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.
Find the best personal loans for R12 000 in South Africa
Do you need a R12 000 loan? CompareLoans helps you compare the available options.
Here’s what you need to know if you wish to increase the chances of getting approved and receiving this cash amount in your bank account.
R12 000: What are the personal loan options for this amount?
- Bad credit loans. If your loan application is likely to get rejected because of your low credit score, there are South African lenders that offer bad credit loans for R12 000. However, be prepared for high interest rates and payments. To improve your chances of qualifying for a personal loan with better rates, you can secure the loan, use a co-signer, or take time to pay off your debts and improve your credit score before applying.
- Good credit loans. These offer competitive and low interest rates and fees. Loans for excellent credit and average credit are also available.
- Online loans. You can apply for a small personal loan online via secure platforms that keep your data safe. All you need is a working and stable internet connection and your smartphone or computer. You can even complete the entire application process online and receive money in the comfort of your own home.
- Secured loans. A secured personal loan uses any asset of yours as collateral for the loan. The asset could be your house (home equity loan) or car which the lender can legally claim should you fail to make repayments. Since the lender takes on less risk, secured personal loans typically have low interest rates (compared to unsecured loans).
- Unsecured loans. Unsecured R12 000 personal loans are easily available and a popular option for South African borrowers with a good or excellent credit score. No collateral is required, and there’s, therefore, no risk of losing your assets.
- Debt consolidation loans. A personal loan works as a consolidation loan if you use it to pay off several smaller loans. That leaves you with only one loan that is easy to manage and which requires a single monthly payment.
- Business loans. If you need a small business loan to boost your cash flow, you can apply for a personal loan. A R12 000 loan may be suitable for most day-to-day business purposes.
- Student loans. A personal loan can cover your school fees or education as well as other related costs such as textbooks, accommodation, and transport.
What you need to get a R12 000 loan
Take a look at the general requirements for loan amounts in this amount. Keep in mind that personal loan requirements depend on the lender, whether the loan is secured or not, and other factors:
- Valid South African ID or permanent residency;
- Be permanently employed (some lenders accept the self-employed if they meet income requirements);
- Have a regular monthly income;
- Proof of income documents – payslips and bank statements; and
- Proof of residence.
What are the repayments on a R12,000 loan?
Your monthly repayment will vary from lender to lender. It will depend on factors such as your credit score, which will increase or decrease your interest rate and the length or “term” of your loan. Longer-term loans will decrease your monthly repayment but will increase the overall interest and fees you will have to pay.
Typical costs when you borrow R12,000 over 12 months:
- Initiation fee: up to R1207.50
- Monthly admin fee: R69
- Interest rate: Between 14% and 27.50%
- Monthly repayments: Between R1,255 and R1,340
- The total cost on a R12,000 loan: Between R15,058 and R16,084
3 top tips that help you choose the best R12 000 loan
With so many South African lenders and loan options available, using these 3 factors provides an easy way to compare loans. This enables you to get the best option based on your credit and financial situation:
- Interest rate and fees. Whether you have bad, average, or good credit, look for loans with minimum rates and charges. Since the interest rate can be variable or fixed, you also have to decide which rate option suits your preferences.
- Repayment options. This involves looking at how you’ll pay back the loan. For example, can you make additional or early repayments without being charged a penalty fee? Are you allowed to choose affordable payments and flexible loan terms?
- Processing time. For small loan amounts starting from R12 000, find a lender with excellent customer service and a quick application process. This allows you to use the funds for any immediate needs.
Where can you find a R12 000 loan?
At CompareLoans, we have several options available if you’re searching for a personal loan with an amount that falls in this amount. Head over to our comparison tables above so you can take a look at our featured personal lenders that include Capitec, FNB, and Standard Bank. Use our loan calculator to easily compare lenders since the results for your expected monthly payments will also appear in the comparison tables.
How to apply online
Once you have selected a lender from our comparison tables, simply click the correct “Go to Site” button. This link guides you to the lender’s website where you can make an online application. Usually, the process involves filling in a form and uploading soft copy documents from your computer. The lender will contact you to finalise the loan contract if your personal loan application is approved.
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