Top 5 Personal Loan Lenders in South Africa
Lenders in South Africa – If you want to find the most suitable personal loan and personal loan lender for your budget and your needs,
you need to compare different terms and rates of the personal loans until you find the most affordable one.
Numerous personal loan lenders in South Africa can provide you a personal loan with a reasonable interest rate based on your credit score, income and personal situations.
ABSA Personal Loan Lenders in South Africa
One of the best personal loan lenders in South Africa is ABSA. For borrowing R10,000 to repay in 24 months, ABSA charges an annual representative interest rate of 8,5% which makes your monthly repayments R455.
The total cost of your personal loan will be R10,920 plus monthly service fee. To qualify for an ABSA personal loan, you need to earn a regular income of at least R2000, you have to meet the minimum age requirements (18 years old or older) and you should have a bank account. You may apply online or visiting the nearest branch. You need to bring a valid South African ID document, proof of residential address and the latest 3 pay slips or bank statements of 3 months’.
African Bank And NEDBANK Personal Loans
The representative interest rate that you will get when you apply for a loan to borrow R10,000 to repay in 2 years (R458 monthly) is 9,25% in both of these banks. The documents these lenders would like to have are your most recent proof of income including 3 salary deposits, proof of residence (latest 3 months) and your latest bank statement including 3 salary deposits.
Standard Bank And FNB Personal Loan Lenders in South Africa
If you need to borrow R10,000 to repay in 24 months in monthly installments, Standard Bank offers you a personal loan with a representative 9,5% interest rate while FNB offers you an interest rate of 11,75% for the same amount. You must have a regular income (minimum R3000), South Africa ID number, proof of residence (not older than 3 months), 1 month’s pay slip and last 3 months’ bank statements if you want to apply for a personal Loan in South Africa issued by these banks.
You get a personalized interest rate based on your income and your credit history which will not exceed prime + 17.5%. Since your monthly payments will be fixed, there is no chance to face interest hikes. Also, you will not be charged penalty fees if you want to repay your debt earlier.