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.
Get a R45 000 personal loan in South Africa
If you want to apply for a R45 000 personal loan, CompareLoans can help you find the best option. Read on to find out what type of personal loans are available for this amount, plus the best way to make a final choice.
R45 000 loan: What type of personal loan can you choose?
Personal loans are flexible, which means you can choose a personalised loan that is in line with your needs and financial situation. Typically, loan types are based on the following features:
- Credit score. There are personal loans for all types of credit scores. Personal loans for bad credit are more likely to have higher interest rates than personal loans for average credit. Consequently, good credit loans and excellent credit loans offer the most competitive rates and fees.
- Purpose. Personal loan types can also be classified based on what they’re being used for. There are personal loans for debt consolidation which are used to pay off your other loans, so your debt becomes manageable. Medical loans are another example which helps to pay for your hospital bills and related medical expenses. Lastly, business loans are a type of personal loan used specifically for business purposes.
- Requirements. If a personal loan requires collateral, it’s called a secured personal loan. These have low interest rates because there’s less risk for the lender. If you fail to repay, the lender has a legal right to claim your asset. A personal loan that requires no collateral is also known as an unsecured personal loan. Unsecured loans have slightly higher rates than secured ones, and you usually need an above-average credit score to qualify.
- Other features: Other features are also used to classify personal loans. If you need to make a fast application, try online personal loans which can also guarantee a quicker approval. If you need a personal loan for a wide range of needs, try a general-purpose loan.
Compare R45 000 loans and choose the best one for you
Thousands of South Africans benefit from lenders and their personal loan products every day. To find out which lender or loan will benefit you the most ask yourself these 3 questions as you compare the available options:
- What is the interest rate? – Always be aware of how much the lender is charging you for borrowing money. Depending on your credit score, try and find low interest rates loans which help you save money. When it comes to the interest rate, personal loans can also be fixed rate loans or variable rate loans. Look out for this feature and find out whether the loan offers the rate option you want.
- How much will the loan cost? – The true cost of your loan can only be calculated by factoring in the interest rate, the number of monthly payments, and all other loan charges and fees. However, you can still get a quick idea by looking at the APR or comparison rate of your loan – it includes the interest rate and fees.
- Does the lender offer me what I need? – Look for a loan that has favourable features which is something all borrowers need. For example, you should be able to borrow the exact amount you need and to choose a loan term that aligns with your budget. Additionally, you should be able to pay off the loan at a faster rate (early or additional payments) without also paying a penalty fee.
What are the repayments on a R45,000 loan?
Your repayment will vary from lender to lender and will depend on factors such as your credit score, loan term and fees. A low credit score will increase your interest rate whilst a good credit score will reduce the interest rate. Longer-term loans will reduce your monthly repayment but will increase your total cost.
Typical costs when you borrow R45,000 over 36 months:
- Initiation fee: up to R1207.50
- Monthly admin fee: R69
- Interest rate: Between 14% and 27.50%
- Monthly repayments: R1,648 and R1,968
- The total cost on a R45,000 loan: Between R59,337 and R70,843
As you can see from the example above, the interest rate can have a significant impact on the total cost over the life of the loan.
How to apply for a R45 000 loan in South Africa.
If you wish to apply for an online loan via CompareLoans click “Go to Site” for the lender you want in our comparison tables above. This link directs you to the lender’s website where you fill in an application form with your personal and financial details.
What are the uses of a personal R45 000 loan?
Personal loans are excellent at helping you pay for a wide variety of things. When your application is approved, and the money reflects in your bank account, R45 000 is usually enough to cover:
Frequently asked questions about R45 000 loans
What do I need to apply?
General requirements for a personal loan application include copies of your South African ID, a minimum age of 18 years, and a regular, monthly income.
How much time do I need to pay off the loan?
You can pay the loan over a term that usually ranges from 12 months to 72 months.
Can I get this loan amount if I’m self-employed?
Yes. Loans for self-employed individuals are available in South Africa if you meet the minimum income requirements.
Popular personal loans searches
View all lenders