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.
The Social Security Agency (SASSA) provides financial assistance to vulnerable individuals and families in South Africa. Since 2005 the National Agency has submitted and distributed social grants. SASSA quotes various grants to help alleviate poverty and meet basic needs. These grants are free but still have an application process and some requirements.
While SASSA grants primarily consist of non-repayable funds, there are instances where individuals may require loans to address pressing financial needs. In these instances, taking out a loan may be the more suitable option, provided it is higher in amount, and you can get a lump sum amount abruptly.
What if you could find a collection of loan quotes and easily compare them to find the option that suits your needs? Well, that’s precisely what MyLoan does. Whether you need money for an emergency, a car, or even a holiday, you can use MyLoan to find the best deals by comparing loans from the best lenders. All lenders on the MyLoan website are National Security Regulator (NCR)-registered credit providers, ensuring that you only deal with legitimate and approved credit providers.
The bank has a 100% online application, so you can apply anytime, anywhere - no queues, papers or meetings. Online loans recognise that some things in life can not wait, such as a sudden illness that warrants a doctor’s visit or when an appliance or vehicle you rely on breaks. That’s why online loans don’t make you wait and make life easy when needed.
Understand SASSA Grants and Loans
SASSA grants provide essential financial assistance to vulnerable individuals and families, helping alleviate poverty and meet basic needs. These grants support various circumstances, including child support, disability, old age, and social relief. SASSA grants aim to uplift and empower those in need, promoting social welfare and inclusive development nationwide. However, there are situations where beneficiaries may need short term financial assistance beyond what the grant offers.
How to Do an Appeal for SASSA Payment
You must follow the guidelines for a smooth application process and know all the requirements to qualify for a SASSA payment. It will help applicants avoid unnecessary delays or rejections.
Who Qualifies for a SASSA Grant or Loan?
Unifi is available on Skype at (021) 11 00 600, and you are always welcome to contact them by e-mail at email@example.com if you have any further questions.
South African citizen or permanent resident
The minimum of 18 years of age
Only earn up to R52800 a year (R4400 a month) if you are single, but if you are married, your combined income should be at most R105600 a year (R8800 a month).
In addition to the age, residency, and income requirements, applicants must also meet other criteria set by SASSA, which may include being unemployed, not receiving any other form of social grants, and not receiving a pension or disability grant. It is essential to check with SASSA for a complete list of qualification criteria.
Which Banks Can I Get a Loan From?
MyLoan partners with many trusted credit providers, including Capitec Bank, African Bank, and FinChoice. They each quote loan options to the varied needs of their populace.
Known for its flexible and personalised approach, African Bank offers a range of personal loans. Find a personal loan in Rustenberg. These funds can be utilised to cover many expenses, from funding education to executing home renovations. With repayment terms extending up to 72 months, African Bank provides a cushion for borrowers, allowing for a convenient repayment timeline.
Another highly reputable financial institution is Capitec Bank, which is particularly acclaimed for its customisable credit solutions. Offering a flexible loan tenure of up to 84 months and competitive interest rates, Capitec enables borrowers to shape their loans in alignment with their financial capabilities. This personalisation caters to various financial needs, making Capitec a preferred choice.
Taking a distinct approach to lending, FinChoice offers an online platform specialising in short-term loans. The platform provides traditional 12-month personal loans and 6-month Flexi Loans for more immediate, short-term credit needs. These options make FinChoice an ideal choice for those seeking quick and convenient access to credit.
In conclusion, South Africa’s credit provider landscape is diverse, with institutions like African Bank, Capitec Bank, and FinChoice offering tailored loan solutions to accommodate varied financial situations.
Type of Loans
MyLoan quotes online loans that are convenient and straightforward, as you only need an internet connection, a cellphone, or a computer to apply for a loan amount that suits your needs. That’s why online loans don’t make you wait and make life easy when needed.
There are many different online loan options, including personal loans that can be used for almost everything, payday loans and short-term loans. To learn more about online loans, required documents and how to get a loan online in South Africa.
These are Two Representative Examples of Loans Through MyLoan:
A R5000 loan at an interest rate of 5% per month plus a once-off initiation fee of R659.75 (added to the loan amount in this example) and a monthly admin fee of R69.00 over 3 months would have a total cost of R1.430.91.
A R10000 loan at an interest rate of 5% per month plus a once-off initiation fee of R1.207.5 (added to the loan amount in this example) and a monthly admin fee of R69.00 over 6 months would have a total cost of R3.662.44.
The Application Process at MyLoan
The application process at Myloan is 100% online and only takes a few minutes to complete.
Fill in the Loan Application
Fill in the loan application. The form only takes a few minutes to complete, and once you submit it, we will forward it to multiple lenders that are most inclined to lend to you.
See Loan Offers
The credit providers that see your application and are willing to provide the cash you need will instantly provide you with a preliminary loan quote. You will see the details of your loan, such as how much you qualify for and your expected interest rate. After you accept a quote, the lender will contact you directly to finalise the process.
Get the Money
Once you choose and accept one of the quotes, you finalise the application by submitting additional details and required documents like proof of residence. The lender then deposits the funds in your bank account.