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MyLoan Google Reviews

When you're under debt review or debt counselling, it means you’re over-indebted and struggling to pay back your loans. Therefore, it’s generally not recommended to take out new loans until you can manage your finances better. 

But, what if you need a loan urgently? Do you qualify, and what are the options available to you?


From the beginning, it’s important to understand that when you’re placed under debt review, the law says you won’t be able to apply for credit. Debt review is a process that was introduced by the National Credit Act, meaning that every registered and reputable South African financial institution is prevented from giving you credit. 

So, if you need credit while under debt review, you’ll have to rely on irresponsible and less reputable lenders. Typically, these lenders offer the following types of loans:

Pawnshop loans

Pawnshop loans are a fast way to get money in South Africa, even though they are not always a good option for debt review clients or anyone else for that matter. 

To get credit from a pawnbroker, you have to bring them a valuable asset, such as a TV or a laptop. The pawnbroker isn’t worried about your credit report or the fact that you’re under debt review. 

Their only concern is the value of the item. Unfortunately, you won’t be able to get a cash amount that equals the value of your asset. 

Instead, pawnbrokers tend to pay about a third or half the amount. So, for instance, if you bring in your smart, large-screen TV valued at R18 000, the pawnbroker will give you R6000 or R9000 at best. 

The amount can even be lower, and if you fail to pay it back, you lose your asset, and the pawnbroker makes a huge profit at your expense.

Title loans

The most common type of title loans in South Africa are car title loans. When you take out a car title loan in South Africa, you’re essentially pawning off your vehicle. 

The problem with such loans is that you often have to deal with unscrupulous loan sharks that will take advantage of your situation. 

You will be asked to hand over original car registration papers in your name in exchange for a loan amount that’s usually way below the value of your car (25-50% of your car’s value). 

If you don’t repay the loan on time, the lender will repossess the car and if you choose to extend the payment period you'll add more interest and fees. 

Therefore turning to car title loans is easy but very expensive, making your debt counselling situation even tricky.

Payday loans

Another credit option for people under debt review is the payday loan. Some payday loan lenders may not care about your debt counselling status as long as they can deduct your repayments directly from your salary. 

It’s worth mentioning again that these types of lenders are looking to take advantage of you without considering the fact they could make things worse for you financially. Their loans have higher rates, leaving you with less money to pay off your other debts. 

This should be avoided if possible, and you should ensure you have sufficient funds to cover your basic expenses and stick to your debt repayment plan.


You might find creditors that advertise loans for debt review clients in Johannesburg, Durban, Pretoria, and other places in South Africa. 

Usually, these are private lenders, pawnbrokers, and loan sharks that are not worried about going against the National Credit Act, which prohibits debt review clients from taking out credit. These types of lenders are not reputable and will likely offer loans with expensive charges.


Debt review is a process provided by the National Credit Act (NCA), and it’s the same NCA that stipulates you’ll not be able to apply for credit once you’re under debt review. 

That’s why you find that many reputable lenders are unwilling to provide credit to clients who have completed the debt application process. This may seem restrictive and unfair, but it’s a great opportunity for overindebted borrowers. Debt review helps you organize and manage your existing debt better. 

It puts you in control of your finances, and taking out more credit will upset the fine balance you and your Debt Counsellor have worked so hard to achieve. 

Hence, the NCA protects you from financial hardship through the debt review process. It’s also protecting you from unscrupulous lenders and dangerous loan sharks that want to capitalize on your situation.


So far, we have established that taking out more credit once you’re under debt review is not possible if you want to stay legally compliant. 

Credit options available to debt review clients often come with expensive charges and huge financial losses. 

If you’re under debt review and interested in applying for credit, the best course of action is to complete the debt review application process and follow the steps to get rid of your existing debt first. Here’s a quick guide to the debt review application process.

Step 1: Consultation with a debt counsellor

Use MyLoan to find a competent and credible Debt Counsellor with a good reputation and in-depth experience. You’ll be asked to fill out a form to kickstart the application process. Keep in mind that you have to be employed and earning an income to qualify for debt review.

Step 2: Communication with lenders

Your Debt Counsellor will then contact your creditors to inform them that you’re now under debt review. Your creditors will provide the Debt Counsellor with all the required information about your existing loans.

Step 3: Debt restructuring

Your Debt Counsellor will work with your credit providers to restructure your debt and negotiate for a more affordable payment plan on your behalf. A debt review court order is required to finalize the debt counselling application process.

Step 4: Debt review loan payments

You then start making payments according to the terms of the new payment plan. You’ll get a debt clearance certificate once you pay off all your creditors.


No, when you’re blacklisted, the listing stays on your permanent credit record, but once you complete the debt review process, the information will be removed from your permanent credit record. 

Being blacklisted will affect your chances of getting credit in the future because it tells lenders that you’re more likely to default. However, debt review is designed to rescue you from unmanageable debt, and you’ll be able to apply for new credit once the process is over.


Both debt consolidation loans and debt review can help you manage your debt better. But while debt review doesn’t require taking out additional credit, debt consolidation involves taking out a new loan to pay off your multiple existing loans.

Debt consolidation loans are a great option if you don’t want to go under debt review, but it’s best to find a loan with a lower interest rate that makes your repayments more affordable.


  • Your debt becomes more affordable because your Debt Counsellor will negotiate with your creditors for a lower interest rate and reduced monthly payments.

  • You save money by paying less interest.

  • You no longer have to communicate directly with lenders.

  • Better debt management since you only have a single monthly payment to budget for.

  • You are legally protected from creditors that want to seize your assets.

  • Guidance while you're under debt review until you’re debt-free.

  • Helpful financial advice from professionals about the best way to budget and manage your finances.

  • It's a better alternative than getting blacklisted.


  • You won’t be able to qualify for new credit when you are under debt review.

  • The process will take longer since you have to extend your loan term to get reduced payments.

  • If you fail to stick to the terms of your payment plan, your creditors can take legal action against you, and you might end up blacklisted.


Taking out credit and getting extra cash in your bank account is always the easy and exciting part. But when the time comes to make your payments, you may find yourself struggling because of overindebtedness. 

Do the following signs apply to you?

  • You have applied for new loans to cover your existing loans.

  • You’re selling some of your possessions because of debt.

  • Creditors are always chasing after you.

  • You are failing to keep up with all your monthly debt payments on time and as agreed.

  • There are judgments against you because of missed payments.

  • It’s becoming difficult to cover basic living expenses.

  • Overall your financial situation has become stressful because of debts.

In that case, starting the debt review application process is likely the best option for you. At MyLoan, we have partnered with reputable Debt Counsellors registered with the National Credit Regulator (NCR) to help you get rid of your bad debt. 

These are Debt Counsellors that can help you dig yourself out of a deep hole of debt. When you’re debt-free, you’ll be able to apply for new credit from our partner lender as soon as you receive your clearance certificate.


Here’s a look at some of the Debt Counsellors we have partnered with to help you manage your debt and become debt-free:


DebtBusters has given over 150 000 South Africans a second chance at financial stability. DebtBusters can help you reduce your interest rates and get out of the bad debt trap.


Debt Rescue is one of the top debt review companies in South Africa, and they can help you complete the debt application process in a few easy steps.


Finwell Legal Services offers millions of South Africans the opportunity to get out of debt and eliminate the stress of overindebtedness.

How much do you need?

Get a Loan up to  R350,000

Representative example: Estimated repayments of a loan of r30,000 over 36 months at a maximum interest rate of 29.25% apr would be r1,381 per month including fees. Repayment terms can range from 2 - 72 months. Myloan is an online loan broker and not a lender. Our service is free, and we only work with NCR-licensed lenders in South Africa. Interest rates charged by lenders can start as low as 19.25% apr, including an initiation and service fee determined by the lender. The interest rate offered depends on the applicant's credit score and other factors at the lender's discretion.