Personal Loans South Africa 2025
Find the best personal loans in South Africa with competitive rates from 11.75%. Compare top lenders, calculate repayments, and apply online for loans up to R300,000.
Personal Loan Quick Facts
Personal Loan Calculator
Loan Details
Loan Calculation
Enter loan details and click "Calculate Loan" to see your monthly payment
Note: This is an estimate. Actual rates and terms may vary based on your credit score, income, and lender policies.
Types of Personal Loans
Unsecured Personal Loans
No collateral required, based on creditworthiness
- • No collateral required
- • Quick approval process
- • Flexible repayment terms
- • Higher interest rates
Debt consolidation, home improvements, emergencies
Secured Personal Loans
Backed by collateral such as property or vehicle
- • Lower interest rates
- • Higher loan amounts
- • Collateral required
- • Longer repayment terms
Large purchases, business funding, major expenses
Payday Loans
Short-term loans for immediate cash needs
- • Very quick approval
- • Minimal requirements
- • Very high interest rates
- • Short repayment periods
Emergency cash needs (use with caution)
Consolidation Loans
Combine multiple debts into one payment
- • Simplify payments
- • Potentially lower rates
- • Debt management
- • Credit score improvement
Managing multiple debts, reducing monthly payments
Business Loans
Funding for business purposes and expansion
- • Business purpose funding
- • Competitive rates
- • Flexible terms
- • Business growth support
Business expansion, equipment, working capital
Vehicle Finance
Loans specifically for purchasing vehicles
- • Vehicle as collateral
- • Competitive rates
- • New and used vehicles
- • Balloon payment options
Car purchases, vehicle upgrades
Compare Top Personal Loan Lenders
| Lender | Speciality | Interest Rate | Max Amount | Best For | Learn More |
|---|---|---|---|---|---|
Bayport Salary deductionQuick approval | Salary-based loans | 18% - 28% p.a. | R200,000 | Employed individuals with stable income | View Details → |
Unifi Flexible repaymentNo early settlement fees | Flexible personal loans | 15% - 25% p.a. | R150,000 | Flexible repayment needs | View Details → |
Finbond Multiple loan productsVehicle finance available | Personal & vehicle finance | 16% - 28% p.a. | R1,500,000 | Vehicle finance, business loans, personal expenses | View Details → |
African Bank Debt consolidationCompetitive rates | Consolidation loans | 12% - 24% p.a. | R250,000 | Debt consolidation, personal expenses | Coming Soon |
Capitec Competitive ratesQuick approval | Personal loans | 11.75% - 28% p.a. | R250,000 | Existing Capitec clients | Coming Soon |
FNB eBucks rewardsFlexible repayment | Personal loans | 14% - 27% p.a. | R300,000 | FNB clients, reward seekers | Coming Soon |
Standard Bank UCount rewardsFlexible terms | Personal loans | 13% - 26% p.a. | R300,000 | Standard Bank clients | Coming Soon |
Capfin Quick approvalEmergency cash options | Personal & emergency loans | 24% - 32% p.a. | R100,000 | Emergency cash needs, debt consolidation | View Details → |
Finchoice Same-day approvalCompetitive rates | Personal & debt consolidation | 20% - 32% p.a. | R250,000 | Personal expenses, debt consolidation, emergencies | View Details → |
Investec Premium serviceAsset-based lending | Premium & asset-based lending | Prime-2% to Prime+5% | R5,000,000 | High net worth individuals, asset-based lending | View Details → |
Barko Loans Competitive interest ratesQuick approval process | Affordable personal loans | 14% - 26% p.a. | R200,000 | Individuals seeking affordable personal loans | Coming Soon |
Boodle Loans Same-day approvalQuick cash solutions | Short-term emergency cash | 60% - 120% p.a. | R8,000 | Emergency cash needs, short-term expenses | View Details → |
Bruma Finance Personalized serviceFlexible terms | Personalized lending solutions | 20% - 35% p.a. | R50,000 | Personal expenses, debt consolidation | View Details → |
Mafori Finance Multiple financial servicesCommunity-focused | Integrated financial services | 24% - 36% p.a. | R17,500 | Underserved communities, comprehensive financial needs | View Details → |
Benefits of Personal Loans
Quick Access to Cash
Get funds within 24-48 hours for urgent needs
Flexible Usage
Use funds for any legal personal purpose
Fixed Repayments
Predictable monthly payments for better budgeting
Build Credit History
Improve your credit score with responsible repayment
No Collateral Required
Most personal loans don't require assets as security
Competitive Interest Rates
Better rates than credit cards for large purchases
Risks to Consider
High Interest Rates
Personal loans can have higher rates than secured loans
Debt Accumulation
Risk of taking on more debt than you can manage
Credit Score Impact
Missed payments can damage your credit score
Fees and Penalties
Various fees can increase the total cost
How to Apply for a Personal Loan
Research and Compare
Compare different lenders and loan products
Check Your Credit Score
Obtain your credit report and score
Gather Required Documents
Prepare all necessary documentation
Submit Application
Complete and submit your loan application
Await Assessment
Lender reviews your application
Loan Approval & Disbursement
Receive approval and loan funds
Personal Loan Requirements
Age Requirements
- Must be 18 years or older
- Maximum age varies by lender (65-70 years)
- Some lenders have minimum age of 21
Income Requirements
- Minimum monthly income (usually R3,000-R5,000)
- Proof of stable income
- Employment for minimum period (3-6 months)
- Bank statements showing income
Credit Requirements
- Good credit score (usually 600+)
- No recent defaults or judgments
- Manageable debt-to-income ratio
- No blacklisting or debt review
Documentation
- South African ID document
- Recent payslips (2-3 months)
- Bank statements (3 months)
- Proof of residence
Frequently Asked Questions
What is the minimum credit score for a personal loan?
Most lenders require a minimum credit score of 600-650 for personal loans. However, some lenders may approve loans with lower scores but at higher interest rates. Check your credit score before applying.
How long does personal loan approval take?
Personal loan approval typically takes 1-7 business days. Some lenders offer same-day approval and funding for qualified applicants. The process depends on your creditworthiness and completeness of documents.
Can I get a personal loan with bad credit?
Yes, some lenders specialize in loans for people with poor credit. However, expect higher interest rates and stricter terms. Consider secured loans or improving your credit score before applying.
What can I use a personal loan for?
Personal loans can be used for any legal purpose: debt consolidation, home improvements, medical expenses, weddings, vacations, or other major purchases. However, business purposes may require a business loan.
Are there fees for personal loans?
Yes, personal loans may include origination fees, application fees, late payment fees, and early repayment penalties. Read the loan agreement carefully to understand all fees and costs involved.
Important Information
Before You Apply
- • Check your credit score and report
- • Calculate how much you can afford
- • Compare rates from multiple lenders
- • Read all terms and conditions
- • Consider alternatives like secured loans
- • Have all required documents ready
Smart Borrowing Tips
- • Only borrow what you absolutely need
- • Choose the shortest term you can afford
- • Set up automatic payments
- • Consider paying extra toward principal
- • Avoid taking multiple loans simultaneously
- • Build an emergency fund after repayment
Disclaimer: Interest rates, fees, and terms vary by lender and are subject to change. Loan approval depends on creditworthiness and affordability assessment. This information is for general guidance only and does not constitute financial advice. Always compare multiple lenders and read all terms before signing any loan agreement.