Need a Loan? Fill Out the Online Loan Application

Need a loan? Great, you have come to the right place. With MyLoans online loan application, you can get the funds you need faster than ever!
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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 evolution from the traditional banking concept to online loans represents a significant development in the financial industry. Historically, individuals seeking loans had to rely on traditional banks and financial institutions to access funds, which often involved lengthy application processes, extensive paperwork, and in-person visits, which could be time-consuming and inconvenient. However, the financial landscape has transformed with the rise of the internet and technological advancements. It is especially FinTech that has changed traditional banking.

Online loans have become a convenient alternative, allowing borrowers to complete the application process through digital platforms. MyLoan has seized this opportunity, creating one secure platform where you only need to fill out one online loan application, followed by multiple quotes from up to thirteen lenders.

How to Apply for a Loan Online on MyLoan:

Many registered credit providers quote loans in South Africa. MyLoan partners with only National Credit Regulator (NCR)-certified lenders and has done the work on your behalf. We have integrated, modernised and automated the process of simultaneously receiving personalised loan quotes from different lenders. To apply for a loan, you only need to complete the online loan application and select the best loan for you.

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

Online loan 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.

Benefits of Applying Online for a Loan

The online loan application process quotes numerous benefits, making it an attractive option for borrowers seeking financial assistance.

Convenience and Accessibility:

Online loan applications can be completed from the comfort of one's home or office, eliminating the need for in-person visits to financial institutions.

Time-saving and High Flexibility:

The online platform allows borrowers to submit applications quickly, saving valuable time and effort, especially for those with busy schedules or families. They can also be submitted anytime, even outside regular business hours, providing flexibility and convenience that traditional methods lack.

Streamlined, Secure and Confidential Process:

Online platforms, like MyLoan, often feature simplified forms and requirements, reducing the burden of extensive paperwork and making the application process more efficient. MyLoan prioritises security and privacy, implementing robust encryption and data protection measures to safeguard sensitive information.

Quick Approval, Disbursement and Enhanced Transparency:

Digital lending platforms enable faster approval and disbursal of funds, ensuring that individuals can access the money they need promptly. Detailed information about loan options, terms, and fees is often provided, enabling borrowers to make informed decisions.

Access to a Broader Range of Lenders:

Online loan applications provide access to a broader network of lenders, increasing the chances of finding favourable terms and competitive interest rates.

Remote Accessibility and Real-time Updates:

Online loan applications enable individuals in remote areas to access financial services that may be otherwise limited or inaccessible. And borrowers can receive instant updates on their application status, loan approval, and other relevant information through online platforms, keeping them informed throughout the process.

Filling out MyLoans online loan form corresponds to going into a physical bank, talking to thirteen lenders and filling out an application for each lender. Therefore it is time-saving, extra convenient, secure and way more flexible.