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Getting a loan in South Africa is usually a simple process, but only if all your paperwork is in order. Most South African lenders don’t just give out loans unless you meet their qualification requirements. For instance, you typically have to pass an affordability assessment to get approval.

Therefore, affordability checks can make it harder to get the extra cash you need when you don’t have the necessary paperwork or when your budget is tight. In that case, loans with no affordability checks could be a loophole you can take advantage of. But do they exist, and are they right for you? Let’s find out.


When taking out a personal loan, the application process generally involves filling out a form with your information, such as your personal and financial details. Credit providers are especially interested in your financial details. For example, they want to know your monthly income and expenses or household budget before approving your application. 

They also want to know your debt to income ratio, which compares your monthly earnings to your monthly debt payments. In addition, the lender will require documents to support the information in your application form, which is why they often ask for a South African ID and the latest payslips and bank statements. 

The lender will take it a step further by looking at your credit history to see how much debt you have and if you have room in your budget for another loan. They will use this information to determine if you can afford the loan amount you asked for, hence the name affordability check.

Given all this, it simply means that loans without affordability checks are when the lender doesn’t carry out all or some steps to see if you can afford the personal loan you’re applying for. Overall, getting a loan without an affordability assessment makes it easier and faster to get approved.


Typically borrowers are interested in this type of personal loan for the following reasons:

  • They get paid in cash and can’t provide payslips or bank statements.

  • They are newly employed, so they haven’t had enough time to generate the required number of bank statements and payslips.

  • They want to borrow a larger loan amount without being told they can’t afford it.

If you’re in any of these situations, you may want to avoid the affordability assessment, but it’s not always necessary. For instance, if you can’t provide three of your most recent payslips and bank statements, some creditors are willing to accept a letter from your employer as proof of income. Or, if you want to borrow a larger amount, opting for a secured personal loan will help you get better offers.


Your chances of getting a loan are higher if the lender doesn’t perform an affordability check. But the truth is, very few credit providers are willing to skip the affordability assessment. The creditor must lend responsibly, which means making sure you can afford whatever loan amount you ask for. 

If the creditor gives you a personal loan that you can’t afford to pay back, it puts both of you at a disadvantage. For starters, you may struggle to pay back the loan in full and on time, resulting in missed payments. You may even need to borrow more money to pay back the debt, but this approach of “borrowing Peter to pay Paul” can cause further financial hardship and lead you into a vicious debt cycle. Ultimately you could end up hurting your credit score and your chances of successfully borrowing in the future.

When you can’t pay back your debt as agreed, this could leave the lender with financial losses, and they have to go through the hassle of handing over your account to debt collectors or taking you to court. Loans without affordability checks are a big risk to the lender. This is one of the reasons why many South African creditors always carry out an affordability check before granting a loan.


Affordability checks and credit checks are two slightly different things. When a lender does an affordability check, they want to answer the question, “Can this person afford this loan?” But when they are performing a credit check, they are trying to answer the question, “Can this person be trusted to pay back their loan?” 

Besides loans with no affordability checks, some borrowers are also interested in loans without credit checks. That’s because when a lender digs deeper into your credit score, this not only impacts your credit score, but they may refuse to give you a personal loan if they use the information in your credit report to decide you’re not creditworthy.


Secured loans

A secured personal loan is your best bet if you want to qualify for a larger loan amount. The lender will require security for the loan, usually in the form of your car. They will seize the asset from you to recover their money if you can no longer afford the loan. Since this reduces the lender’s risk, they may not look closely at affordability, which increases your chances of approval.

Payday loans

A secured personal loan typically has a lower interest rate than a payday loan. However, if you don’t have an asset or don’t want to offer an asset as security for the loan, then a payday loan might be preferable. 

Simply put, a payday loan is a short-term loan designed for emergencies with repayments that are usually deducted from your bank account on the next pay date. Always exercise caution when taking out a payday loan because of the high interest and fees that may make it difficult to repay your loan.


Although loans with no affordability checks might look like the best option for borrowers, the National Credit Act makes it illegal for credit providers to grant loans recklessly and irresponsibly. According to Experian, South African credit providers should look at the following when performing an affordability assessment:

  • Income verification: In addition to requesting a South African ID, lenders should look at the latest bank account details to determine your monthly income.

  • Income estimation: Lenders should understand each borrower’s income and track changes in financial circumstances.

  • Debt to income ratio: Lenders should look at the amount of debt each borrower has in relation to their monthly income.

  • Monthly disposable income: Lenders should look at borrowers’ household budget and income to see if there’s enough left over to cover the instalinstalmentslments.

Besides performing affordability checks, responsible lenders are also required to fully disclose the cost of the loan so borrowers know exactly what they’re getting into. In addition, credit providers should not exceed the maximum interest rate and fees provided by the National Credit Act. Debt Counsellors can report reckless lenders to the NCR if they’re responsible for clients’ overindebtedness.


When you apply for a loan, you want the application process to be easy and fast. However, things like affordability checks can get in the way, especially if you have bad credit or lack the required paperwork. 

Have you been denied credit in the past because you failed an affordability check? Are you tired of searching for the right loan for you?

There may be a way out with MyLoan. We help many South Africans find the right personal loan for their budget daily. That’s because we have partnered with responsible lenders that can provide you with credit offers tailored to your budget. In addition, most of our partner lenders are willing to provide loans to borrowers with various incomes and financial circumstances. 

If you’re already struggling with your debt repayments and you’re considering taking out a new loan, we have a different and better solution for you. We have also partnered with bad debt partners like Debt Busters, Finwell Legal Services, and Debt Rescue, and these qualified professionals will make your debts more affordable.

Fill out our simple application form to start receiving offers today. Keep things affordable and simplify your life with MyLoan. Once you submit our application form, the next step is comparing multiple offers to find the best, affordable personal loan for you.


Can you get loans with no affordability checks in South Africa?

It’s possible to get loans without affordability checks in South Africa, but more often than not, these types of loans will carry higher interest rates. In addition, there are not many lenders willing to skip the affordability assessment stage unless you’re willing to deal with irresponsible lenders that don’t have your best interests at heart.

What happens if I can't afford to pay back a loan?

If you’re unable to cover your debt repayments, contact your credit provider at your earliest convenience. In most instances, creditors are willing to work with you and arrange for a more flexible payment plan. Another option for borrowers who are dealing with debt overindebtedness is debt review. 

You can fill in our application form and take advantage of our free services to find professionals that will help you regain your financial stability. However, if you fail to take action and miss payments, you can dent your credit score, face legal action from creditors, or lose your assets.

What happens if I fail an affordability check?

If you fail an affordability check, the lender will most likely decline your application process. In that case, you’ll need to apply for a smaller personal loan or wait until your financial situation improves.

Are loans with no affordability checks right for me?

Generally, this type of loan should be a last resort. Keep in mind that reputable and registered credit providers are required to carry out affordability checks by the National Credit Act. Therefore lenders that provide loans with no affordability checks are not reputable and trusted.

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.