African Bank - Lender Review

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MyLoan Google Reviews

Representative example: a R50 000 loan at an interest rate of 24.5% per annum plus a once-off initiation fee of R1 207.50 (added to the loan amount in this example) and a monthly admin fee of R69.00, over 72 months would have a total cost of R 103 155.57.

The maximum annual interest rate including fees is 27.5%. 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 lenders’ discretion.

African Bank is one of South Africa's leading retail banks. It's headquartered in Midrand and currently offers several lending products, including personal loans, consolidation loans, and more countrywide. 

If you're wondering whether to apply for an African Bank loan, our guide will help you decide, so keep reading.

African Bank Loans: Quick Overview

  • Loan types. Personal loans and consolidation loans

  • Estimated interest rate. 15% to 24,50%

  • Loan amount. Up to R250 000

  • Loan period. Up to 72 months 

African Bank Loans: Full Review 

African Bank provides loans of up to R250 000 with interest rates ranging from 15% to 24,5%. Overall, African Bank personal loan interest rates are not as competitive, considering that other South African lenders have starting rates as low as 9%. 

The upside is that this lender has several main products: personal loans, consolidation loans, 12% loans, and value-added deals. With such a wide range of loan products, African Bank is a great choice if you need credit for home renovations, education, starting your business, or buying the latest device.

Representative example: If you borrow R20 000 over 12 months, your monthly instalment will be R2036 (Representative APR of 15%). Finance costs include a once-off initiation fee of R1197, a monthly service fee of R69, and insurance, all charges inclusive of VAT.

Pros of African Bank Loan Options

  • Flexible loan terms. Having flexible repayment terms means you can customise your loan to match your budget. A longer loan term gives you smaller repayments which makes the loan more affordable and vice versa.

  • Wide range of products. African Bank has several lending products, so you'll likely find something to suit your needs. In a nutshell, you can consolidate your loans, make a purchase, or buy from selected retail brands, plus more.

  • Credit insurance. Your loan comes insured, so you're covered if anything happens that might prevent you from making payments, such as disability or retrenchment.

  • Early payment. African Bank allows you to repay your debt early in full or increase your repayments. You can do this by contacting them to get the balance that’s due. Although this can save you money in the long term, make sure you ask about early payment fees to ensure this move remains cost-effective.

  • Payment break. African Bank allows you to take a payment break on some loans if you need room in your budget for anything else.

  • Potential to save money. It's possible to save with a consolidation loan from African Bank if you get a lower interest rate. You can pay off higher-interest debt, which leaves you with a low-interest loan that saves you money in the long run.

  • Online application. You can apply for an African Bank online, which makes the whole process fast and convenient. The good news is, you can still apply for a loan in person or via the phone if that's your preference.

  • Free credit report. You can get your free credit report via the African Bank app or internet banking.

Cons of African Bank Loan Options

  • Interest rates could be lower. African Bank personal loan rates could be higher than what you get from some credit providers. 

  • Compulsory insurance. Although credit insurance is beneficial, you might want to buy your own credit insurance from elsewhere. Unfortunately, African Bank doesn't give this option.

  • Initiation fee. African Bank charges an initiation fee that's deducted from the money you borrow. For instance, if you borrow R20 000 at a rate of 15%, the bank will subtract R1197 from the money you're supposed to receive.

What Loan Products Does African Bank Provide?

  • Personal loan. African Bank personal loans offer between R2000 and R250 000. You can choose a payment period of between 7 months and 72 months (6 years). The money can have many purposes, whether it's renovating your home, making a large purchase, or anything worthwhile.

  • Consolidation loan. A debt consolidation loan from African Bank allows you to pay off up to five different loans. That means you can combine multiple loans into a single loan that's easier to manage and budget for. Loan amounts go up to R250 000 while repayment periods range from 12 to 72 months.

  • 12% loan. As the name suggests, you get a fixed interest rate of 12%, meaning that your repayments stay the same, and you know exactly how much you have to pay over the life of the loan. Repayment periods are from 9 to 24 months.

  • Value-added deals. African Bank has partnered with leading brands, so you can now buy a new device, such as a laptop or smartphone, by adding it to your loan when applying. You can also add a portion of your loan to your Extra Value Card with Hi-Fi Corp or Edcon.

Is African Bank a Trusted and Reliable Lender?

Before borrowing, always check if the lender is reputable and legit. African Bank seems to check out because the institution is an authorised financial service and credit provider with a verified registration number. 

In addition, African Bank uses your income and expenses to determine how much you can afford. This means African Bank is a responsible lender that encourages borrowers to only take out loans they can afford. 

African Bank Is Best For Borrowers Who:

  • Need flexible loan terms when paying off the loan

  • Don't mind the inbuilt credit insurance

  • Are you looking for a debt consolidation loan

Apply for an African Bank Personal Loan With

African Bank is only one of the many reputable lenders available to South Africans. To increase your chances of finding the best loan for yourself, it's always good practice to compare several loan quotes. 

So, before applying for an African Bank loan, why not consider what other lenders are offering? To save time and effort, you can submit a single application with We have partnered with the best lenders in South Africa, and by filling in only one application, you can get multiple offers quickly. 

What's left would be to choose the best offer for you, and you'll be on your way to receiving the cash you need. 

Fill in the application form at to get started, and be sure to consider factors like interest rate, fees, loan amount, and repayment terms when choosing the best option for your budget and needs.

African Bank FAQs

What do I do if I'm no longer able to afford my repayments?

If you're having trouble making repayments, you need to contact African Bank immediately to work out a payment arrangement. Otherwise, African Bank will forward your information to credit bureaus, and this can affect your credit score.

How do I apply for an African Bank loan?

You can apply for an African Bank online, over the phone, or by visiting the nearest branch. Here's what you need to apply:

  • Latest payslips and bank statements for proof of income

  • Be 18 years and older

  • Government-issued South African ID

An online loan application is usually the best option because of its convenience and speed. If you fill in the simple application form at, we will streamline this process for you by helping you compare multiple lenders in one place.

How do I contact Africa Bank?

  • Physical address. 59 16th Road, Midrand, Johannesburg

  • Customer contact centre. Call 0861 111 011 or email

  • Postal address. Private Bag x170 Midrand, 1685 Johannesburg

How long will it take to receive the money?

According to the information from African Bank, there's no specific timeframe for this. Once your application is approved, you'll receive the money in your bank account.

How do I make repayments?

You make repayments as stated in your loan contract. Typically, payments are due seven days after you receive the loan payout.