Compare South Africa’s leading personal loans.
| Lender | RateWeb Rating | Interest Rate | Min – Max | Apply Now | |
|---|---|---|---|---|---|
| Lime24 | -% Per Month | R 300 – R 5 400 |
| Lender | RateWeb Rating | Interest Rate | Min – Max | Apply Now | |
|---|---|---|---|---|---|
| FNB | From 13% | Upto 300 000 | |||
| ABSA | Maximum 17.5% | Upto R 350 000 | |||
| Standard Bank | Between 7.75% – 25.25% | Between R 3 000 – R 300 000 | |||
| Nedbank | Maximum 25.25% | Between R 2 000 – R 300 000 | |||
| Capitec Bank | From 12.9% | Upto R 2 500 00 |
Have you ever wanted to buy something but you do not have the money to buy the thing? And its something you really want and possibly won’t be able to do without it. This is when you need to start shopping for a loan.
A personal loan is an amount you borrow for personal use from a lender who is registered under the National Credit Act 34 of 2005. The big 5 banks all have one personal loan in one form or another. Emerging banks such as Discovery, Investec and Tyme Bank also have a form of a personal loan. Alternative lenders like Lime24 and Fasta Loans particularly focus on providing personal loans as their primary business.
The general definition of a personalized loan would be: ‘the amount you borrow for personal use’.
There is largely no difference between the two, excerpt that most Business Loan lenders are not regulated by the National Credit Act and as already stated above, Personal Loan lender are regulated.
Primarily, you can take out a personalised loan to build or manage your business but you can not take out a business loan for personal use.
Yes, a vehicle loan or home loan is a personal loan. However, due to the huge demand and the sizes of amounts needed for these types of loans, lenders tend to treat them as different from general personal loans.
A general personal loan, is a loan you apply for without having to specify to the lender what you want to use the money for.
It depends on the lender and your credit score but the general interest rate on a personal is 27.5%
A credit score of 630 and above will usually be sufficient to get you a loan. However, there are many other factors that are taken into consideration. Amongst them, your credit profile. Your current debt and your income.
The First National Bank has the best loans. However, it depends on how much you need and when do you plan on repaying it. You can check above on our comparisons on how each bank will help you and what type of loan their good at.
The best place to get a personal loan in South Africa are the big 5 banks, alternative lenders or fintech lenders. FNB, ABSA, Standard Bank, Nedbank and Capitec Bank offer some of the best personal loan interest rates to their existing clients. Alternatively, Lime24 and Fasta Loans may be the best place to get a personal loan if you don’t mind higher rates.
You can qualify for a personal loan as low as ZAR 300 to ZAR 350 000, depending with the lender. Payday lenders such as Lime24 and Fasta loans can offer personal loans ranging between ZAR 300 to ZAR 8 000. Whereas you can qualify for up to ZAR 350 000 with banks.
You can easily can a personal loan from First National Bank, ABSA, Nedbank, Capitec Bank, and Standard Bank. However, you must have your credit score above 630, be employed or have a stable source of income and be an existing client of one of the banks.
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This website uses cookies. DISCLAIMER: Rateweb is not a financial service provider and should in no way be seen as one. In compiling the articles for our website due caution was exercised in an attempt to gather information from reliable and accurate sources. The articles are of a general nature and do not purport to offer specialised and or personalised financial or investment advice. Neither the author, nor the publisher, will accept any responsibility for losses, omissions, errors, fortunes or misfortunes that may be suffered by any person that acts or refrains from acting as a result of articles on this website.