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.
Making ends meet might be difficult at times, even if you have a steady job. You are not alone, which is why there are specialised lenders that can help you during your time of need.
What Are Online Loans
Online loans are fast and convenient loans that may be obtained without going through a lengthy application process. You do not need collateral or physically visit the lender's office to obtain your loan, unlike traditional bank loans. Also, for identity reasons, simply the most basic documents are required. The funds are immediately deposited into your bank account after the lender approves your request.
However, before accepting an offer, it's critical to go over the loan terms and conditions thoroughly and to make sure you understand your obligations.
The Benefits Of Borrowing Online In South Africa:
It Is Convenient
Convenience is one of the key reasons why consumers are gravitating to online loans. From the convenience of your own home, you can apply for a personal loan amount that you want. All of your interactions with your lender take place entirely on the internet, making it easy for people who don't want to go to the bank.
Different Criteria for Applicants
One of the best things about online personal loans is that you don't need excellent credit to qualify. With specialised lenders that understand the day-to-day of regular people, they take more than you credit score into consideration. Most lenders also have their own set criteria for measuring your eligibility, so it makes sense to also compare offers between lenders.
An authorised financial creditor might provide personal loans to those with bad credit because they understand that you are more than just a series of numbers on a page. If you can demonstrate that you have the financial means to repay a loan right now, you deserve a chance.
If you’re a South African, it’s simple to apply for a loan online with an authorised financial service provider. You can apply at any time of day, as long as you have the right documents on hand.
There's no need to work around other people's schedules, go into town, or look for a parking spot. Best of all, you won't have used too much of your time if you don't have all of the necessary documents with you.
Most lenders will only want applicants to verify their ID and finances when applying for a loan, meaning the documents required are minimal.
No Collateral Required
The majority of personal loans are unsecured. This signifies that no security is necessary. When you pledge assets (such as your car or property) to guarantee payment, you risk losing them. Even if your current financial status appears to be steady, unforeseeable circumstances can always occur, making previous plans impossible to implement. The lender will not be able to repossess your vehicle or other assets if a financial downturn happens.
One of the most significant benefits of borrowing online is that it does not require a lot of time and effort to complete. Your application will be processed as quickly as possible and the disbursement of your loan will usually happen within a day.
How To Borrow Money Online
Borrowing money online is straightforward and convenient because all you need is an internet connection to apply for a loan.
There are a few options to borrow money online:
Some lenders provide mobile apps you can apply through
Most lenders have a website with an application you can fill
Use MyLoan to get multiple loan offers at once for no extra charge. Compare and select the best offer you see
What Documentation Do I Need To Apply For A Loan Online
Although borrowing money online is less time consuming than traditionally, there are still some procedures that usually need to be fullfilled. This mainly is to confirm who you are and that you have the financial means to pay back the money you are borrowing.
The documents generally required to get a loan include:
Your bank account statement
Contact information including address and phone number
South African government-issued ID (e.g., a passport or a driver's license)
Proof of Residence (e.g., utility bill)
Remember to have all the required documents closeby so that the process of applying for a loan online is a smooth as possible.
The Best Place To Borrow Money Online
MyLoan is the most convenient way to receive loan offers from a variety of lenders and the application is totally free no charged fees. Once you submit your application it will be pre-vetted by multiple lenders and you will be able to discover which lenders can grant you a loan right away.