Online Loan in South Africa - Get the Best Offers | MyLoan

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.


We are in the digital age, and South Africans can now apply for loans online without leaving the comfort of their homes. For extra convenience, MyLoan.co.za gives you access to many lenders, so you can compare loans in one place. 

What are online loans?

As the name suggests, this is a loan you can apply for through the internet. This has been made possible with technological advancements and innovative lenders who want to make the process of borrowing as easy as possible. 

In most instances, you can apply online using whatever smart device you have on hand, whether a cellphone, tablet, or laptop. In addition, you don’t need to provide collateral since most of these types of loans are unsecured

Where can you get an online loan?

You can get an online loan from two types of South African lenders. These days, traditional lenders, like banks and credit unions, are also becoming more innovative. They now have departments that deal with the provision of online loans to customers, in addition to physical offices and branches you can visit. 

The other type is specialised unsecured lending institutions. These lenders don’t provide other financial services like checking and savings accounts. In addition, these types of lenders operate entirely online, so you will not be able to visit a branch to apply for a loan since all queries are handled digitally.

Types of online loans

There are two main types of loans in South Africa.

Personal loans

A personal loan is a general-purpose loan you can use for anything from car repairs and debt consolidation to weddings and holiday trips. Generally, a personal loan comes with a lower interest rate than a payday loan or credit card. Personal loans allow you to borrow about R250 000 and have long repayment periods of up to five or seven years.

Payday loans

Most South Africans use payday loans as a quick way to get cash, especially in an emergency. If you are looking for fast loans or can’t access a personal loan from a bank because of bad credit, then payday loans are your best bet. That’s because it’s possible to get the money on the same day you apply or even within minutes. 

However, payday loans have to be repaid much earlier, usually on the next payday or within the next few months. They also tend to have higher interest rates than personal loans, so it makes sense to pay them off quickly before interest rates start adding up.

Online loans vs traditional loans

As mentioned earlier, traditional lenders like banks and credit unions now offer online loans. However, you can still walk into a bank branch and apply for a loan in person. Let’s take a look at how online loans are different from these in-person or face-to-face loans.

Advantages of online loans

Disadvantages of online loans

How to apply for an online loan

Online loans are an exciting and highly convenient way to get the money you need. At MyLoan.co.za, our aim is to make life even better for you by bringing lenders to your doorstep, so you don’t have to worry about visiting bank branches. 

When you complete and submit the application form on this page, we will immediately forward it to our partner lenders. We have partnered with popular and licenced South African loan providers.

You then compare the offers and choose one that suits your needs. Once you finalize the application process, you get your money.  

Online loans in South Africa FAQ

What’s the best online loan in South Africa?

The best loan for you depends on your needs. For instance, a personal loan that suits you should be one that you can afford and which you can comfortably repay. 

The good news is finding the best personal loan for yourself has never been easier with MyLoan.co.za. That’s because we have partnered with the best lenders in South Africa. They provide customized financial services you can take advantage of.

When you submit your loan application through us, we will forward it to our multiple lender partners. Once they contact you directly with their offers, it’s up to you to review them and decide which loan is best for you based on factors like loan amount, loan term, and the interest rate.

Where can I get an online loan fast?

If you want to get a fast loan, you can speed up the process on your end by making sure you provide all the correct details needed to process your loan. You also need to supply the required documents. Once the lender has these on hand, they will work to process your application ASAP.

How fast can I get an online loan?

This varies from lender to lender, but it’s possible to get a loan on the same day you apply. If you are an existing customer i.e., you have borrowed from the same lender before, it’s possible to get funds within minutes or hours.

REPRESENTATIVE EXAMPLE: ESTIMATED REPAYMENTS OF A LOAN OF R30,000 OVER 36 MONTHS AT A MAXIMUM INTEREST RATE INCLUDING FEES OF 27,5% APR WOULD BE R1,232.82 PER MONTH. 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 LENDER'S DISCRETION.