Do you need a R1000 loan? Be smart - apply for a loan through Myloan and get banks to compete for your loan. Choose the best R1000 loan option to continue with. Apply safely with MyLoan with no obligations or hidden costs.
Applying for a R1000 loan in South Africa
Our comparison prides itself in being both easy and transparent. Our loan application is simple and will get you offers from many banks and lenders. As we are a neutral party to any transaction, we will show you the best offers so that you can compare the loans with each other. We make sure that you are contacted by lenders if a loan is available for you.
A R1000 loan is usually classified as a short-term loan and is available with a tenure of 1-2 months. This means that the money can often be in your account within 1-2 hours if you qualify for a loan. Unlike larger loans, like a R250,000 loan, the requirements on earlier credit behaviour are not always as stringent. A credit score over 580 will be enough for many credit providers.
What do I need to apply for a R1000 loan?
If you want to apply for a short-term loan, you will need the following details:
- Most lenders require you to earn a minimum income. If you are permanently employed and earn over R4000 per month, you are eligible for a loan if your affordability can cover the expenses
- You will need a bank statement to prove your income
- You will need to be over 18 years of age
- A clear copy of your ID document
- Most credit providers also require a salary slip
How can I apply for a R1000 loan?
There are three simple ways you can apply for a R1000 loan – online, physically at the lender's office, or over the phone. You can apply through MyLoan.co.za at no cost to yourself in order to see what options are available.
What should my credit score be for a R1000 loan?
Although credit score plays an important role for loan assessment other factors also contribute to whether you get a loan and for what interest rate.
- Typically, you will need to have a credit score above 580 (Experian).
- Income level: Lenders will ensure you can afford the monthly payments. This is why you need to provide 3 months' bank statements and payslips.
- Low debt-to-income ratio: The lenders will compare your monthly income to your monthly debt. If you have high monthly payments, lenders will determine if you can afford the loan and survive. In order to determine this, the bank will do an affordability assessment on your income and regular expenses. You will need to have enough left to cover your instalments.
- The bank will need to be sure that you are not under debt review or have a court sequestration order.
Quick R1000 loans in South Africa
Sometimes, expenses arise without any time to plan for them. In these situations, it is good to know that there are options available in the form of loans.
MyLoan.co.za partners with over 15 credit providers to be able to pre-vet your loan application in order for you to have a clear idea of which lenders are available to you. This way, you do not need to apply separately with many banks, and you do not need to take several credit reports to your name which may hurt your credit score.
Think about these things before taking an unsecured loan
- Unsecured loans should not be taken without a clear need for the money. This is important both for small and large loans.
- Remember that the loan will have to be repaid with interest and other costs, so make sure the total repayment rate is within your budget.
- Your financial profile will matter to the banks and lenders that approve your loan. Make sure your credit history is good and stays good so that you can access cheap loans in the future.
- You should only take a loan from a trusted lender that follows NCR regulations, otherwise the fees may be higher than what is legal. MyLoan only works with NCR-regulated credit providers.