Best loans online in 2022

Udu - description of the lender

udu

Loan amount

R4000 - R150000

Loan term

12 - 60 months

Udu - description of the lender

Company

Udu (pronounced “You Do”) was created to offer an online self-service loan management portal and the unique Udu digital platform uses the latest technology to make all processes quick, easy to use and to understand. It enables anyone to take out a loan completely electronically. The power is at your fingertips.

Udu is an associate business of the Direct Axis Group, a strong link that ensures reputable service.

Direct Axis SA (Pty) Ltd, an authorised Financial Services Provider who manages and administers Udu Personal Loans on behalf of RedDirect (Pty) Ltd.

APR

APR

The maximum interest rate with regards to a Udu Personal Loan is 27.50% per annum (compounded monthly). Your rate will be determined according to your personal risk profile.

Representative example

An illustrative example of a loan at an interest rate of 27.50% per annum would be: Loan amount R60 000.00 plus a once-off initiation fee of R1207.50 and a monthly admin fee of R69, over 60 months. The total cost of the loan will be R 117 380.00 which is an Annual Percentage Rate (APR) of 30.41%.

NB! Total amount payable depends on the loan amount, percentage, terms and individual credit worthiness.

Application processing time

Udu loans are funded by RedDirect, an authorised credit provider, these loans are administered by one of South Africa’s largest financial services provider DirectAxis.

You’ll instantly know if you qualify for a loan. Once your loan has been finalised, the full amount is paid directly into your bank account.

Requirements

  • at least 18 years of age;
  • South African citizen;
  • latest 3 months bank statements to prove your income.
  • Documents required

  • latest 3 months bank statements to prove your income.
  • Registration number

    NCRCP8391

    Important information

    WARNING: Before borrowing please make sure that you read all the terms and conditions in your loan agreement.

    Address

    Direct Axis (SA) (Pty) Ltd,
    108 De Waal Road, Diep River, 7800,
    South Africa

    Additional information

    To contact Udu fill the contact form on www.udu.co.za.

    African Bank

    Minimum loan amount

    R2 000

    Maximum loan amount

    R350 000

    Minimum loan term

    7 months

    Maximum loan term

    72 months

    Max. APR

    15 - 24.5%

    Minimum age

    18 years

    591

    Representative example: Loan amount: R20 000, Loan term: 1 year, Total cost of loan: R24 432, APR: 15%
    NB! Total amount payable depends on the loan amount, percentage, terms and individual credit worthiness.

    Sanlam

    Minimum loan amount

    R5 000

    Maximum loan amount

    R200 000

    Minimum loan term

    24 months

    Maximum loan term

    72 months

    APR

    15.00 - 27.29%

    Minimum age

    18 years

    667

    Representative example: Loan amount: R50 000, Loan term: 72 months, Total cost of loan: R102 086, APR: 27.29%
    NB! Total amount payable depends on the loan amount, percentage, terms and individual credit worthiness.

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