Where Can I Get a Loan In South Africa

What is a Loan?

A loan is a sum of money that one or more individuals or companies borrow from banks or other financial institutions to financially manage planned or unplanned events.

In doing so, the borrower incurs a debt, which he has to pay back with interest and within a given period.

Where Can I Get a Loan In South Africa?

Smart advanced South Africa

+27 12 045 0606

Loan Locator SA

+27 860 022 150

The Loan Company

+27 79 159 4389

Which bank gives loan easily in South Africa?

1. African Bank. African Bank personal loans are a favorite for many South Africans. African Bank is a locally controlled bank and it is currently under the curatorship of the South African Reserve Bank.

Where can I get money urgently in South Africa?

At Wonga, we offer a short-term urgent cash loan designed to bridge the gap in your expenses and help give you control – our flexible loan terms empower you to borrow money urgently and repay on your terms.

What do I need to qualify for a loan in South Africa?

What do you need to apply for a personal loan?

  1. Valid South African ID.
  2. Proof of residence no older than 3 months.
  3. 1 month’s payslip.
  4. 3 months’ most recent bank statements.

What is the minimum credit score to get a loan in South Africa?

around 640

The minimum credit score for a home loan in South Africa is around 640. A score of 600+ will give you a fair chance of home loan approval – although this may vary according to which bank you use.

A score of 670+ is considered an excellent credit score, significantly boosting your chances of home loan approval.

How much must I earn to qualify for a personal loan in South Africa?

Earn a regular monthly income of at least R2 000 per month. Have a bank account into which your income is paid. Be 18 years or older.