Important disclosure

Medical Loans & Medical Finance

Medical emergencies can cause us to research medical loans options to remedy an unfortunate situation.

To help you better decide which South African lender is best for you, simply input the loan amount and adjust the loan term to find a combination that best suits your needs. It’s quite simple and easy to use. Go ahead and give it a quick try.

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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%.

Overview

Minimum loan amountR2,000

Maximum loan amountR250,000

Minimum term (months)12 months

Maximum term (months)60 months

Personal loan interest rates (base)15.00%

Personal loan APR15.00%

Monthly repayments (approx)R796

Total repayments (approx)R28,656

Total interest repayments (approx)R8,656

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR936.50

Minimum monthly incomeR2,000

GO TO RCS

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0861 729 727

Data accurate as of18.01.2020

GO TO RCS

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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.

Overview

Minimum loan amountR50,000

Maximum loan amountR100,000

Minimum term (months)1 month

Maximum term (months)84 months

Personal loan interest rates (base)14.20%

Personal loan APR14.20%

Monthly repayments (approx)R797

Total repayments (approx)R28,692

Total interest repayments (approx)R8,692

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR3,000

GO TO Capitec Bank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 66 77 89

Data accurate as of12.07.2020

GO TO Capitec Bank

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Loans up to R250,000. Terms between 7 months and 72 months.

Overview

Minimum loan amountR10,000

Maximum loan amountR250,000

Minimum term (months)7 months

Maximum term (months)72 months

Personal loan interest rates (base)15.00%

Personal loan APR15.00%

Monthly repayments (approx)R805

Total repayments (approx)R28,980

Total interest repayments (approx)R8,980

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR2,000

GO TO African Bank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?No

Sponsored No

Telephone0861 111 011

Data accurate as of18.01.2020

GO TO African Bank

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Tired of those expensive repayments? Then switch your personal loans to Absa. It’s easy and with our guaranteed lowest interest rate, you will start saving money immediately. We can switch your personal loans of up to R350 000 and pay your creditors directly.

Overview

Minimum loan amountR15,000

Maximum loan amountR350,000

Minimum term (months)12 months

Maximum term (months)84 months

Personal loan interest rates (base)18.82%

Personal loan APR18.82%

Monthly repayments (approx)R845

Total repayments (approx)R30,420

Total interest repayments (approx)R10,420

Rate typeFixed or Variable

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR2,000

GO TO Absa

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feen/a

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 100 372

Data accurate as of12.06.2020

GO TO Absa

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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.

Overview

Minimum loan amountR10,000

Maximum loan amountR25,000

Minimum term (months)1 month

Maximum term (months)84 months

Personal loan interest rates (base)12.90%

Personal loan APR12.90%

Monthly repayments (approx)R783

Total repayments (approx)R28,188

Total interest repayments (approx)R8,188

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR3,000

GO TO Capitec Bank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 66 77 89

Data accurate as of12.07.2020

GO TO Capitec Bank

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Loans up to R250,000. Terms between 7 months and 72 months.

Overview

Minimum loan amountR10,000

Maximum loan amountR250,000

Minimum term (months)7 months

Maximum term (months)72 months

Personal loan interest rates (base)15.00%

Personal loan APR15.00%

Monthly repayments (approx)R805

Total repayments (approx)R28,980

Total interest repayments (approx)R8,980

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR2,000

GO TO African Bank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?No

Sponsored No

Telephone0861 111 011

Data accurate as of18.01.2020

GO TO African Bank

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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%

Overview

Minimum loan amountR1,000

Maximum loan amountR250,000

Minimum term (months)12 months

Maximum term (months)60 months

Personal loan interest rates (base)15.00%

Personal loan APR15.00%

Monthly repayments (approx)R805

Total repayments (approx)R28,980

Total interest repayments (approx)R8,980

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR5,000

GO TO DirectAxis

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?No

Sponsored No

Telephone0861 02 03 04

Data accurate as of18.01.2020

GO TO DirectAxis

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Flexible loans, on your terms. Get a Personal Loan of up to R250 000. Same day approval!

Overview

Minimum loan amountR15,000

Maximum loan amountR29,000

Minimum term (months)12 months

Maximum term (months)36 months

Personal loan interest rates (base)21.00%

Personal loan APR21.00%

Monthly repayments (approx)R859

Total repayments (approx)R30,924

Total interest repayments (approx)R10,924

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR936.50

Minimum monthly incomeR2,000

GO TO Izwe Loans

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0861 666 424

Data accurate as of18.01.2020

GO TO Izwe Loans

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No matter what your plans are, we’ve got a personal loan that suits your needs. We offer the widest range of personal loans of up to R350 000 with a loan repayment term of up to 84 months. If you take out an Absa Personal Loan and you’re offered a lower interest rate elsewhere, we guarantee to beat it.

Overview

Minimum loan amountR3,000

Maximum loan amountR350,000

Minimum term (months)12 months

Maximum term (months)84 months

Personal loan interest rates (base)21.00%

Personal loan APR21.00%

Monthly repayments (approx)R869

Total repayments (approx)R31,284

Total interest repayments (approx)R11,284

Rate typeFixed or Variable

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR2,000

GO TO Absa

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feen/a

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 100 372

Data accurate as of12.06.2020

GO TO Absa

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Make your dream real. Apply for a personal loan in less than 10 minutes. Options to Consolidate your loans. Create one loan with one monthly repayment. Flexible repayment options. Specify your repayment period and amount according to your needs. Fast pay outs. A lump sum deposited into your account.

Overview

Minimum loan amountR10,000

Maximum loan amountR29,999

Minimum term (months)12 months

Maximum term (months)60 months

Personal loan interest rates (base)23.00%

Personal loan APR23.00%

Monthly repayments (approx)R891

Total repayments (approx)R32,076

Total interest repayments (approx)R12,076

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR15,000

GO TO Old Mutual

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 50 60 70

Data accurate as of18.01.2020

GO TO Old Mutual

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Get access to your funds again when you’ve repaid 15% of your loan with the option to increase your original amount over time. Your revolving loan is paid straight into your account. Apply for a loan online or on our banking app and get real-time approval. If you have enough Rewards Points, you can pay your monthly installment with UCount Rewards. The option to increase your loan amount at a later stage.

Overview

Minimum loan amountR10,000

Maximum loan amountR300,000

Minimum term (months)1 month

Maximum term (months)60 months

Personal loan interest rates (base)10.25%

Personal loan APR10.25%

Monthly repayments (approx)R757

Total repayments (approx)R27,252

Total interest repayments (approx)R7,252

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR8,000

GO TO Standard Bank of South Africa

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?No

Sponsored No

Telephone0860 123 000

Data accurate as of18.01.2020

GO TO Standard Bank of South Africa

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Get a Personal Loan of up to R300 000 for planned or unplanned expenses. Whether you need extra money to help turn your house into your dream home, walk down the aisle or go on that well-deserved holiday, FNB has the right credit solution for your every need.

Overview

Minimum loan amountR1,000

Maximum loan amountR300,000

Minimum term (months)1 month

Maximum term (months)60 months

Personal loan interest rates (base)13.00%

Personal loan APR13.00%

Monthly repayments (approx)R784

Total repayments (approx)R28,224

Total interest repayments (approx)R8,224

Rate typeFixed or Variable

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR6,000

GO TO First National Bank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0861 113 010

Data accurate as of18.01.2020

GO TO First National Bank

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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%.

Overview

Minimum loan amountR2,000

Maximum loan amountR250,000

Minimum term (months)12 months

Maximum term (months)60 months

Personal loan interest rates (base)15.00%

Personal loan APR15.00%

Monthly repayments (approx)R796

Total repayments (approx)R28,656

Total interest repayments (approx)R8,656

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR936.50

Minimum monthly incomeR2,000

GO TO RCS

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0861 729 727

Data accurate as of18.01.2020

GO TO RCS

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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.

Overview

Minimum loan amountR20,000

Maximum loan amountR250,000

Minimum term (months)6 months

Maximum term (months)72 months

Personal loan interest rates (base)15.00%

Personal loan APR15.00%

Monthly repayments (approx)R805

Total repayments (approx)R28,980

Total interest repayments (approx)R8,980

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR3,000

GO TO BayPort

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone087 287 4001

Data accurate as of18.01.2020

GO TO BayPort

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Get the loan you’re looking for at the fixed monthly repayment amount and term you feel comfortable with. Your annual percentage rate for a personal loan will not exceed prime + 17.5%. Apply for a loan online or on our banking app to find out how much you qualify for. Choose to repay your loan over 12 to 72 months. Pay your monthly instalment with your Ucount Rewards points.

Overview

Minimum loan amountR3,000

Maximum loan amountR300,000

Minimum term (months)12 months

Maximum term (months)72 months

Personal loan interest rates (base)17.50%

Personal loan APR17.50%

Monthly repayments (approx)R831

Total repayments (approx)R29,916

Total interest repayments (approx)R9,916

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR8,000

GO TO Standard Bank of South Africa

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 123 000

Data accurate as of18.01.2020

GO TO Standard Bank of South Africa

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We'll help you get it, fast. Quick Online Loans from R100 to R250,000. 100% Free to apply. Instant Online Loans - Cash paid into your bank account today. Low repayments, over 2 to 60 monthsHigh approval rate. Use for any purpose. Bad credit history-no problem.

Overview

Minimum loan amountR8,000

Maximum loan amountR20,000

Minimum term (months)2 months

Maximum term (months)60 months

Personal loan interest rates (base)19.50%

Personal loan APR19.50%

Monthly repayments (approx)R853

Total repayments (approx)R30,708

Total interest repayments (approx)R10,708

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR5,000

GO TO Hoopla Loans

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone087 724 6110

Data accurate as of18.01.2020

GO TO Hoopla Loans

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We'll help you get it, fast. Quick Online Loans from R100 to R250,000. 100% Free to apply. Instant Online Loans - Cash paid into your bank account today. Low repayments, over 2 to 60 monthsHigh approval rate. Use for any purpose. Bad credit history-no problem.

Overview

Minimum loan amountR20,000

Maximum loan amountR250,000

Minimum term (months)2 months

Maximum term (months)60 months

Personal loan interest rates (base)20.00%

Personal loan APR20.00%

Monthly repayments (approx)R858

Total repayments (approx)R30,888

Total interest repayments (approx)R10,888

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR5,000

GO TO Hoopla Loans

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone087 724 6110

Data accurate as of18.01.2020

GO TO Hoopla Loans

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Bigger dreams, bigger loan! Dream big with a ubank loan of up to R180 000 payable over 72 months.

Overview

Minimum loan amountR10,000

Maximum loan amountR180,000

Minimum term (months)12 months

Maximum term (months)72 months

Personal loan interest rates (base)21.00%

Personal loan APR21.00%

Monthly repayments (approx)R869

Total repayments (approx)R31,284

Total interest repayments (approx)R11,284

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR3,000

GO TO Ubank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 008 322

Data accurate as of18.01.2020

GO TO Ubank

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Whether you need money for unexpected expenses, a medical emergency, or to fund a specific project, Sanlam can offer you a fixed-rate personal loan according to your needs and circumstances. You can apply for any amount, from R5,000 to R200,000. You can tailor your repayment term to suit your budget (from 24 months to 6 years). Repayments are fixed for your full loan term, so that you can budget ahead easily. Sanlam will always take your current financial circumstances into consideration and never lend you more than you can comfortably afford to repay

Overview

Minimum loan amountR5,000

Maximum loan amountR200,000

Minimum term (months)24 months

Maximum term (months)72 months

Personal loan interest rates (base)21.90%

Personal loan APR21.90%

Monthly repayments (approx)R879

Total repayments (approx)R31,644

Total interest repayments (approx)R11,644

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR5,000

GO TO Sanlam

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0861 440 044

Data accurate as of18.01.2020

GO TO Sanlam

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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.

Overview

Minimum loan amountR2,000

Maximum loan amountR350,000

Minimum term (months)6 months

Maximum term (months)72 months

Personal loan interest rates (base)24.75%

Personal loan APR24.75%

Monthly repayments (approx)R910

Total repayments (approx)R32,760

Total interest repayments (approx)R12,760

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR3,500

GO TO Nedbank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 103 582

Data accurate as of12.07.2020

GO TO Nedbank

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Apply for a personal loan from R5000 up to R200 000 and get an instant answer! Apply for your loan over a term of anywhere between 2 and 6 years. A guaranteed fixed interest rate means your monthly repayment will never change. Cover your vehicle finance or personal loan debt, in the event of unforeseen circumstances such as dread disease, death, disability or retrenchment.

Overview

Minimum loan amountR5,000

Maximum loan amountR200,000

Minimum term (months)24 months

Maximum term (months)72 months

Personal loan interest rates (base)25.00%

Personal loan APR25.00%

Monthly repayments (approx)R913

Total repayments (approx)R32,868

Total interest repayments (approx)R12,868

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR3,000

GO TO Wesbank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0861 238 252

Data accurate as of18.01.2020

GO TO Wesbank

Hide info -

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CompareLoans.co.za provides factual information in relation to financial products. While CompareLoans.co.za attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at the time of publishing. The information published on CompareLoans.co.za is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with CompareLoans.co.za. CompareLoans.co.za recommends that you read the relevant product disclosure statement or product guide before taking up any financial product offer. For more information please see CompareLoans.co.za's Terms of Use and Services Guide.

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.

What type of loan are you looking for?

Finding medical loans and medical finance in South Africa

Losing your health and falling sick can end up being quite expensive. The cost of medical emergencies can put your finances in intensive care even after your recovery from sickness. Even if you have health insurance, it is possible to end up with thousands of rands in medical bills. It’s either that or you might be faced with a medical emergency that your savings can not cover. In such times, a medical loan can be the lifesaver you need.

A medical loan is money that is advanced to you so that you can cover your medical expenses. The lender will then arrange for you to pay back this money over a period of time. You can use this cash to pay for preventive expenses or emergencies.

How do medical loans work?

A lot of medical loans are not secured. That means you don’t have to put up your belongings as collateral or security for the loan. Unsecured loans are usually given to people that have a good credit score. This is because it might not be safe for the lender to provide you with a loan if you have previously missed payments or an unproven track record.

If your credit score is low, you might have to secure your loan with some of your assets. This lessens the risk for the lender since they have something to hold on to should you fail to repay your debt. Generally, you can borrow between R2000 and R3000 and loan terms can be from 1 year up to 5 years. Check this article for tips on how to improve your credit score quickly.

Reasons why one might want a medical loan

  • Emergency medical bills
  • C-section
  • Surgery
  • Dental work
  • Urgent care
  • Cosmetic surgery

There are medical procedures that cover urgent life-or-death situations. If something like that happens, getting medical attention would be the first priority, and a medical loan can be one way to get the treatment you need.

Some treatments, however, are elective, and they are not life-threatening. While they might have the potential to improve your comfort or quality of life, they might not be urgent. Still, saving up for such procedures might be difficult, and medical loans can be of great help.

What are medical practice loans?

Some loans can be provided to medical professionals who are looking to start or expand their own businesses. This type of loan typically covers operational costs and purchasing of inventory or equipment.

From a medical loan provider’s standpoint, doctors have some qualities that make them good loan candidates. These include the following.

  • Strong earning potential
  • High net worth
  • Stable income

Doctors who already own a practice and are looking to expand are also excellent candidates for a medical practice loan.

What are medical equipment loans?

Doctors can get loans for upgrading or buying new tools. These loans are useful when buying large pieces of equipment, like an MRI machine. This is because the machine can be used as security for the loan itself.

Because of their self secured nature, these loans are usually easier to obtain than other types of loans. Lenders view these loans as low risk since they can recover their money quite easily should the borrower fail to pay it back.

What to consider when getting a medical loan

Getting a loan to help with your healthcare-related bills is indeed a good idea. One should note, however, that while a medical loan might be the only available option, it can also be quite damaging to your finances if you do not do your research well. Take care to avoid making rushed decisions when faced with urgent medical expenses.

Consider the following crucial factors before taking out a medical loan.

  • What is the loan’s interest rate? This is the cost of borrowing. It is how a lender benefits from giving you money. You should make sure that you do not get a loan with an interest rate that is too high. Higher interest rates mean that the loan is expensive and you will pay a lot more on top of what you borrowed.
  • What is the loan’s annual percentage rate (APR)? The APR is the actual annual cost of borrowing. It includes total fees and interest.
  • Is the interest rate fixed or variable? A fixed interest rate never changes from the time you take out a loan to the time you finish paying it off. In contrast, a variable interest rate changes as the rates rise and fall. While it might allow you to benefit from lower rates, it might also result in you paying more than planned.
  • How much is the initiation fee? Most lenders charge a one-time initiation fee when you take out a loan. Some require that you pay it upfront and some spread it out together with the monthly instalments. The initiation fee is used to cover the cost of processing the loan.
  • How long is the loan term? This specifies how long you can take to pay back the loan. A longer loan term means you will be paying less per month. However, you might end up paying way more in total because of interest. You should try to strike a balance between your loan term and monthly payments to get an optimised loan.
  • How long does it take to receive the money? Find out how quickly the money will be sent to you after approval. This factor is quite important if the loan you’re searching for is for a medical emergency. For such, you need a loan with an easy and quick application process, and which will be paid into your account more quickly.

What are the general requirements for a medical loan application?

  • A South African ID;
  • Minimum age of 18 years;
  • A regular, monthly income;
  • Payslips and bank statements (proof of income);
  • South African bank account details;
  • Contact information;
  • Proof of address; and
  • A good credit score.

If you meet the medical loan requirements for your chosen lender, the next step is to visit their website by clicking the correct “Go to Site” button on this page. Once you’re there, you can begin the online application process.

Find your monthly instalments with the medical loan repayment calculator

The medical loan repayment calculator can be used to find out how affordable your instalments will be. It is quite easy to use. Simply adjust the sliding tools provided to select how much you need and how long you need to repay the loan. Click calculate, and you will immediately see an approximate monthly payment for each lender in the comparison tables above.

This loan calculator is, therefore, a useful tool that helps to determine the best loan for your budget. In addition, it helps you compare lenders so you can find the best medical finance available.

Advantages of Medical loans

  • Easy application process: That means you can make a medical loan application in the comfort of your home. The application process is quick, and the money can be made available to you within a day in some cases.
  • Competitive interest rates: Having a high credit score and a positive credit history means you can manage to get a low, affordable interest rate on your medical loan.
  • Flexible payment periods: Some payment periods can stretch as far as five years which gives you enough time to repay the loan if your savings are low.

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