Best loans online in 2019

Creditgenie

Minimum loan amount

R1 500

Maximum loan amount

R150 000

Minimum loan term

12 months

Maximum loan term

60 months

Max. APR

28%

Loan granting

Excellent

Minimum age

18 years

105

Creditgenie is a free loan-finding service. Loan terms, conditions and policies vary by lender and applicant qualifications.
Representative example: Loan amount: R10 000, Loan term: 24 months, Monthly service fee: R68.40, Total Amount payable: R17 208, APR: 28%
NB! Total amount payable depends on the loan amount, percentage, terms and individual credit worthiness.

Ubank

Minimum loan amount

R1 000

Maximum loan amount

R180 000

Minimum loan term

3 months

Maximum loan term

72 months

APR

38.98 - 1141.24%

Loan granting

Excellent

Minimum age

18 years

721

Representative example: Loan amount: R10 000, Loan term: 24 months, Monthly Repayments: R711.69, Total Amount payable: R17 080.56, APR: 75.82%
NB! Total amount payable depends on the loan amount, percentage, terms and individual credit worthiness.

Cashloan

Minimum loan amount

R2 000

Maximum loan amount

R150 000

Minimum loan term

12 months

Maximum loan term

60 months

Max. APR

26%

Loan granting

Excellent

Minimum age

18 years

441

Cashloan.co.za is an online loans comparison site. Loan terms, conditions and policies vary by lender and applicant qualifications.
Representative example: Loan amount: R40 000, Loan term: 2 years, Total cost of loan: R63 504, APR: 26%
NB! Total amount payable depends on the loan amount, percentage, terms and individual credit worthiness.

Useful information on financial products, debt management and consumer rights

Before you borrow

Before you borrow money you should ask yourself whether you really need to spend the money and whether you can afford to pay back the money you're planning to borrow. Before borrowing ask yourself:

  • Can the purchase wait until I can afford it without taking a loan?
  • If the purchase is urgent is there another way I can get it? For example, ask employer for money advance, borrowing from family or friends.
  • If the purchase is not urgent can I save up money?

You should never take a loan if:

  • You want to take a loan to pay off other loans;
  • You already have one or more loans;
  • You already have other outstanding debts and/or missed payments;
  • If you are not sure of your capability to pay the loan back on time.

Some loans have variable interest rates, which means that interest rate can increase or decrease. You shouldn't take this type of loan in case you feel that you won't able to repay the loan if interest goes up.

If you still feel the need to take
a loan you should pay attention to:

Look at your income and outgoings and think if you'll be able to pay all your bills and debts. Calculate how much you can afford to repay each month. If your budget shows that you'll have no money for extra payments then it means you can't afford to take a loan.

Don't accept first loan you're offered, compare various lenders to make sure you get the best possible loan offer!

To be eligible to apply, you must:

  • Be a citizen South Africa.
  • Be employed in South Africa.
  • Have a valid ZA bank account.
  • Be at least 18 years old.
  • Be employed.

Make sure you have all the necessary paperwork lender may ask you:

  • Proof of income - payslip, tax return report etc.;
  • Information about your current income and expenses;
  • Copy of your bank statement that shows your savings and other made repayments such as credit cards;
  • Passport or drivers licence.

Age restriction: All credit companies set the limit on age themselves. In most companies, loans are granted from the age of 18 and up to the age of 60–70.

Annual Percentage Rate (APR)

Annual Percentage Rate represents an annual cost (in %) of borrowing. The APR takes factors such as interest rate and certain other fees and charges into account. In order to make it easier for you to compare one loan to other similar loans, lenders are required to tell you their APR before you sign an agreement.

For example:

Lender A offers
R1000 for 12 months
with an APR of 20 %
Lender B offers
R1000 for 12 months
with an APR of 38 %

As it shows, in the scenario above, borrowing from Lender A would be a better idea, because you would get the same amount of money for the same term, but each month you would pay less interest.

Borrowing costs and fees

  • Early loan repayment fee: In most cases there are no extra fees if you decide to pay off your loan early, however there might be lenders that ask you to pay this fee.
  • Initiation fee: This is a one time fee that your lander may ask you to pay when your loan granted.
  • Monthly fee: some lenders may ask you pay monthly service fee for the loan administration.
  • Late payment fee: if you miss a payment you usually have to pay late payment fee or can be charged additional interest, so make sure you never miss a payment to avoid extra charges, also please note that this can affect your credit rating, which can make it harder to borrow money in future.
  • Legal fees: if you don't pay back your loan, your lender can go to court to recover the owed money, in such cases you will be asked to cover these expenses.

If you're not able to pay back loan on time

  • Contact your lender right away: If you're struggling to make repayments on your loan you should contact your lender immediately.
  • Loan extension: If you realize that you will not be able to repay the loan on time, there is a service of loan repayment period extension, which is offered by many companies for an additional cost. Every credit company sets the fee for the service of extending repayment period itself. Although it's not advisable to extend loan you should always check your lenders approach to loan extension before you borrow.

Loan term

Choose the shortest loan term you can afford. Longer-term loans might seem appealing at first as there are lower monthly repayments, however it may turn out that the total repayment is higher. If affordable it's better to take a loan for shorter period of time and pay back higher amount of money each month.

Personal loans

Personal loan is a good choice if you are in need of a certain amount of money for a certain cause – for example, home or garden improvement, travelling or study expense coverage (student loans).

The main characteristics of personal loan: large amounts of money and long terms of loan repayment.

Personal loan comparison on moneyguru24.com helps you choose the best personal loan that best suits your need.

The process of obtaining a personal loan: to get your money, in most cases, it is enough to submit an application online and wait for the positive decision from the loaner. However, the lender may require proof of your income.

Which is the best place to apply for a personal loan?

There are quite a lot of loan companies. We recommend you refrain from cooperating with companies that provide dubious service or companies with bad customer reviews. On our site you will find reliable companies that have been working in the field of crediting for a long time.


MoneyGuru24 is not a bank, lender, broker or product issuer. MoneyGuru24 is not owned by a financial institution but is an independent company owned by private shareholders. All information provided on MoneyGuru24 has general and informative nature. Although MoneyGuru24 covers wide range of loan products and providers, keep in mind that those are not the only options available in the market and may not be the best fit for you. We do not consider your personal circumstances and financial situation and we are not recommending any particular products. If you choose to apply for a loan product through MoneyGuru24 website you will be dealing directly with the loan provider not with MoneyGuru24. It is recommended for you to read all relevant documentation given by the loan provider before accepting any financial product offer.

FAQ

  • What is a loan?

    Loan is a good choice if you are in need of a certain amount of money for a certain cause – for example, home or garden improvement, travelling or study expense coverage (student loans). Personal loan comparison on moneyguru24.com helps you choose the best personal loan that best suits your need.

  • Should I consider getting a loan?

    If you find yourself in a sudden need of money, for example, you receive an unexpectedly big bill for a service, first – talk over with whomever you got your bill from and explain the situation you’re in. You may plan an extended term to your bill or suggest a partial payment during a longer term. If that is not possible, you should consider getting a loan. But you should get a loan only if you are able to pay it back.

  • How do I get a loan?

    You can apply for a loan using an online application form. To get the loan you have to be over 18, employed, with a regular monthly income and have a bank account. Even though the application is really easy, you shouldn’t rush into getting a loan. Be careful and read all the information, small print, terms and conditions on the politics of financial enterprise which you find most efficient after comparing all the options in MoneyGuru24.com.

  • How do I pay back my loan?

    Most of financial enterprises, that offers loans, debit the payment directly from your bank account. But there are still some credit companies that haven’t established this service yet, so you must remember to pay back your debt as soon as you get your monthly paycheck. If you are thinking about extending the term of your loan, be sure to inform the lender before the current due date expires.

  • What happens if I can’t pay back my loan?

    If you miss payments or fail to repay your loan and cannot reach an agreement on the extension of credit term, then it is quite possible that the lender will leave a bad mark in your credit reference file. This can cause difficulties to obtain credit, leasing or other financial services in the future. Serious cases of missed payments (non-payment) can be brought to court. In this case, the court costs will be added to the amount of your debt. For more information about loan extension policy, description of the company's policy in cases of missing payments and non-payment actions, visit your lender’s website.

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