Personal Loans

A personal loan online offers quick approval for up to R250,000 at a low-interest rate starting from 9.75% and a repayment term up to 6 years – finance your lifestyle with flexibility, affordability, and convenience.

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Flexible & Affordable Low-interest Rate Personal Loan

Our range of featured lenders allow consumers to make their loan applications 100% online.

Whether you need a large sum of money or, a short-term loan for an immediate need, these lenders will meet your needs!

Frequently Asked Questions

Lowest interest rate Personal loans in South Africa

Offering competitive interest rates and flexible repayment terms, a personal loan should be your first choice when it comes to long-term lending that is both affordable and flexible.

Many South Africans are in a difficult financial situation due to the ever increasing prices and unstable inflation rates in the country. When you find yourself in need of cash, you can apply for one of the many personal loans available on the South African loan market. These products are designed to provide an easy, quick and simple solution and we can help you find out how they work, how to get them and how you can use them effectively.

Apply for a Personal loan online

One of the fastest and simplest ways to get the personal loan which you require is to use an online loan application form. These are offered directly on the websites of these South African lenders, which you can find at the bottom of this article, along with complete information on the loans on offer including interest rates, fees and loan terms.

In order to apply for one of the many available personal loans in South Africa, you need to fill out an application form on the website of the lender. Once the lender gets your application, they will perform a credit check and if you get approved, you will receive a set of documents including a personal or payday loan agreement. You need to then sign the documents and return them to the lender. Once the agreement has been signed, you will receive the cash in your bank account.

Quick approval on most Personal loans

All those who make an online loan application for a personal loan will receive their money quite quickly. Usually, the cash will be in your account within 24 hours. Many lenders guarantee receipt within 24 hours, but it is worth noting that this depends on your bank as well.

How much does a Personal loan cost?

Before you take out a specific personal loan, you should consider several important factors. The first one is the interest rate. It is typically high if the loan term is short and lower if the loan term is longer. You have to take into account the additional fees charged as well. Finally, you must calculate the total cost of the loan and confirm that you will be able to repay it based on your own personal budget.

Personal loans & the National Credit Act

All registered online lenders are required to be compliant with National Credit Act just as those offering loans in brick and mortar offices. As long as the lender is NCR registered, your rights as a borrower are fully guaranteed.

You should definitely take advantage of the protections offered to consumers under the National Credit Act. The interest rates charged by lenders must not exceed a set upper limit. If a lender sets a higher interest, you can readily move to the next one. Additionally, lenders must specify the full details of every personal loan so they will be able to analyse its affordability with ease.

Responsible lending practices

The principle of responsible lending is defined in the NCA and all credit providers in South Africa must follow it. Under this principle, lenders may grant loans only to applicants who can afford to repay them. In order to determine the affordability of an applicant, the lender evaluates them based on their gross, net and disposable income.

If you have a high gross income and a large amount of debt at the same time, your chances of getting approved will be lower. Hence, the three forms of income are equally important.

How much money do you qualify for?

It is up to every lender to determine how much income the applicant must have left in order to repay the personal loan. Basically, each individual lender sets an approval limit for online loans. This is not regulated by the National Credit Act.

The situation is different with the home loans, for which approval is granted only when the monthly loan payment is lower than a third of the applicant's gross income.

Credit checks for Personal loan approval

The applicant's evaluation is based on their income and on the information provided by the credit bureaus. That is why you must be extra careful and diligent about the management of your finances and of your debt, in particular.

Choosing the ideal Personal loan

You can also use the disclosed information on a lenders website to find the most affordable loan there is. You can select the loan amount and calculate exactly how much you will need to repay per month for the duration of the loan term.

You have to make all necessary provisions for the repayment of the loan. It is advisable to plan your monthly budget so that you have sufficient cash available to repay the loan. Manage your finances strictly and avoid getting things which are outside of your budget in order to be able to repay your loan on time and avoid penalties.

It pays off if you plan for emergencies in your budget as well. That way, you will improve your chances of repaying your debt in full on time.

What are your Personal loan options?

There are two main types of personal loans which are distinguished based on their terms as either a short term personal loan or a long term personal loan. The term is a major determinant of the maximum loan amount which can be granted and of the repayment structure.

Short & Mid-term Personal loans

Short-term loans range from 30 days to 24 months. These include fast cash loans, payday loans, bad credit and blacklisted loans and loans for financing small purchases. Credit cards and overdrafts also belong to this even though they are short term, revolving credit lines rather than once-off loans.

Short-term loans range from as little as R100 to as much as R250,000. In certain circumstances, borrowers may be able to take out even more. The maximum amount which you can borrow depends on your ability to repay the loan. In turn, this ability of yours will depend on your current income and expenditure. Since most of these quick loans are unsecured, they have fairly high interest rate. The rate is set based on individual factors such as the credit rating of the applicant. The lower it is the higher the interest rate will be.

Long-term Personal loans

Long term loans have a term of anything from 24 months to 10 years and the loan amounts are quite large. Most of the long term loans are secured by some form of collateral. This collateral is an asset which the lender can repossess if the borrower defaults on the repayment of the loan.

Types of collateral for Personal loans

The type of collateral used for long-term loans, home equity loans and debt consolidation is typically property or the available equity that a borrower has in their home loan.

In conclusion, personal loans are fairly easy to obtain as long as you have a stable income, fairly low debt and a good credit history. They are highly useful tools to use in cash emergencies and for the financing of major purchases. At the same time, they are not a good solution for repaying existing debt as they come with higher interest rates compared to secured loans.

Struggling to repay your Debt?

If you’re struggling with the repayment of your debt, there are a range of options that you can consider to assist you in becoming debt-free. Two of these options include credit counselling and debt consolidation which are readily available in South Africa.

Personal loan calculator

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The interest rate of a loan will vary based on your credit score and risk profile.
This loan calculator is for illustration purposes only.
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List of direct lenders offering Personal loans

  1. FinChoice Personal loan

    FinChoice

    • Loans up to R40,000
    • Term up to 24 months
    • Interest from 24%
  2. Boodle Personal loan

    Boodle

    • Loans up to R4,000
    • Term up to 32 days
    • Interest up to 60%
  3. Sanlam Loans Personal loan

    Sanlam Loans

    • Loans up to R200,000
    • Term up to 6 years
    • Interest from 18.55%
  4. Nedbank Personal loan

    Nedbank

    • Loans up to R200,000
    • Term up to 60 months
    • Interest from 10.25%
  5. Hippo Loans Personal loan

    Hippo Loans

    • Loans up to R200,000
    • Term up to 72 months
    • Interest from 24.75%
  6. ABSA Personal loan

    ABSA

    • Loans up to R350,000
    • Term up to 84-months
    • Interest from 17.5%
  7. Hoopla Loans Personal loan

    Hoopla Loans

    • Loans up to R250,000
    • Term up to 36 months
    • Quick Online Loans
  8. FNB Personal Loan Personal loan

    FNB Personal Lo...

    • Loans up to R300,000
    • Term up to 60 months
    • Interest from 10.25%
  9. MBC Finance Personal loan

    MBC Finance

    • Loans up to R4,000
    • Term up to 30 days
    • Interest from 32%
  10. VECTO Finance Personal loan

    VECTO Finance

    • Loans up to R15,000
    • Term up to 18 months
    • Interest from 28%
  11. Capitec Personal loan

    Capitec

    • Loans up to R250,000
    • Term up to 84 months
    • Interest from 12.9%
  12. Challenor Finance Personal loan

    Challenor Finan...

    • Loans up to R80,000
    • Term up to 24 months
    • Approval in 24 hours
  13. WesBank Loans Personal loan

    WesBank Loans

    • Loans up to R200,000
    • Term up to 72 months
    • Interest from 24.25%
  14. Finsap Personal loan

    Finsap

    • Loans up to R50,000
    • Term up to 10 years
    • Interest from 5%
  15. Bridging Finance Personal loan

    Bridging Financ...

    • Loans up to R250,000
    • Term up to 60 months
    • Interest from 15%
  16. JustMoney Personal loan

    JustMoney

    • Loans up to R250,000
    • Term up to 84 months
    • Interest from 18.5%
  17. Investec Personal loan

    Investec

    • Loans up to R250,000
    • Term up to 60 months
    • Interest from 10.25%
  18. Clientele Loans Personal loan

    Clientele Loans

    • Loans up to R120,000
    • Term up to 5 years
    • Affordable finance
  19. Woolworths Loans Personal loan

    Woolworths Loan...

    • Loans up to R75,000
    • Term up to 60 months
    • Interest from 21%
  20. New Heights Finance Personal loan

    New Heights Fin...

    • Loans up to R150,000
    • Term up to 60 months
    • Interest from 25%
  21. Rural Housing Loan Fund Personal loan

    Rural Housing L...

    • Improved Rural Conditions
    • Responsible Development
    • Interest from 25%
  22. Fincheck Personal loan

    Fincheck

    • Loans up to R250,000
    • Term up to 72 months
    • Interest from 16%
  23. Wanna Loan Personal loan

    Wanna Loan

    • Loans up to R3,000
    • Term up to 37 days
    • Interest from 60%
  24. Izwe Loans Personal loan

    Izwe Loans

    • Loans up to R250,000
    • Term up to 60 months
    • Interest up to 24.75%
  25. Yebo Loans Personal loan

    Yebo Loans

    • Loans up to R5,000
    • Term up to 6 months
    • Flexible Interest Rates
  26. Mr Cash Loans Personal loan

    Mr Cash Loans

    • Loans up to R8,000
    • Term up to 180 days
    • Interest from 36%
  27. Kuyasa Fund Personal loan

    Kuyasa Fund

    • Loans up to R20,000
    • Term up to 24 months
    • Expert Micro-Finance
  28. African Bank Personal loan

    African Bank

    • Loans up to R200,000
    • Term up to 72 months
    • Interest from 10.5%
  29. SA Cash Loans Personal loan

    SA Cash Loans

    • Loans up to R150,000
    • Term up to 60 months
    • Interest from 23%
  30. UT Financial Services Personal loan
  31. Easy Cash Loans Personal loan

    Easy Cash Loans

    • Loans up to R150,000
    • Term up to 72 months
    • Interest from 28%
  32. Lulalend Personal loan

    Lulalend

    • Loans up to R1,000,000
    • Term up to 10 years
    • Interest from 28%
  33. Zarfin Personal loan

    Zarfin

    • Financial Planning
    • Investment
    • Insurance
  34. Mzansi Micro Finance Personal loan

    Mzansi Micro Fi...

    • Loans up to R10,000
    • Term up to 6 months
  35. Friendly Finance Personal loan

    Friendly Financ...

    • Loans up to R8,000
    • Term up to 12 months
    • Fast Online Loans
  36. uBank Personal loan

    uBank

    • Loans up to R180,000
    • Term up to 72 months
    • Competitive interest rates
  37. ICS Credit Personal loan

    ICS Credit

    • Loans up to R125,000
    • Term up to 60 months
    • Interest from 28%
  38. DebtLab Personal loan

    DebtLab

    • Loans up to R250,000
    • Term up to 60 months
    • Interest from 23%
  39. Cash Loans SA Personal loan

    Cash Loans SA

    • Loans up to R150,000
    • Term up to 60 months
    • Interest from 28%
  40. CreditGenie Personal loan

    CreditGenie

    • Loans up to R150,000
    • Improved credit rating
    • 24/7 legal aid
  41. LoanFinder Personal loan

    LoanFinder

    • Loans up to R150,000
    • Term up to 60 months
    • Interest from 28%
  42. Finance Quotes Personal loan

    Finance Quotes

    • Loans up to R250,000
    • Term up to 60 months
    • Interest from 15%
  43. Ayoba Loans Personal loan

    Ayoba Loans

    • Low-income loans
    • Term up to 2 years
    • Interest from 15%
  44. Just Loans Personal loan

    Just Loans

    • Loans up to R100,000
    • Term up to 60 months
    • Interest from 15%
  45. PicotiFin Personal loan

    PicotiFin

    • Term up to 2 years
    • Interest from 15%
  46. Find a Loan Personal loan
  47. Tenant Loans Personal loan
  48. Loan Spotter SA Personal loan
  49. Loan Seekers Personal loan
  50. SA Loan Services Personal loan

    SA Loan Service...

    • Blacklisted Loans
    • Term up to 84 months
    • Simple FAST Loans
  51. Temba Cash Loans Personal loan

    Temba Cash Loan...

    • Loans up to R50,000
    • Term up to 18 months
  52. Balungile Cash loans Personal loan

    Balungile Cash ...

    • Loans up to R4,500
    • Term up to 3 months