Personal 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.


Life has a habit of throwing up surprises. And usually at the most inconvenient times financially. However, a personal loan is a quick and easy way to smooth out life’s unexpected challenges, whether negative or positive.

Applying for a loan to smooth out the bumps in the road is probably faster and easier than you may imagine. It can provide you with the funds to tackle those rainy day emergencies that life usually throws at us from left field.

Whether it’s a car that’s broken down, one of your white goods needing replacement, or moving to the city to start a new life or job, a personal loan is a solution to stem short-term cash flow problems.

So long as you meet the lender’s criteria, finding a personal loan at a reasonable interest rate with affordable monthly repayments is perfectly feasible.

As we will see, there aren’t too many hoops to jump through when applying for a loan. You can easily apply online and get a loan offer more or less straight away. However, others prefer a more personal touch when making a loan application by calling a bank or visiting a branch in person.

What is the best place to get a personal loan in South Africa?

You can go about applying for your personal loan with various lenders or you can use MyLoan to compare and apply for a loan offer.

MyLoan will contact various lenders on your behalf and request loan offers for you. In the event you qualify for pre-approved loan offers, MyLoan will present the offers in an easy to compare way, so that you can choose the best offer. The lender will then perform their final due diligence and if you qualify, the money will be paid out to you shortly.

What you need to apply is to fill in the MyLoan application form and wait for the offers.

Which documents do I need to supply when applying for a loan?

You will need your ID or passport to prove your identity. Depending on the loan amount you will also need to supply recent proof of residence, like a utility bill that’s no older than three months and three months worth of payslips or bank statements.

You may also need some flexibility regarding the loan amount and the payment period. For the latter, many lenders will offer up to 84 months (seven years) for repayment. However, the sooner you pay back the loan, the cheaper it will be. If you can make the repayments in a year, consider opting for that if you can.

You also need to be a minimum of 18 years old and have a good credit record. If you apply online for a personal loan, you can securely upload documents through the lender’s website.

How much monthly salary do I need when applying for a loan?

Each bank or lender has slightly different rules regarding the size of your regular monthly income. It largely depends on how much you wish to borrow and for how long.

As a rule of thumb, a smaller personal loan with fewer monthly repayments, say, less than six months, lenders will be looking for a steady regular income of at least R4000.

If you wish to borrow a more significant loan, you can expect most lenders to require your monthly income to be more, sometimes substantially more.

What else must I know about getting a personal loan?

Make sure you get the best possible rate through MyLoan. Don’t go with the first lender who says yes and makes a loan offer. Be sure to compare loans and total up how much the personal loan will cost by the end of the monthly repayments. You may be surprised at the difference.

Bear in mind, that the interest rate for personal loans will usually be higher than that advertised for home loans or vehicle finance. This is because personal loans are usually unsecured.

Before a bank or another financial services provider makes you a loan offer, they will assess your ability to repay what you borrow.

Before taking up a loan offer, always be sure you are entirely clear on how personal loans work and the overall cost, including the interest rate.

However, be careful not to over-burden yourself financially. Take into account your other regular monthly outgoings. Be realistic and honest about your routine expenses, including rent or mortgage, food, utilities, and other foreseeable outlays.

The cost of your loan - the amount borrowed plus interest rate payments - is also directly influenced by the length of the repayment period.

Personal loans are unsecured, so you won’t be asked to provide collateral to cover the amount you borrow.

How can personal loans be spent?

You can use personal loans for pretty much anything. Personal loans usually are quite flexible and an excellent means of bankrolling home renovations, buying electronic gear, funding a getaway cruise, and loads of other uses.

How much is it possible to borrow?

Personal loans can be extended from as little as R100 to as much as R250,000, depending on the lender. Assessment of your loan application can take between minutes and 48 hours. What you get offered is primarily based on your risk profile and how confident the lender feels about you paying the loan back in full.

A personal loan is quick and relatively easy to access. However, the interest rate and what you pay in total over your monthly repayments vary wildly. It literally pays to compare personal loan deals carefully.

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.