Compare Loans in South Africa - Get the Best Loan Deal | MyLoan.co.za
REPRESENTATIVE EXAMPLE: ESTIMATED REPAYMENTS OF A LOAN OF R30,000 OVER 36 MONTHS AT A MAXIMUM INTEREST RATE INCLUDING FEES OF 27,5% APR WOULD BE R1,232.82 PER MONTH. REPAYMENT TERMS CAN RANGE FROM 1 - 72 MONTHS. MYLOAN IS AN ONLINE LOAN BROKER AND NOT A LENDER. OUR SERVICE IS FREE, AND WE WORK WITH NCR LICENSED LENDERS IN SOUTH AFRICA. INTEREST RATES CHARGED BY LENDERS CAN START AS LOW AS 20% APR, INCLUDING AN INITIATION AND SERVICE FEE DETERMINED BY THE LENDER. THE INTEREST RATE OFFERED DEPENDS ON THE APPLICANTS' CREDIT SCORE AND OTHER FACTORS AT THE LENDER'S DISCRETION.
1. Fill in the loan application
The application form takes only a few minutes to fill in. After this, your application is sent to multiple lenders on your behalf.
2. See loan offers
Our partner lenders will be in touch with you directly with loan offers.
3. Get the money
If you choose to accept an offer, you will receive the money from the lender shortly after.

How MyLoan Works

In South Africa, it is absolutely critical to compare loans to ensure you are getting the best possible deal.

When your bank account is looking decidedly weedy, personal loans are often the best way out of short-term cash flow problems. But you want to be sure that the remedy is not worse than your current financial woes.

That’s why you should spend the time to shop around and compare loans. You will almost certainly save yourself money by being discerning rather than jumping at the first lenders willing to extend you a loan.

How do you compare loans?

Today, weighing up such things as the loan term and the monthly repayment is not time-consuming or complex. MyLoan makes a side-by-side comparison of personal loans such as payday loans and other financial services easy. You can see at a glance how loans compare on the interest rates and fees, the loan providers profiles, and everything you need to know to make an informed decision.

MyLoan puts you in the driving seat to compare loans and interest rates at a glance. So long as you fulfil risk profile criteria, getting an unsecured loan is just like any other purchasing decision.

MyLoan lists a range of providers who supply various personal loans. We make it much easier to contrast all the key elements such as loan amount, interest rates, and the repayments terms.

That way, you can be sure that you are signing up for the best loan for you.

You can also make sure that the loan term is long enough and that you can live with the monthly repayment. The reason you apply for a loan is to alleviate your short-term financial worries, not increase them.

When you compare loans, it’s vital to understand the different types of loans available and their benefits.

What is a personal loan and why use MyLoan?

A personal loan is a quick fix for a short-term gap in your finances. Life often pitches curve balls we don’t see coming, so it is almost inevitable that we will all need to take out a loan at some stage.

Depending on how much you wish to borrow, you can obtain loan rates and terms suitable for you. However, short-term personal loans tend to charge higher interest rates. Longer loan terms usually are only for more significant amounts and give you the ability to pay fixed monthly repayments you can afford, such as home loans. The interest rate on longer loan terms also tends to be better.

In some instances, you may need a personal loan amount you can repay within six monthly repayment, such as payday loans. However, loan terms offers from lenders can also be longer.

MyLoan tries to make sure the interest rate and what your loan will cost overall is clear. A Fixed-rate loan will ensure the interest rate doesn’t change over the lifetime of your loan. Meaning you know exactly how much your monthly repayments will be. It’s also an added peace of mind that the debt you are paying back won’t increase. Conversely, you also know it won’t decrease either.

MyLoan compares loans from several lenders. All you need to do is fill in our application and we will provide a list of personal offers to you from lenders.

What are the benefits when I compare loans with MyLoan?

MyLoan's loan comparison comes with several benefits:

● We are quick and straightforward to use

● You can compare unsecured personal loans and other financial services at a glance

● You will save money and time

● We are fully secure.

How about my credit score?

It’s always a wise move to check your credit rating and get a handle on your status. Banks and other lenders will attach significant weight to your credit score and credit history in assessing risk. They and other financial services providers are understandably keen to see that you don't have a bad credit score before they extend credit to you. Therefore, your credit score is an essential component in their assessment of your ability to pay and the loan amounts you can receive without the danger of defaulting.

Before applying for a loan, the borrower doesn’t need to investigate their credit score. Most lenders in South Africa will perform a credit check to see if you have a bad credit score as part of their routine due diligence.

What do I need to provide for a personal loan?

The number one thing you need to bring is good credit history. In common with every other country, lenders in South Africa will want to see that you can manage debt. Loan providers will wish evidence that you can successfully manage debt and have the discipline necessary to pay them off on time. This type of credit score history puts you in good standing. And it will make securing any financial services a lot easier to access in the future.

The bank or loan provider will also want various supporting documents, including your bank account details of where you want any loan money paid. The lender will inform you of any additional documents they require. Submitting the correct documents in a timely manner will help ensure the loan application process goes as smoothly and the money gets paid out quickly.


Find the best loan

Frequently Asked Questions (FAQ

Will searching for a loan affect my credit score?

Searching for a loan with MyLoan will have no effect on your credit score. What affects your credit score is how you handle your loan repayment.

Will I be accepted for a loan?

This totally depends on the lenders. If you have a good credit history and earn enough to cover the repayment terms, there shouldn't be any problem getting a loan.

What types of loan are available?

MyLoan currently offers unsecured personal loans including payday loans. We offer other instruments at a later stage.

How much can I borrow?

You can apply for up to R250,000 through MyLoan.

How long can I borrow for?

Our current partners offer a maximum tenure of 72 months for an unsecured personal loan.

READ MORE ABOUT MYLOAN