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8 steps to get a personal loan in South Africa


In South Africa getting a personal loan starts with checking your credit score, getting pre-qualified and comparing loan supply options.

Whether you are borrowing money to consolidate existing debt, visit another country or finance your next adventure, a personal loan can help cover your expenses.

Generally in South Africa most personal loans are unsecured loans, meaning they don’t require collateral such as a house or one of your valuable assets. Loan amounts generally range from as low as R500.00 to as high as R300,000.00 and are repaid in fixed payments, typically over one month to five years. Rates and terms vary based on your credit score.

1. Check your credit score

A good credit score gives you a better chance of qualifying for a personal loan and getting a lower interest rate. Assess your creditworthiness by checking your free credit score. In general, scores fall into the following categories:

700 and higher: Excellent credit score

640-699: Good credit score

601-639: Fair or average credit score

400-600: Bad credit score

Are you one of those people struggling with a great score? It is of paramount importance that you take proactive steps to build your credit score before you apply. The biggest factors affecting your credit score are on-time payments and the amount of credit you use relative to credit limits.

Fix any errors that might be dragging down your score. If you have been missing some payments, make sure to . You can request your free credit report and dispute wrongly reported missed payments or other inaccuracies it may contain.

2. Decide how much to borrow

3. Compare estimated rates

4. Get pre-qualified for a loan

5. Research personal loan providers

6. Compare loan offers

7. Study the loan agreement

8. Apply



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