Best loans online in 2018!

Minimum loan amount
R500
Maximum loan amount
R150000
Minimum loan term
3 months
Maximum loan term
60 months
APR
9.8 - 21 %
Minimum age
18 years
Loan granting
Excellent
Online application
Apply now sapersonalloan...
Requirements:
  • - you must be at least 18 years old.
SApersonalloans.co.za 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, Installment: R484.87, Total amount payable: R11 636.80, APR: 15.0%
NB! Total amount payable depends on the loan amount, percentage, terms and individual credit worthiness.
Minimum loan amount
R1500
Maximum loan amount
R150000
Minimum loan term
12 months
Maximum loan term
60 months
Max. APR
28 %
Minimum age
18 years
Loan granting
Good
Online application
loanfinder.co.za
Requirements:
  • - at least 18 years of age;
  • - South African citizen;
  • - steady, monthly income of at least R1500;
  • - South African bank account;
  • - not under debt review;
  • - not filed for bankruptcy;
  • - are not under any debt restructuring programmes;
  • - have not declared as an insolvent; and/or are not under administration.
Loanfinder SA 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.
Minimum loan amount
R1000
Maximum loan amount
R180000
Minimum loan term
3 months
Maximum loan term
72 months
APR
35.57 - 1141.24 %
Minimum age
18 years
Loan granting
Good
Online application
ubank.co.za
IMPORTANT:
  • - Initiation fee charged at 16.50% for the first R1,000 and 10% of every thousand thereafter capped at R1,197 including VAT;
  • - Monthly service fee of R68.40, VAT inclusive, included in monthly repayment of all loan applications.
Representative example: Loan amount: R10 000, Loan term: 24 months, Monthly Repayments: R696.76, Total Amount payable: R16 722.24, APR: 71.54%
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!


  • http://www.ncr.org.za/ - this website is provided by the National Credit Regulator and here you can find general information and tips on financial products such as loans as well as get acquainted with National regulations.
  • http://www.obssa.co.za/ - this website is provided by the Ombudsman for banking services and here you can find information on banking and personal finance products such as personal loans.
  • http://www.gov.za/documents/consumer-protection-act - this website is provided by the South African government and here you can find information on consumer rights and protection and get acquainted with the Consumer Protection Act.
  • http://www.southafrica.info/services/consumer/lenders.htm#.V0V7PTV96Hs - this is informative website about South Africa and here you can find useful information on financial products as well as find relevant institutions to turn to if you wish to find more information on financial products, wish to file a complaint or get acquainted with laws and regulations.
  • http://ndma.org.za/ - this website is provided by the National debt mediation association. If you are experiencing money problems and are struggling with debt, here you can find helpful information and tips on debt management as well as receive bet counselling.


Before you borrow:


Before you borrow money you should ask yourself whether your 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.

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.

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.

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 102 %

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.

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.

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

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.

If you're not able to pay back your 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.

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, lower interest rates.

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; among them – SApersonalloans, LoanFinder, Ubank and others.


Attention!


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.

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