixed interest rates remain at the same percentage throughout the life of your loan. On the other hand, variable rates can either go up or down at any time. Variable rates behave like this because they’re affected by the prime market rate (PMR).

The PMR is the rate at which banks borrow money from the South African Reserve Bank. When you apply for a loan, the bank charges the prime market rate plus an extra percentage, and this is called interest.

In general, fixed rates are safer because you always know how much your monthly instalments will be. This allows you to budget ahead of time. On the other hand, when you choose a variable rate for your loan, you take a chance that the interest will go down which benefits you.

However, it’s difficult to tell what will happen in the future. The interest rate can also go up, leaving you with larger monthly repayments.

Check the interest rate and additional fees

CompareLoans comparison tables clearly show the interest rate for each registered credit provider. Click on ‘View fees & additional fees’ to get an estimate of the total cost of your personal loan.

What is the difference between standard interest rate and comparison rate?

You have likely seen the term APR or Comparison Rate in your search for the best personal loans in South Africa. APR stands for Annual Percentage Rate, and thus, this number is always expressed as a percentage. The difference between the rate of interest and the APR can be understood in two points:

  • The interest rate is what you get charged for borrowing money from a lender.
  • The Annual Percentage Rate or Comparison Rate includes interest plus other charges.

The charges included in the APR depend on the lender but are likely to include a service fee and a monthly admin fee. For this reason, the APR is always higher than the interest rate. Furthermore, when comparing loans, it is more effective to use the APR since it represents the loan’s total cost. Comparison interest rates generally range from 6.5% to 60% per annum.

Should you get a personal loan?

Life is not perfect, which is why unexpected things happen. When an emergency or urgent expense comes up applying for a loan may be your only solution. You can even use the personal loan funds to further your goals and improve your quality of life.

That being said, it is always best to avoid taking out a loan only because you can. First, calculate if you can afford the total cost of the loan as well as the loan repayment and the repayment terms.

Important example: Calculating the total cost of a personal loan

The total cost of your personal loan depends on several things:

  • Interest rate – If you have a good credit score, you can get a lower interest rate and vice versa.
  • Fees and other charges: These mostly include an initiation fee and a monthly service fee.
  • Loan term and loan amount: A longer loan term and loan size contribute to a higher total cost.
  • Credit insurance: Insurance is often required to cover you in case of specific situations where you’re no longer able to pay off your loan.

Here’s an example that shows the estimated total cost of a personal loan:

  • Loan amount: R50 000
  • Loan term: 60 months (5 years)
  • Initiation fee: R1 207.50
  • Monthly admin fee: R69
  • Maximum interest rate: 24.75%
  • Maximum APR rate: 29.3%
  • Total cost of the loan: R95 842

The example is only an estimate, and the final costs will vary between lenders and from case to case.

Personal loan calculator for monthly repayments

CompareLoans has an easy-to-use personal loan calculator that lets you calculate what each monthly repayment will be for your chosen loan amount. Take a look at our featured registered credit providers in the comparison tables above. You’ll be able to see the monthly instalment for each lender for the same loan amount. Try it and stay informed on what you can and can’t afford.

Which personal loan should you choose?

Are you wondering which type of personal loan you should choose? Taking a look at your circumstances can help you figure out the best loan type for you. Consider the following factors:

  • Your credit score – If you have a bad credit score, a short term or payday loan might be better for you. Payday lenders usually don’t carry out a credit check when you apply. However, a good credit score gives you access to lower interest rates.
  • What do you want to use the money for? – If you wish to use the loan funds for something specific like a car or a motorbike, there are vehicle finance providers who cater for this type of loan. They offer lower interest rates if you use the car or motorbike to secure the loan. If you want to pay off existing debt, then a debt consolidation loan might work more in your favour.
  • Do you own an appropriate asset you can use as security? – If you want a general-purpose loan and you have an asset such as a car, getting a secured loan might save you on interest.
  • How much do you want to borrow? – If you are borrowing less than R8,000, most lenders usually offer this amount of credit in the form of short term and payday loans.
  • Do you wish to take out another loan in the future? – An overdraft or a line of credit allows you to get extra funds while reserving the option of a personal loan for when you really need it.

How do you qualify for a personal loan?

To qualify for a personal loan, general requirements include:

  • Minimum age of 18 years;
  • You should be employed or self-employed;
  • You must be earning a regular, monthly salary or income; and
  • Having South African citizenship or a South African residence permit.

What documents do you need to apply?

  • A valid South African ID;
  • 3 months’ payslips or bank statements;
  • Proof of residence, e.g. water bill; and
  • For a secured loan, you need documents that show proof of ownership for the asset you’re using to guarantee the loan.

How do you make a personal loan application?

Before making the personal loan application, it is important to go over your options one last time:

  • How much do you want to borrow?
  • Which monthly repayments are affordable for you? Confirm with our personal loan calculator.
  • Are you choosing a secured loan or an unsecured loan? This depends on whether you already have an asset or you plan on using the loan to purchase an asset. If not, then an unsecured loan may be a better option.
  • Are you choosing a fixed-rate loan or a variable rate loan? If you want to budget accurately, a fixed-rate loan is the best choice because your repayments don’t change during the loan’s term. On the other hand, a variable interest rate may offer favourable interest rates should the interest rate go down.

Once you have determined the best loan offering from among our featured registered credit providers, simply click ‘Go to Site.’ This takes you to the lender’s website and their direct application page. Fill out the form provided with your personal, financial, and employment details and submit it. Next, wait for the lender to contact you with a loan offer. Once you and the lender reach an agreement, the funds are then deposited into your account.

Popular questions about South African personal loans

What is the main difference between payday loans and personal loans?

Payday loans are short term loans involving smaller loan amounts (less than R10,000). They generally have to be paid back within six months. In contrast, personal loans are longer-term (over 84 months), and you can borrow more (up to R100,000).

Do I have to take out a credit protection plan along with my personal loan?

Some lenders require you to also take out credit insurance when you get approved for a personal loan. Credit insurance covers you in case of death, permanent disability, retrenchment, or other unforeseen circumstances.

Which financial institutions offer the best personal loans?

Reputable and registered credit providers are regulated by the terms of the National Credit Act. Check first to make sure your lender is registered and licensed.

Can I extend my loan term if I’m struggling with my monthly repayments?

Changing the terms of your loan is referred to as debt restructuring. If you are struggling with your payments, you can talk to your lender to see if you can extend your loan term and lower your interest rate and monthly repayments.

Why do my monthly repayments keep changing?

If your personal loan has a variable interest rate, your repayments will be affected every time the interest rate goes either up and down. If an increased interest rate is making your monthly repayment unaffordable consider talking to your lender about restructuring the loan.

I need money urgently, how soon can I get a personal loan?

If you have an emergency, first check with your lender on how soon you can access the funds. When you apply online, the whole process can become faster.

What do I do if my personal loan application is not approved?

Keep in mind that a lender can turn down your application if you don’t meet their eligibility criteria. If this happens, you can find a different loan that you qualify for, or work on improving your eligibility. For example, having a good credit score can increase the chances of having your loan application approved.

How do I improve my credit score?

If you have poor or bad credit, paying off your existing debt helps. Find out more on this topic here.

What happens if I fail to pay back my loan?

For secured loans defaulting on your loan means you risk losing the asset you used to guarantee the loan. For unsecured loans, defaulting lowers your credit score. Also, you can face legal action.

Can I get a loan if I have bad credit or if I’m blacklisted

Loans for bad credit are available at higher interest rates. In some cases, lenders require some form of security before the loan is approved.

Popular personal loans searches

View all lenders