Rating based on 5 reviews

MyLoan

Updated
  • Short-term loans up to R250,000
  • Low-interest starting from 20%
  • Repayment up to 12 months

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MyLoan homepage
Author MyLoan. Screenshot of MyLoan website.
[Accessed February 11, 2022]

About MyLoan

MyLoan provides South Africa with a way to compare different loans online.

This ensures that clients receive multiple loan options so they can choose which deal fits their budget best. Clients end up saving money because they were able to research different deals from the comfort of their home instead of just taking what a traditional lender has to offer.

Short-term loans made easy

MyLoan specialises in short-term personal loans. They focus on these loans to help clients who need help with a cash flow problem but don't have time to go to the bank. The loans have flexible terms and low-interest rates because the company wants to help their customers get out of debt, not into more.

The benefits of using a loan comparison website

Beyond providing incredible services to South Africans in need of instant, short-term loans, they also have many benefits that ensure that current clients return in the future:

  • It is easy to apply - Their online application system is quick and straightforward
  • It is convenient- Clients can compare loans and other services within seconds
  • Clients save money and time - Instead of meeting in-house, clients can now apply from the comfort of their home
  • They are safe and secure to use - The company is registered, and the website is secure.

MyLoan Services

Unsecured loans don't require collateral but are just as reliable as secured ones.

The short-term nature of the loan allows the company not to require collateral, but clients still need to pass a credit check and fulfill the requirements of a risk profile. MyLoan only provides offers in the range of the applicant's affordability. They prescribe to being a responsible online lender. There are long-term loan options available, but these are more for home loan and car finance. Short-term loans are mainly used for cash emergencies such as repairs or medical bills.

Get precise, fixed interest rate

One of the company's primary goals is to make sure that clients receive a precise estimate of their overall interest rate. They provide fixed-term loans to ensure that the rate doesn't change during the length of the term. The installment and interest rate are made clear on the loan agreement, so clients can see exactly how much the overall cost will be.

How much you can borrow

Currently, clients can borrow up to R250 000 using the MyLoan platform. The amount made available depends on the type of loan and the applicant's credit score. Most short-term loans have a length of a few months to a year. The maximum length of loan that clients can apply for is 72 months, but the longer-term loans mostly require collateral.

MyLoan – Short-term loan

  • Loan Type Short-term loans
  • Interest Rate from 20%
  • Loan Amount up to R250,000
  • Repayment 1 month to 12 months

Benefits of MyLoan

  • Quick and straightforward to use.
  • The best interest rates.
  • Fully secure online applications.

Short-term 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.
The use of this quick loans calculator is subject to our terms of use.

MyLoan is where short-term loans are found with ease

MyLoan uses an innovative system on their website to compare different loan offers side-by-side.

This allows clients to have all the information they need from more than one loan provider on one screen. It is less time-consuming and much faster than calling or visiting different providers. The comparison includes information about interest rates, fees, terms, and charges from providers who can match the needed amount.

All applicants undergo a credit check

All institutions that provide loans will make clients undergo a credit check to ensure they can pay back the loan. This protects the company and the borrower, as a default on loan repayment can cause significant damage to their credit score. Loan providers will perform a credit check on behalf of applicants as part of the online loan application process.

What to have ready when applying

The most important thing is to have a good credit score, which can lower the interest rate and increase the chances of approval. The provider will also require supporting documents such as the client's ID, Bank Statements, and pay slips. Lenders will inform applicants about what documents they need to provide upon applying. Have the documents ready, as this will help speed up approval time.

How the application process works

Clients can complete the entire application process in 3 simple steps. Log onto the website and start the application.

  1. Complete the application form - It is only 5 minutes to complete. As soon as the client sends the application, My Loan sends it through to multiple lenders on their behalf.
  2. Different loan offers will be made available - The loan provider will contact clients directly with offers, where after the client can choose which one to accept.
  3. Receive instant payout - As soon as an offer is accepted, the lender will pay the cash into the receivers bank account

Customer Reviews & Testimonials

September 2021

My Loan really helped me quickly get a short term loan I needed urgently.

Jacobs S
— Bellville —

October 2021

They went above and beyond for me, their responsive time was great.

Solomons D
— Pretoria —

October 2021

I am pleased with their flexibility because they managed to provide for my needs.

Ndaba S
— Mafikeng —

MyLoan Contact

Contact Number

  • not available

E-Mail

Website

Physical Address

  • 7th Floor, Mandela Rhodes Place, Corner Wale Street and Burg Street Cape Town Western Cape 8000 South Africa
  • Get Directions

Opening Hours

  • Monday 24 – hours
  • Tuesday 24 – hours
  • Wednesday 24 – hours
  • Thursday 24 – hours
  • Friday 24 – hours
  • Saturday 24 – hours
  • Sunday 24 – hours