Different Types of Online Loans in SA
You can select from a range of different types of online loans in South Africa. You should know what they are so that you can make the best choice.
The most widely offered ones are the so-called microloans also known as payday loans and salary advances. Usually, you can borrow between R100 and R3000. These credit products are available online from large lenders like FNB and Nedbank and many smaller companies which usually offer more competitive rates and more flexible repayment terms. They are repaid within a month or in a shorter period of time depending on the borrower's payday.
You can also find short term and long term personal credit facilities online. The term can be as short as three months or as long as ten years. The principal amounts vary accordingly.
It is also possible to compare and apply for student loans and home loans online. These come with very specific terms and conditions which you should look into carefully.
You can readily choose between the various types of online loans in South Africa.