Quick Personal Loans South Africa
Who else wants to get approved for quick online personal loans in South Africa today?
Applying and getting approved for a loan, for any amount up to R150,000, is a relatively quick & easy process.
Check the criteria below to see whether you qualify for getting online personal loans in South Africa…
- You can apply for your loan online 24/7 & get approval by SMS no matter where you live in South Africa.
- How much can you apply for?
- Personal loans range from R500 up to R150 000 payable over a period from 1 month to 5 years.
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Furthermore, you can use your loans for anything you want such as consolidating your debts, paying school fees, house renovations, etc.
It is also important to note that to qualify for personal loans online you do not have to own a house or have some form of security.
These types of personal loans are of the unsecured type which means that they do not have to be secured by collateral but there may be other conditions that you need to comply with, as below.
3 Quick & Easy Loan Options To Choose From
- Loans up to R150,000 – apply here »
- Loans up to R50,000 (fast approval) – apply here »
- Instant cash loans up to R3,000 (perfect for when you need small quick loans paid out within minutes.) – apply here »
Unsecured Personal Loans
Last year (2015) it was reported by Moneyweb that the NCR (National Credit Regulator) was looking at reducing the interest rate of unsecured personal loans from the current rate of 32.65% down to 24.78%.
Whilst the unsecured loan lenders won’t be very happy about this it could benefit masses of people in South Africa needing unsecured personal loans online.
Advantages & Disadvantages Of Unsecured Loans
Furthermore there are certain advantages of getting unsecured loans for the consumer;
- You don’t need to provide collateral or sign over your house or car
- No credit checks – an important benefit of this type of credit is that generally speaking lenders will not do a credit check on the borrower
- Unsecured loans are often approved in a short space of time without it becoming a long drawn out affair
- Convenience – you can usually apply online & get approved by SMS within minutes
The disadvantages of unsecured credit are;
- High interest rates
- Strict repayment terms
Click Here To Apply For Unsecured Loans Of Up To R150,000 »
Criteria To Qualify For Personal Loans Online in South Africa
How to qualify for a personal loan in SA…
To apply for credit & financial assistance from any lender or bank there are certain qualification criteria that you need to meet.
In fact if you meet the following terms you could qualify for personal loans online for any amount between R500 – R150 000 to be repaid over a period of anything between 1 month to 60 months.
What Do You Need to Apply for a Loan?
- You must be a South African Citizen & a South African ID document
- You must be at least 18 years of age
- You must be permanently employed
- You will need to have your own bank account
Personal Loan Interest Rate
Most loan applicants want to know how much interest they will be paying as this can vary considerably.
For instant loans from less reputable lending institutions, such as loan sharks, the interest will be exceptionally high, but loans through main stream banks undoubtedly be will be lower.
The interest you pay on loans through main stream banks will depend on your own personal circumstances and financial standing with that particular bank so it’s difficult to provide an exact number.
Therefore, the interest rate you will be paying on your personal loan will depend on your personal profile, the amount of the loan as well as the repayment period.
Want to know how much your loan interest & monthly payments will be?
Go to the following link to calculate & see how much your interest & your loan repayments will be.
Are Personal Loans Worth It?
Whilst applying for and getting personal loans online is a fairly simple exercise for just about anyone, there are many pros and cons of personal loans.
It is therefore vitally important for consumers to do some basic research before taking out any type of personal loan.
This would involve checking out the various types of loan options available as well as the actual loan lenders themselves to ensure you’re not committing yourself to exorbitant interest rates and/or ridiculous repayment terms.
Furthermore, whilst the pros of personal loans could be to consolidate your debt or buy that new TV, the cons are worth taking note of.
- There are many loan sharks & unscrupulous lenders out there so, for your own protection, you should always ensure that the lender you choose to borrow from is registered with the NCR (National Credit Regulator).
- Don’t commit to an unacceptably high rate of interest or tough payment terms just because you are desperate for your money.
- It is wise to know exactly what the total amount is that you will have to repay before accepting the terms of the loan. For example if the total repayment amount is R25,000 for a R5,000 loan you will know you are being ripped off, in which case look for another lender.
- Another reason to examine the total loan amount is that often unscrupulous lenders have hidden fees & charges which are not declared upfront & you therefore won’t be aware of. This unfairly leads to higher than expected repayment amounts.
So even if you are desperate for a loan to pay off an unexpected expense for a car repair or a medical bill (as most people are), it will be worth it in the long run to examine all the pros and cons of taking out a personal loan.
Loans For People With Bad Credit
It is often the case that the people who most need personal loans are those who have a bad credit score & a poor credit history.
What’s the difference between bad credit loans & normal personal loans?
- Personal loans for people with bad credit usually come at a higher interest rate as well as more stringent repayment terms as those provided to people with good credit.
- This is clearly because bad credit loans carry a far higher risk for the loan lender who needs to ensure that they’re compensated accordingly.
- Whilst taking out “bad credit loans” is often unavoidable due to debt pressure or other financial crisis, it should be avoided if at all possible especially if the loan is just needed to buy something you can’t afford. This will only increase your debt burden.
- Having bad credit can cost you a small fortune so improving your credit score should be your objective
- Always remember that with bad credit you will always be hit with far higher interest than people with excellent credit & it will end up costing you a fortune for everything you purchase on credit.
To Get Your Loan Approved For Up To R150,000 Today…
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