• 76% Of All Applications Approved Daily
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  • 05 Minutes Average Loan Pay-Out Time

What are Personal Loans?

A personal loan is generally a long-term loan which is payable over a period of 6 – 72 months and an amount up to R150,000 and in some cases R200,000.

A personal loan is unsecured, meaning your home and vehicle cannot be sold if you the debt is not repaid. This is some sort of security to the consumer but should not be taken lightly as there may be other legal implications which can damage your credit record. In our previous we mentioned that having a good credit record is key to future home buyers.

Personal Loans Reasons

Personal loans cater for things such as home improvements or repairs, education, purchasing a vehicle or consolidating loans. Personal loans can be a blessing or a curse if not used for the intended purpose for the mere fact that they are a long-term and require long-term commitments. In an ideal world a personal loan should be used on something that will bring in a return in future, such as the above-mentioned home improvement or education that will see a substantial return in future, however taking out a personal loan for a holiday is not the best of ideas

Personal Loans & Debt

Debt can feel like is has choke hold on you and often when used for the wrong reasons become tighter around the neck. We always recommended that due diligence should be done when shopping for a loan (yes you can shop around for a loan with different lenders as each personal loan lender has different interest rates that could save you a whole bunch of money in the long run) always make use of a personal loan affordability calculator or loan repayment calculator which can be of great benefit to you as these tools can help you determine what is your affordability and what is you repayment on your personal loan.

Approved Personal Loans

What does to take to be approved for a personal loan? The 3 basic requirements to be qualified for a personal loan are number 1. Be permanently employed, 2. Have a valid South African ID and 3. Be able to provide a 3 months bank statement or latest payslip. There are other factors such as affordability which play a part in the loan decision as one would need to be able to show that the personal loan can be repaid once borrowed which is know as an affordability test.

Interest is another factor to not overlook, there are also various other factors that determine that actual interest rate of your loan such as risk levels, current debt and the period which the loan will be taken. When you have considered the above you can with confidence say that you have done your homework and will be ready to take out your personal loan.

In short what to know about personal loans is that it is always wise to have a sound reason for taking out a personal loan and for much thought and planning to go behind spending the money. Once this is in place, we can help you with your loan with our tailored personal loan options.


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