What are personal loans?

Personal loans are unsecured loans with fixed payments and a fixed payment schedule.  Also, with a personal loan, you can spread out the payments of the loan over a predetermined period to fit your budget.  Most banks and other financial institutions have developed suitably flexible loan packages that can be structured to fit your specific needs. Usually a personal loan of between R1 000 and R15 000 is granted over a period of a couple of months to about five years.  Interest rates can usually be negotiated and the rate you pay will usually move up and down in accordance with the bank rate.

Does it matter how I use the personal loan?

No. How you use your loan is entirely up to you. Many people use a personal loan to consolidate other balances, make home improvements, or pay tuition, among other things.

Are there any fees associated with a personal loan?

No, there are no fees to apply for a personal loan—no application fee, no origination fee, and no closing costs.

Am I eligible for a Personal Loan?

Approval is based upon review of your application and overall credit profile.

Will I need collateral to qualify for a personal loan?

No. Good credit history is all you need to qualify for a personal loan.

Is there a fee for prepayment of my personal loan?

No, there is no prepayment penalty fee. You can pay more than your minimum monthly payment or even pay your loan in full at any time.