A list of top banks and companies for personal loans in South Africa

8 Banks and Companies Trending in Personal Loans in South Africa

Do you need a personal loan in South Africa?

It’s a quite common needs for many South African . . . required personal loans quickly.

Which is why there’s a huge number of companies grow up and started offering financial products to South Africans with minimal requirement and interest rate.

But which banks and lending companies offer the best personal loans in South Africa?

Banks are not the only ones that can provide personal loans to qualified applicants. There are alternative loan lenders you can go to in case your loan request gets refused by banks.

We’ve listed the top trending companies that offer the best personal loans services in South Africa. Choose which one of them suits your financial needs.

ABSA Bank South Africa

Top Banks in South Africa for Personal Loans:

#1 – ABSA

ABSA is a subsidiary company of the Barclays Africa Group. They offer retail and business banking products, and wealth management services. Personal, express, and instant loans are also offered to those who need access to quick cash. They also have home and vehicle finance, student loans, and debt consolidation products.

You can apply for their loans by creating an account online. You can also visit a ABSA branch near your location or call them at 0860 100 372.

Requirements:

  • You must be a South African at least 18 years of age
  • You have a bank account where your income is regularly deposited
  • You must be earning a monthly income amounting to at least R2 000

Loanable amount: R3 000 to R350 000

Interest rates: APR up to 17.5%

Repayment period: 12 to 84 months

 

#2 – Capitec

Capitec is known for its innovative approaches to banking in South Africa. The way they utilize remote banking, cash at tills, and ATM transacting has brought great convenience to their customers.

Capitec offers credit facilities, home loans, and insurances. They offer one of the lowest interest rates on personal loans in South Africa. You can apply for these services either by visiting one of their branches or by using their online platform.

Requirements:

  • You should at least be 18 years of age and living in South Africa
  • Have an active bank account where your monthly salary is deposited regularly

Loanable amount: R1 000 to R250 000

Interest rates: Rates amount up to 12.9%. Visit their site to get a better view of the interest rates on their loans.

Repayment period: From 30 days to 84 months

 

#3 – FNB

FNB is one of the oldest and most established banks in South Africa. After more than a decade of existing as a sole company, they became part of the FirstRand Limited group.

You can apply for a personal loan by filling out their form online. You can also request for a loan through their FNB Banking app. FNB also allows you to contact them via mobile banking (*120*321#) or via landline telephone (0861 40 40 40).

Requirements:

  • A permanent resident of South Africa, age 18 to 64
  • Permanently employed or self-employed
  • You have a bank account where your monthly salary is deposited
  • Pass their affordability and credit assessment

Loanable amount: You can loan from R1 000 up to R200 000 from them

Interest rates: Lending rate as of 2018 is at 10%, one of the lowest interest rates applied on a personal loan in South Africa

Repayment period: Terms range from 1 month up to 60 months

 

#4 – African Bank

The African Bank is a local favorite that specifically caters to the financial needs of South African citizens. They provide financial services to retail customers through their loan, investment, credit, and insurance products.

You can apply for their loan by filling out their online form, visiting their branch, or calling them at 0861 111 011.

Requirements:

  • A resident of South Africa who is at least 18 years of age
  • Employed and currently working with the same employer for the past 6 months
  • You have an active bank account where your salary is deposited regularly every month

Loanable amount: You can borrow from as little as R2 500 to as much as R200 000

Interest rates: APR varies from 15% to 27.75%, depending on your credit rating

Repayment period: Repayment terms range from 7 months up to 72 months

DirectAxis Financial Service, South Africa

Top Non-banking Companies in South Africa for Personal Loans:

#1 – DirectAxis

DirectAxis is a member of the FirstRand Group which is one of the largest banking institutions in Africa. They offer lending and insurance products to retail customers in the country.

Their expertise in providing financial services allows them to offer one of the best personal loans in South Africa. You can apply for their personal loans by filling out an online form or by calling them at 0861 02 03 04.

Requirements:

  • A resident of South Africa who is at least 18 years of age
  • You’re receiving a regular monthly income amounting to at least R5 000
  • You have an active bank account where your salary is deposited regularly every month

Loanable amount: Amount ranges from R5 000 to R150 000

Interest rates: The maximum rate that can be applied is 27.5%, although this can be made lower depending on your financial profile

Repayment period: You can repay the loan within 24 to 72 months

 

#2 – RCS

RCS is a non-bank finance business offering a wide variety of retail products like credit cards, insurances, and loans.

They may not be offering one of the cheapest loans in South Africa but they provide quick approval to loan applications. They can deposit the amount you need within 24 hours after submitting your request.

To apply for a personal loan, you can fill out their online assessment form or you can call them at 0861 72 97 27.

Requirements:

  • You have to be at least 18 years of age
  • You’re earning a minimum monthly salary of R2 000
  • You have an active bank account where your salary is deposited regularly every month

Loanable amount: You can borrow from R1 000 up to R150 000

Interest rates: The maximum rate that can be applied is 27.5%

Repayment period: You can repay the debt within 12 to 60 months

 

#3 – Bayport Financial Services

Bayportis a non-bank entity that has been established in 2004. Even though they’re quite new in the local financial scene, they rapidly grew to be one of the biggest and best personal loan providers of unsecured credit in South Africa. They offer a variety of loan and insurance products accessible to clients wherever they are in the country.

You can apply for personal loans either by calling them at 087 287 40 00, by sending them an email at clientcare@bayport.co.za, or by filling out the online formfound on their website.

Requirements:

  • You have to be at least 18 years of age
  • You should be with your current employer for at least 6 months by the time you apply for a personal loan
  • You have an active bank account where your salary is deposited monthly

Loanable amount: R1 000 to R150 000

Interest rates: Fixed interest rates that vary according to your financial capability

Repayment period: From 6 months up to 60 months

 

#4 – Sanlam

Sanlam is a prominent figure in the local financial landscape for their reliability and expertise in providing the best personal loan rates in South Africa. They offer financial products and services to personal, corporate, and institutional clients.

You can contact them by phone at 0860 72 65 26 or by completing their online form.

Requirements:

  • You have to be at least 18 years of age and a South African citizen
  • You should be able to provide a proof of income, i.e. payslips or bank statements for the past 3 months
  • You have an active bank account where your salary is deposited monthly

Loanable amount: R5 000 up to R200 000

Interest rates: Interest rates range from 21.9% and 27.50% monthly

Repayment period: Repayment period is 24 to 60 months

 

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