Compare and decide on one of the 3 borrowing options presented
Explore details about the lenders
Address: South Africa
Phone number: -
E-mail: info@soscredit.co.za
Max APR: 74.9%
Term: 3 months - 1 year
Loan of 4000 R for 3 months, commission 808.48 R, total amount 4808.48 R, annual percentage rate APR 74.9%.
Address: -
Phone number: -
E-mail: info@dengoo.co.za
Max APR: 58.4%
Term: 62 days - 1 year
Loan of 1000 R for 3 months, commission 103.33 R, total amount 1103.33 R, annual percentage rate APR 58.4%.
Address: C505, Bridgewater 3, Century City, Cape Town, 7441
Phone number: 010 442 6722
E-mail: support@lime24.co.za
Max APR: 74.9%
Term: 62 days - 1 year
Loan of 4000 R for 3 months, commission 808.48 R, total amount 4808.48 R, annual percentage rate APR 74.9%.
Personal Loans in South Africa
Personal loans in South Africa are a flexible financial solution for individuals needing funds for various purposes, such as home improvements, medical expenses, or debt consolidation. These loans are typically unsecured, meaning you don’t need to provide collateral, and they offer fixed repayment terms ranging from a few months to several years, depending on the lender.
Application Process
- Choose a lender: Start by researching and comparing lenders. Look for those offering competitive rates, favorable terms, and transparent fee structures.
- Submit an application: Most lenders allow you to apply online, requiring you to fill out an application form with personal details, proof of income, and banking information.
- Documentation: You may need to provide supporting documents such as your ID, proof of residence, and recent pay stubs or bank statements. This helps the lender assess your creditworthiness and ability to repay the loan.
- Approval and disbursement: After reviewing your application and documentation, the lender will determine whether to approve the loan. Once approved, the funds are typically disbursed quickly directly into your bank account.
Annual Percentage Rate (APR) and Repayment Period
Personal loans generally have repayment terms from 62 day to 12 months.
The maximum Annual Percentage Rate (APR) for personal loans is 75%. APR represents the total cost of borrowing, including both interest and fees, expressed as an annual rate. This cap is designed to protect borrowers from excessive costs, especially for short-term loans like payday loans, which often carry higher interest rates.
When considering a loan, it’s essential to understand the APR, as it gives a clearer picture of the true cost over time, helping you compare different loan offers effectively.
Additional Fees and Costs
Personal loans often come with extra fees that can increase the total cost:
- Processing fees: Some lenders may charge an upfront fee to process your loan, which is added to your total repayment amount.
- Late fees: If you miss a payment or cannot repay on time, additional charges may apply.
- Prepayment penalties: Although rare with personal loans, some lenders may charge a fee if you repay your loan early.
Always read the fine print and calculate the total cost of borrowing before taking out a personal loan.
