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Best personal loans for excellent credit in South Africa
Having excellent credit means you’re the type of borrower most lenders want. You might have to meet other requirements first, but it’s easier to get the best deals and offers. Check out this guide for excellent credit personal loans and find out how you can capitalise on your creditworthiness.
What does having excellent credit mean?
According to the 3 most popular credit bureaus in South Africa (TransUnion, Experian, and Equifax), an excellent credit score is somewhere between 767 and 991 or 800 and 850. If you have earned a place in these higher rankings, you can easily qualify for a personal loan for excellent credit.
The personal loan can be secured or unsecured. It can also have a variable rate or a fixed rate. Loan terms often range from 12 months to a maximum of 84 months. In addition, the loan works as a debt consolidation loan, education loan, home improvement loan, or for any other suitable uses you have in mind.
Are there any advantages to having an excellent credit score?
To build and maintain an excellent credit score, you must be a responsible borrower. For the most part, that means having the ability to pay bills on time. Your excellent credit score, therefore tells lenders that you are much less of a risk. In turn, you get to enjoy benefits that include:
- A lower interest rate;
- Easy loan application approval;
- Flexible repayment terms; and
- Ability to borrow more.
What you need to apply for an excellent credit personal loan
Standard eligibility requirements for personal loans in South Africa are as follows:
- Valid government-issued South African ID;
- Documents for proof of income – bank statements and payslips;
- Minimum age of 18 years; and
- Proof of residence.
Excellent credit personal loan calculator
Our monthly repayment calculator for excellent credit loans helps you to choose a payment plan that is in line with your monthly budget and regular cash flow. You might want a longer term which gives you lower instalments. Or you might prefer a shorter term which has larger payments but also the most savings on interest
Either way, enter your preferred loan amount and loan term, then click the “Calculate Repayment” button. Use the results to compare various repayment options from our featured lenders in the comparison tables above.
How to compare personal loans for excellent credit
Excellent credit can help you get the best deal. However, you have to make a few comparisons first before deciding which loan is best for your situation. Here’s what you need to consider:
- Interest rate and fees. While excellent credit loans often have the lowest rates compared to loans for bad credit or average credit, also make sure you have a good idea of what the loan will cost you overall. That means looking at all the fees and charges attached to the loan. For example, some loans come with initiation or origination fees, monthly service fees, and prepayment penalties.
- Maximum and minimum limits. This goes for the loan amount and loan terms you want. Can the lender offer you a customised personal loan, complete with your chosen repayments?
- Prequalification. Check to see if you can first get a quote showing the interest rate, loan amount and terms you qualify for. This quote will also show the loan fees and charges, and you can accept it or decline depending on what you see. However, make sure the lender only checks for prequalification based on a soft credit check since a hard credit check can lower your score.
- Other unique benefits. Some lenders offer better customer service, discounted rates, automatic repayments, and have better reviews. Another feature that can benefit you is being able to make an online application so that you receive the funds as soon as possible.
How to apply for a personal loan with excellent credit
You can make a fast online application for an excellent credit personal loan through CompareLoans by following these easy steps:
- Calculate your monthly payments. Use our loan calculator as explained. This helps you to figure out how much you can afford and for how long.
- Compare excellent credit loans. Our comparison tables above have several lenders for you to review. For extra product information, click “View fees and additional info.”
- Click the “Go to Site” button. This link directs you to your chosen lender’s website.
- Apply for the loan. Fill out the online application form and upload any requested documents. After you submit the lender will contact you, typically within 24 hours if it’s a business day.
Frequently asked questions about excellent credit personal loan
What other types of loans can I get with an excellent credit score?
You can also apply for an excellent credit car loan or an excellent credit home loan.
Does applying for an excellent credit loan affect my credit score?
If the lender does a hard credit check on you after applying, this can lower your credit score temporarily. That’s why it’s a good idea to avoid many loan applications in a small space of time.
I have an excellent credit score. Why was my loan application rejected?
Excellent credit doesn’t guarantee loan approval. A rejected loan application might be due to other factors such as failure to meet income requirements or having a debt-to-income ratio that’s too high.
Which financial institutions offer personal loans for excellent credit in South Africa?
The list includes banks, credit unions, online lenders and alternatively peer to peer lending platforms.
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