Representative example: Myloan is an online loan comparison tool and not a credit provider. We only work with NCR-registered credit providers in South Africa. Our comparison service to consumers is free of charge. Estimated repayments on a loan of R30 000 over 36 months at a maximum annual interest rate of 28% would be R1 360 per month including an initiation fee and monthly service fees. Interest rates charged by credit providers may, however, start as low as 11%. Repayment terms can range from 6 to 72 months.
*Competition period: April 1st - April 30th, 2024. As the prize, MyLoan will pay off the competition loan for the winner (up to a maximum of 10,000 ZAR) directly to the lender. To be eligible, you must have applied for a loan using the provided competition link and taken out that loan (competition loan) during the competition period. The winner will be randomly selected from the pool of participants in our database on Friday, May 17th, 2024, and will be notified via phone using the number provided in the application. MyLoan reserves the right to disclose the winner (only first name and city) on our social media channels. If the loan principal is less than 10,000 ZAR, any remaining funds will not be paid out in cash to the winner. If the loan principal exceeds 10,000 ZAR, the winner is solely responsible for any remaining outstanding balance according to their loan agreement with the lender.