Important disclosure

List of South African money lenders

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.

BayPort Personal Loans

BayPort
6 months
to 72 months
R20,000
to R250,000
15.00%
APR
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. 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 money lenders in South Africa

For every problem, there’s a solution. If you wish to borrow money in South Africa, money lenders are waiting to help you. Whether you want to consolidate debt, buy a car, or cover an emergency, there are many options available to meet your needs. You might also be looking for a small loan or a big loan – whatever your goals, finding the right lender helps you to move past any money problems.

At CompareLoans, we bring you this guide so you can choose the best loan company for your needs. Find out what types of loans are available from money lenders, and how to compare money lenders for best results.

What types of loans can you get from money lenders in South Africa?

Personal loans

A personal loan gives you a lump sum or cash advance that has a fixed repayment period of between 12 and 72 months. Money lenders usually offer loan amounts between R10 000 and R250 000, and the loan can be secured or unsecured.

Secured personal loans require collateral, usually a house or car to secure the loan. However, most personal loans are unsecured, and you need a good credit score to qualify. Use personal loans to cover general needs, such as home improvement, weddings, and holidays.

Debt consolidation loans

Debt consolidation loans are useful to group all your loans into one. If you have too many of them and once they’re paid off, you’ll be left with just the debt consolidation loan. That means you have only one monthly payment and you’re paying interest on only one loan which can help you save money if you get a much lower rate.

A consolidation loan can pay for store accounts, payday loans, credit cards, student debt, plus more.

Student loans

A student loan helps to pay for tertiary education by providing cash which can be used to cover fees, books, accommodation, living expenses and other learning equipment and material. The loans are available for individuals (either a parent or student) with a good credit score and an acceptable income level.

Most student loans are paid off in two stages: First, there are monthly payments to cover interest only. After the student graduates and finds work, they repay the outstanding balance, again on a monthly basis.

Payday and short term loans

You should aim to pay off your short term loans as quickly as possible as they come with higher interest rates (typically within 6 or 12 months). They also limit the loan amount you can borrow since they are meant for emergencies or urgent needs. Payday loans are a type of short term loan that gives you money while you wait for your next payday. Some money lenders offer up to R8000, and you need to reimburse your debt within 30 days.

Car loans

Money lenders offering vehicle finance in South Africa not only provide new and used car loans, but you can also get money to buy a truck, caravan, boat or classic car. Car loans are usually secured, which means the car you’re buying guarantees the loan and the lender can claim it back if you don’t finish your payments. You can also apply for an unsecured car loan if you have an excellent credit score.

Where can you find money lenders in South Africa?

Money lenders in South Africa are available in the form of banks, credit unions and various financial institutions. CompareLoans specialises in online money lenders, and we feature several options in our comparison tables. Use the information available in the rest of the article to find the best option. Once you have your final selection, click “Go to Site” to visit the money lender’s website and submit your online application. General requirements for most loans include:

  • Minimum age of 18 years;
  • Copies of your valid South African ID;
  • Proof of income – Bank statements and payslips for the last 3 months;
  • A regular, monthly income; and
  • Proof of residence.

Comparing money lenders in South Africa

  • Eligibility requirements. Whether you qualify or get a loan depends on your income level, credit score, and other requirements set by the lender. Look for a money lender with requirements that you can easily meet.
  • Application process. Money lenders who offer easy online applications, fast approvals, and good customer service can make the money lending process more convenient for you.
  • Collateral. Ask yourself if you want a secured loan or an unsecured loan.
  • Interest rates. To reduce the total cost of your loan, find the lowest fixed rate or variable rate, you can get with your credit score. Also, check out the APR, which includes the interest rate plus all the additional fees.
  • Loan amounts. Money lenders have minimum and maximum loan amounts you can borrow.
  • Loan charges and fees. Before you sign the loan agreement, check the terms and conditions for all the fees you’ll have to pay. Look out for initiation, monthly service, early payment, and late payment fees that can make your loan too expensive.
  • Repayment period. Find out which money lenders can give you the repayment period you want. You can choose a longer term if you want smaller monthly repayments or shorter terms if you wish to reduce the total cost of your loan.
  • Loan uses. Make sure the money lender allows you to use the loan for the purpose you want. For example, some lenders won’t approve the use of personal loans for business or educational purposes.

Use our loan calculators to find the best monthly instalment

While you’re still comparing loans, your monthly payment is another important factor to consider. We have created a wide variety of loan calculators, including a personal loan calculator. These tools help you calculate the amount you have to pay every month until your loan is completely paid off.

Simply input your loan amount and term, then click “Calculate Repayment.” To view, the results scroll down to the comparison tables and check what each money lender has to offer. For more details also click the “View fees and additional info” link.

Avoid these 6 mistakes when choosing a loan from any money lender

  • Not checking money lender reviews – Avoid unreputable lenders by first confirming if the loan company is a registered credit provider that offers authorised financial services.
  • Submitting too many applications – Too many hard enquiries on your credit report can lower your credit score.
  • Not fixing errors in your credit report – Fixing errors helps improve your credit score so you can negotiate for a better interest rate.
  • Borrowing more than you can afford – This can result in a vicious debt cycle and and crippling debt situations.
  • Choosing a term that’s too long – You may get small and affordable monthly payments, but the total cost of your loan can end up being too high.
  • Failing to read the terms and conditions of your loan contract – It’s best to fully know what you’re getting yourself into before signing the agreement.

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