What are Loan Companies?
Loan companies give out loans only (they do not safeguard your money) and will require you to make repayments for your loan.
Top Loan Companies In South Africa
Below are some of the Top Loan Companies In South Africa
ABSA
ABSA is a subsidiary company of the Barclays Africa Group. They offer retail and business banking products and wealth management services. Personal, express, and instant loans are also offered to those who need access to quick cash. They also have home and vehicle finance, student loans, and debt consolidation products.
Capitec Bank
Capitec is known for its innovative approaches to banking in South Africa. The way they utilize remote banking, cash at tills, and ATM transacting has brought great convenience to their customers.
FNB
FNB is one of the oldest and most established banks in South Africa. After more than a decade of existing as a sole company, they became part of the FirstRand Limited group.
African Bank
The African Bank is a local favorite that specifically caters to the financial needs of South African citizens. They provide financial services to retail customers through their loan, investment, credit, and insurance products.
DirectAxis
DirectAxis is a member of the FirstRand Group which is one of the largest banking institutions in Africa. They offer lending and insurance products to retail customers in the country.
RCS
RCS is a non-bank finance business offering a wide variety of retail products like credit cards, insurance, and loans.
Bayport Financial Services
Bayport is a non-bank entity that has been established in 2004. Even though they’re quite new in the local financial scene, they rapidly grew to be one of the biggest and best personal loan providers of unsecured credit in South Africa. They offer a variety of loan and insurance products accessible to clients wherever they are in the country.
What is the highest personal loan amount in South Africa?
A Personal Loan is generally associated with an unsecured loan. It’s a useful way to access cash for an emergency, home improvements, or leisure activities like weddings and holidays. Loans can range between R1,000 and R350,000 and repayment periods can vary from 7 (minimum) to 12 months, up to a maximum of 72 months.
What credit score do you need for a personal loan in South Africa?
To qualify for personal loans with prime interest rates and loan terms, you will need to ensure your credit score is in good standing along with a few other factors. Each lender requires different minimum credit scores, but on average the best credit score to have is between 600 – 700.
Where can I borrow huge amount of money?
Banks, credit unions, and finance companies are traditional institutions that offer loans. Government agencies, credit cards, and investment accounts can serve as sources for borrowed funds as well.