Personal Loan Rates

Applying for a personal loan is a simple process that can be done anytime, anywhere.

However, choosing the right loan that’s more affordable and designed for your needs has always been challenging for most people in South Africa.

So we’ve put together the following list of the best personal loan rates in South Africa 2021, to assist you to make a smarter decision before taking your first loan offer.

Lender
Loan Amount
Installment
Spot Money Loan
R300,000.00
Est. APR: 12.9%
R5,441.29
Within 84 month(s)
HomeChoice Loan
R3,000.00
Est. APR: 12.5%
R204.53
Within 16 month(s)
Fasta Instant Credit
R8,000.00
Est. APR: 10.5%
R2,713.47
Within 3 month(s)
RCS Personal loans
R150,000.00
Est. APR: 15%
R3,568.49
Within 60 month(s)
Finbond Loans
R20,000.00
Est. APR: 12.5%
R946.15
Within 24 month(s)
Mpowa Finance Loans
R5,000.00
Est. APR: 36%
R5,150.00
Within 1 month(s)
1Life Personal Loan
R150,000.00
Est. APR: 25%
R4,402.70
Within 60 month(s)
Ackermans Loans
R50,000.00
Est. APR: 24.5%
R4,740.09
Within 12 month(s)
Capfin Loans
R50,000.00
Est. APR: 24.5%
R2,656.05
Within 24 month(s)
Lime Loans
R5,400.00
Est. APR: 25%
R3,266.02
Within 1.7 month(s)
Mashonisa Loans
R150,000.00
Est. APR: 24.5%
R4,931.83
Within 48 month(s)
Absa Express Loan
R8,000.00
Est. APR: 30%
R1,452.40
Within 6 month(s)
FinChoice Loans
R40,000.00
Est. APR: 24.5%
R2,124.84
Within 24 month(s)

These calculated figures do not include loan initiation or generation and NCA or monthly admin fees.

Initiation fee: A once-off fee ranging from R1,250.00 to R1,600.00 depending on the loan amount you’ve applied for.

Admin fee: These are services fees for managing your personal loan account such as sending you monthly statements and other communications via SMS.

How To Qualify?

For any lender to offer you a personal loan, they must understand your credit background, most importantly, your credit rating score.

They’ll look at your income vs expense from the banking statements of your account. This will ensure you’re permanently employed earning a salary.

So affordability assessments will be performed by lenders and interest charged calculated correctly for your loan application.

Loan Calculator

Even though we’ve already given you the basic calculations in the above table, you might be looking for a different amount.

So please use our free loan calculator tool below to estimate monthly installments and the principal debt or total costs of your loan.

Est. Installments

R