You might be thinking “oh, this is another TOP 5 Personal Loans in South Africa list”… And it is, but here’s the thing: we actually care about what we write and about our readers. Therefore, all the listed options offer a variety of services that may fit your needs.
Money can go as easy and quick as it comes. Being prepared for the unprepared is not easy at all, since so many things can happen at once and make you use the cash you gathered over the past few months or years.
Sometimes, unwanted expenses just happen. You suddenly need to cover your home expenses, something goes wrong with your health and you need medical care… Things like that happen more often than we would like, but that’s life, and living it to the fullest requires money – which is quite hard to obtain and people like you and me don’t always have.
That’s how personal loans came to be a thing. You can get your cash in a matter of minutes and use it as you wish, no questions asked. Repaying a loan, on the other hand, is something that can be quite the trouble for those who are not prepared, and choosing the best loan option in South Africa is another problem: there are many banks to choose from.
These Top 5 Personal Loans in South Africa will help you buy what money can’t
Taking a loan is not just about money. You have dreams, things to accomplish, wishes to fulfill, people to make happy. That’s not always possible when money is short, so why not go for a personal loan that will help your dreams come true and make most of your problems go away for good?
If you are worried about trading a debt for another, fear not. Personal Loans are much more reliable than credit cards, and choosing the correct option, based on how much money you make on a monthly basis, setting the best repayment dates and going for the cheapest interest rates are important steps in order to get the best loan available, no matter what bank you choose.
So, why not take a look at the list we prepared for you? If you are looking into obtaining a loan for you or to help someone you love, the options we’ve gathered will come in handy.
Before we proceed to the Best Personal Loans in South Africa, here are a few things you need to remember
- Always check the listed banks’ websites for more info.
- Be sure to cross the information provided by us with what the bank promises to offer, as things can change over time.
- Be aware of the costs that a loan will represent to your life over time, as you don’t want to trade a debt for another.
- If you think we may have forgotten a good bank, feel free to talk about it in the comments. People like you may read what you have to say and you could very well help them out if they do not find what they were looking for in our list.
What documents do you need in order to obatin a quick cash loan?
Documents may vary from bank to bank, so it is important to check what is necessary to obtain the loan you are looking for. Therefore, always look for these information on the listed websites. This can usually be found on F.A.Q.s.
Here’s the usual list of documents that are necessary in order to obtain a loan:
- Identification document (you must be 18 years or older).
- Original proof of residence (any approved documents in your name with your street address).
- Latest salary slip.
- Stamped 3-month bank statement showing your last 3 salary deposits.
Is this list endorsed or sponsored by any of the banks that will be mentioned?
No. This is list was written in order to help people like you to find the best personal loan options available in South Africa, as we understand that life gets rough sometimes and money is essential.
There’s absolutely no money involved in this. We only select banks that are endorsed by the people of South Africa. We’re talking about people that do need money and have used or still use the services provided by these banks.
Without further ado, let’s move straight to the TOP 5 Personal Loans and Banks in South Africa!
Standard Bank Personal Loans
With flexible terms, Standard Bank Personal Loans take the lead in our list as one of the best options available in South Africa. You can choose between flexible plans and term loans directly from the website and apply online for a discount on the interest rate.
You can also calculate repayments and find out how much your loan will cost you every month. That is great to make sure you will be able to pay for your loan and to find out if this is the best option available to fit your needs.
The interest rate is personalized. You can check the conditions on Standard Bank’s website.
They also got a reward program, which consists in having a Standard Bank Revolving Credit Plan (RCP) or Term Loan Account, and redeeming your Rewards Points via the UCount Rewards Online Mall to reduce your RCP or Term Loan or even pay off your loan, according to their terms of service
Sanlam Personal Loans
You can get a loan of up to R200 000 with fixed interest rates, which can be calculated through an online simulation.
A great thing about Sanlam is that you can apply for any amount of cash in small increments of R1000.
There’s a F.A.Q. to answer your basic questions. You can also learn more about how to manage your money according to tips listed by Sanlam and even get some of your money back through cashback.
Make sure to check the F.A.Q. and their loans conditions, as they may change without prior notice.
Wonga Personal Loans South Africa
We couldn’t make list about the TOP 5 Personal Loans in South Africa without mentioning Wonga.
Sometimes, we lack money when we need it the most. That’s perfectly understandable. Life can be full of surprises, especially when things already are rough.
If you find yourself in need of money to face unwanted home, health or even car expenses, getting a loan at Wonga will be easy. Planning on traveling soon? No problem, Wonga has got you covered!
This is a great option for those who seek quick cash and less bureaucracy.
When looking for short term loans with an easy application process, this is one of the best options available in South Africa. You can move the sliders and set the amount of money over as many months as you want up to 6 months.
The website automatically shows the best repayment date, how much you will pay over interest rates and fees and the exact values for each installment. You can also set up the best repayment date by selecting a period over 31 days to repay.
Hippo.co.za Personal Loans
Hippo is a great alternative if none of the previous options meet your needs. For those looking for the quickest and cheapest loans available in South Africa, Hippo has a special feature that allows the user to compare loans without having your name checked for credit availability. It means that in two minutes (or even less) you can check the loan options that are available for you.
After doing as many simulations as you want, you can apply for a loan online, without any kind of bureaucracy. It’s very safe and all you need is to provide the requirement documents, as mentioned on Hippo’s website.
The interest rates are calculated on a yearly basis, tipically at 27.5% interest per annum.
You’re good to go. And do not forget: we have all the tips you need to save money and find the best loan, credit card and general bank services in South Africa. Helping you is our goal!
Do you know any other banks that offer great personal loans for people like you? Want to share what you think about the listed banks and their services? Feel free to do it in the comments section below. We’d love to hear what you have to say!