Money - FAQ's For Loans

What is a Personal Loan?
A loan is a financial contract in which one party borrows a specific amount of money from another party that is to be paid back over an agreed upon period of time. A Personal Loan is a type of loan that can be used when experiencing long- or short-term cash flow problems. If you're currently struggling to pay off debts from various service providers, a Personal Loan can also be used to consolidate your debt.
How does the quoting process work?
Comparing Personal Loan quotes on is fast, easy and free to use. Simply enter your details on the quote page - we'll check to ensure that the required information is filled in. The information (except for your contact details) is then sent to our partners. It's run through their decision engine in order to determine the right quote for you. You'll be presented with various options from our partners that including the offered interest rate, loan amount, loan term, monthly repayment, total loan repayment and credit protection cover. Compare the different options and choose the best deal for you. Once you've made your choice, your details will be sent to your selected provider. They will then contact you with their Personal Loan offer.
I'm a foreign national can I still apply for a Personal Loan?
Only South African citizens that work and live in South Africa can apply.
Is there an age limit when applying for a Personal Loan?
In order to qualify for a Personal Loan, you must be 18 years or older.
Do I have to be employed in order to qualify for a Personal Loan?
Some service providers will only consider your application if you are permanently employed and have been working at your place of employment for more than six months, while others will only require you to have a regular income.
Do I need to have my own bank account to apply for a loan?
Yes. Our partners will need to verify that your salary/income reflects in your bank account every month. It is, therefore, important to provide the bank account details where your salary is deposited into.
What will my ID number be used for?
In order to find the best deal for you, we'll need your 13 digit South African ID number to perform a credit reference check in order to calculate a personalised loan offer for you.
Do I need to provide any documents?
When applying for a Personal Loan, you may be asked to provide the following documents:
  • Copy of your green barcoded ID.
  • Three months' bank statements.
  • Proof of residence.
Do I have to provide collateral to secure my Personal Loan?
There are two types of Personal Loans: secured Personal Loans and unsecured Personal Loans. A secured Personal Loan would require you to provide collateral, such as a home or car, to back the loan. An unsecured Personal Loan does not require any collateral and is based on your credit rating.
How much can I apply for?
You can apply for a Personal Loan from R500 to up to R150 000. The amount which you will qualify for will depend on your credit rating and payment behaviour.
Can I be refused a loan?
Our partners will always do their best to accommodate your requests, but ultimately your final loan amount will be based on your personal financial profile and is subject to credit approval.
If I'm approved, how soon will I get my money?
With a Personal Loan your loan amount will be deposited quickly and directly into your bank account. How speedily you receive your money will depend on the service provider and how timeously you provide the correct documentation.
What are the loan repayment terms?
The Personal Loan repayment terms will be dependent on the selected service provider.
Can I choose how I make my repayments?
The repayment method will depend on the selected service provider. Most credit providers prefer that the repayments be deducted by debit order from the bank account into which your salary is paid.
How will I know if I'll be able to pay the monthly repayments?
To work out a monthly repayment amount that you can afford use our Expense Calculator . Determine how much money you have left to spend by deducting all your expenses like your bond, groceries, petrol, school fees, and credit card bills from your nett monthly income.
Will non-payment affect my credit rating?
Yes. The agreed upon Personal Loan repayments must be made timeously every month. Non-payment will have a negative impact on your credit rating.
Will my loan repayments be affected by interest rate fluctuations?
The interest rate charged on your Personal Loan will depend on your selected provider. Some Personal Loans have a fixed interest rate which means that your repayments will not increase, even if the interest rate goes up. Other Personal Loans do not have a fixed interest rate which means that when the interest rate goes up, so does your monthly repayments.
Can I use my Personal Loan amount as I choose?
Absolutely. The money is yours to spend as you see fit. A Personal Loan can be used for any number of personal expenses from making a major purchase to covering educational costs. Also keep in mind that some Personal Loans may come with lower interest rates than credit cards, so applying for a Personal Loan could help you save on interest payments.
Can I apply if I am paid my salary in cash or by cheque?
No, your salary must be paid directly into your bank account through electronic funds transfer (EFT).
Can I apply for a Personal Loan if I am a weekly/fortnightly earner?
Weekly and fortnightly earners are welcome to apply. Weekly earners must submit their latest four consecutive payslips and fortnightly earners must submit their latest two consecutive payslips.
I am a business owner can I apply for a Personal Loan for my business?
No. Unfortunately Personal Loans can only be made out to individuals. You can take out a loan in your personal capacity but not as a business entity.
Can I apply for a Personal Loan on behalf of someone else?
No. The Personal Loan will have to be in your name. You can't apply on behalf of a friend or relative.
Can I apply for a Personal Loan if I am under or have applied for Administration or Debt Review?
No, your application will be unsuccessful if you are under or have applied for Administration, Debt Review or Sequestration.
Can I apply for a Personal Loan if I have been declared insolvent?
No, your application will be unsuccessful if you have been declared insolvent.
Do I need to obtain permission from my spouse in order to take out a loan?
If you are married in community of property or in terms of customary or foreign law, you are required to obtain consent from your spouse to enter into any credit agreement.
How can I protect my family?
Some Personal Loans include a Personal Protection Plan, which settles your outstanding loan balance in the event of your death, permanent disability or certain dread diseases. The Personal Protection Plan offered by your preferred provider will be displayed on the results page.
If this is not offered by the credit provider of your choice, you can always opt to take out a separate Personal Protection Plan.
Why are not all Personal Loan providers quoting on
At, we strive to give our customers access to a variety of options whether it's Life Insurance, Car Insurance or even the best deal on a Personal Loan. We are always looking for more providers to partner with. If you are an authorised financial services and credit provider, get in touch with us.

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