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?
- Valid South African ID.
- Proof of residence no older than 3 months.
- 1 month’s payslip.
- 3 months’ most recent bank statements.
What is the minimum credit score to get a loan in South Africa?
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.