Direct Personal Loans

Do you need a personal loan? Direct personal loans can be handy when you need extra cash to cover the bills, pay off a medical expense or perhaps even pay the school fees. To learn more, take a look at these FAQs.

FAQ about direct personal loans:

What can you use personal loans for?

You can use your loan for buying a home and other expenses such as:

  • Water and electricity bills
  • Transfer duties
  • Registration costs
  • Deposit on a new home
  • To cover the cost of moving
  • Anything else that will make your house a home

Are there restriDirect Personal Loansctions on what you can use direct personal loans for?

No. fast and easy personal loans go straight into your bank account for you to use as you like.

How can I apply for a loan?

You can easily apply online for loans from most of the major banks and other lending companies, such as the 1Life personal loan. Usually you just fill out a form online and a consultant gets back to you to discuss your requirements.

How much can you borrow?

Online personal loans tend to range from R4 000 to R150 000, but how much you qualify for depends on your financial circumstances and credit approval. When applying for personal loans, the lender will look out for a bad credit record.

How quickly can I get direct personal loans?

As long as yougive all the information when you online apply for a personal loan, and you get loan application approval, you get your cash really quickly.

What do you need to apply for a loan?

  • ID number
  • Bank account details
  • Clear credit references
  • A regular monthly income
  • Proof of residence and proof of income for people who work for themselves

Can a lender refuse you direct personal loans?

While lenders do consider all requests, the final loan amount is subject to credit approval and based on your personal financial circumstances.

Do you need to put up collateral to secure a personal loan?

Typically, no, personal loans are secured.

Do you get to choose how to make repayments? How much will repayments be?

Conveniently, repayments can be deducted from the bank account into which your salary is paid. A monthly debit order is usually set up. You can make use of a handy personal loan calculator online to work out your monthly repayments based on your loan amount.

Protection for families?

Some lenders offer a personal protection plan that entails settling the balance of your loan should you contract a dreaded disease, become disabled or die. Often personal loans will also include limited cover in the event of you being retrenched or temporarily disabled.

Can non South African citizens take out direct personal loans?

No. In order to qualify for a personal loan you need to have a South African identity document with a valid bar code.

If you’re a South African citizen do you have to have a bank account to get a personal loan?

You do need an active South African bank account in order to qualify for a loan.

Does a spouse have to agree to you taking out a loan or give you permission?

If you are married in community of property then yes, you will need the consent of your spouse prior to entering a credit agreement. The same goes for being married in terms of foreign or customary law.

These are some of the more common questions related to direct personal loans.

Next step: Apply for a personal loan now. Complete and submit the form on this page.

All info was correct at time of publishing