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Find the best personal loans in South Africa

Loans can help us with planned and unplanned expenses. However, we can be bombarded with options at times and this can be quite confusing.

We can help you compare loan options to make a decision on which product is best for you. To use our calculator, simply choose the amount and change the duration of the loan in order to get an idea of the right repayment option for you.

Compare rates & fees

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.
MoneyShop find the best loan suited to your profile with SA’s top loan providers. They have partnered with SA’s top personal loan providers to make your online application process quick and easy! Have a regular income of more than R4,000, bank statements and your SA ID? Apply online today.
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.
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.

RCS General Purpose Loan

RCS
12 months
to 60 months
R2,000
to R250,000
15.00%
APR
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%. Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.
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. Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.

African Bank Personal Loan

African Bank
7 months
to 72 months
R10,000
to R250,000
15.00%
APR
Loans up to R250,000. Terms between 7 months and 72 months. Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.

BayPort Personal Loans

BayPort
6 months
to 72 months
R20,000
to R250,000
15.00%
APR
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. Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.

Direct Axis Consolidation Loan

DirectAxis
12 months
to 60 months
R5,000
to R250,000
15.00%
APR
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 Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.

Direct Axis Personal Loan

DirectAxis
12 months
to 60 months
R1,000
to R250,000
15.00%
APR
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%. Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.
MoneyShop find the best loan suited to your profile with SA’s top loan providers. They have partnered with SA’s top personal loan providers to make your online application process quick and easy! Have a regular income of more than R4,000, bank statements and your SA ID? Apply online today.

Personal Loan - Average Credit

MoneyShop
12 months
to 72 months
R10,000
to R250,000
24.75%
APR
MoneyShop find the best loan suited to your profile with SA’s top loan providers. They have partnered with SA’s top personal loan providers to make your online application process quick and easy! Have a regular income of more than R4,000, bank statements and your SA ID? Apply online today.
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. Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.

Nedbank Personal Loans

Nedbank
6 months
to 72 months
R2,000
to R350,000
24.75%
APR
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. Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.
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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.

Tips for getting the best personal loan in South Africa

Where can you get the best deal?

In ZA, you can obtain the best personal loans from registered credit providers that offer authorised financial services. Any financial institution that lends money such as banks, credit unions, and online lenders must register with the National Credit Regulator (NCR).

CompareLoans gives you access to over 30 popular South African lenders in one place. This service helps to quickly and easily compare what these reputable lenders offer in terms of personal loan options.

What is the personal loan process?

When applying for a personal loan, you can expect to go through the following steps.

  1. Compare the market. Compare lenders, loans, loan types and fees to select the loan most suited to your needs.
  2. Check your eligibility. Lenders vary in terms of their minimum age, income and credit score requirements. If you’re unsure, contact the lender to double check.
  3. Apply for the loan. Whether you apply online or at a branch, you will need to prepare documents, such as proof of income and identity documents.
  4. Wait for approval. Loan approval can take between a few minutes to 24-48 hours.
  5. Review the loan contract. If you’re approved for a loan, you will receive a loan contract that will specify the loan terms. Details include, how long you have to repay the loan (the ‘term’), initiation and servicing fees, the interest rate and your weekly, fortnightly or monthly repayment amount.
  6. Draw down. Once you agree to and sign the loan contract, the money will be deposited to your nominated account on either the same day or within 24 hours.

What type of personal loan is right for you?

Do you have bad credit or low credit score?

Are looking to purchase a car or motorbike?

  • Yes. Consider comparing vehicle finance providers. Whether it’s for a new or used vehicle, you may be able to receive a lower rate loan, if you use the car as security on your loan.
  • No. Proceed to the next question.

Do you have a car or term deposit you can use as security?

  • Yes. You could benefit from a lower interest if you use your car or term deposit as security.
  • No. Proceed to the next question.

Are you looking to borrow less than R8,000?

  • Yes. While some banks can provide a personal loan or line of credit for this amount, you may want to consider short term and payday lenders.
  • No. Proceed to the next question.

Do you want the option of accessing more money in the future?

  • Yes. Consider applying for an overdraft or a line of credit for the flexibility to draw down additional funds when you need it.
  • No. An unsecured personal loan is recommended for you.

Types of personal loans available

There are numerous types of personal loans available in South Africa. Depending on your income, credit score, loan purpose, employment situation and how much you can afford to repay.

  • Unsecured personal loans. If you do not have or do not wish to put up assets such as your car, home or term deposits as guarantee, then this may be your best option to finance unexpected expenses or wants.
  • Secured personal loans. Secure a lower interest rate by using your car or other assets as collateral. Typically you would use this for a car loan, but you can use a secured loan for other purchases.
  • Vehicle finance and car loans. Want to buy a new or used car, motorcycle or caravan? You can use vehicle finance or lease.
  • Leisure vehicle loans. Considering buying a jetski, boat, quad bike or classic car? Some lenders provide loans specifically for leisure vehicles.
  • Short term and payday loans. If you have a poor credit rating or looking to borrow between R100 and R8,000, you should consider short term or payday loans.
  • Overdrafts and line of credit. If you need revolving unsecured credit, then an overdraft may be right for you.

Comparing the market in South Africa

Finding out about the best personal loans from among registered credit providers in South Africa takes some time and thought. You will find the following checklist useful when comparing loans:

  • Type of loan – Does the loan require security or not? Is the loan term or monthly repayments right for you? Affordability is a significant factor here. A longer loan term often comes with lower repayments, but the interest will add up.
  • Interest rate – Usually, personal loan interest rates depend on the level of risk you pose to the lender. Your level of risk is, in turn, determined by your credit history and personal risk profile. You can compare loans using personal loan interest rates that different lenders are willing to offer you.
  • Fees – These can be upfront fees or part of your monthly repayments. A loan that has lower fees will reduce the total cost of your loan. Using the comparison rate or APR will help you figure out exactly how much a loan will cost you.
  • Terms and conditions – Look for a flexible loan. For example, some lenders charge a penalty fee for early repayments. Other lenders offer benefits such as a redraw facility.
  • Customer service – Does the lender allow you to make a personal loan application online? Do they respond quickly? The personal loan application process should be as convenient and easy for you as possible.
  • Loan insurance – Some lenders make it mandatory to use their loan insurance facility while others allow you to use a third-party product or offer credit insurance without extra charges.

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