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Personal loans for R16,000

A loan of R16,000 could be the difference with meeting your next short term loan or continuing life as it is. South African lenders have a variety of loan options that could help you. Did you know that you can plan ahead?

Just adjust our loan calculator below to decide which loan term would be better for you so that you can narrow down your options to the most suitable lender.

Calculate 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.
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.

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.

Find the best personal loans for R16 000 in South Africa

Do you need a R16 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.

R16 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 R16 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 R16 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 R16 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 R16 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 R16,000 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 R16,000 over 12 months:

    • Initiation fee: up to R1207.50
    • Monthly admin fee: R69
    • Interest rate: Between 14% and 27.50%
    • Monthly repayments: Between R1,614 and R1,725
    • The total cost on a R16,000 loan: Between R19,368 and R20,705

3 top tips that help you choose the best R16 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 R16 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 R16 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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