Top 10 Places to Get Personal Loans in South Africa

Personal loans are those we take out for general purposes to use to cover anything from special occasions to home improvements and emergency expenditure. In SA we have a variety of financial institutions that offer personal loans and usually applications can be done quickly and easily online.

What is a Personal Loan?

These are unsecured loans that don’t require collateral or assets. This means that the loan providers are taking a greater risk issuing such loans. That’s why the approval process can be pretty strict.

How Much Can Be Borrowed?

Personal loans range from R10 000 to R150 000. But the final amount depends on the lender and your credit rating. The more favourable your credit score, the more cash you can borrow.


Personal loans comes with a fixed interest rate. There can also be penalties so you need to read the small print carefully. The repayment periods will be quoted on a per month basis and can Top 10 Places to Get Personal Loans in South Africarun from 5 months to 60 months. The longer the repayment period, the lower your repayments will be. But the interest rate charges will be incurred for a longer period.

Top 10 Places to Get Personal Loans in SA

  1. FNB – FNB offers personal loans from R2000 with flexible repayment periods between 6 to 60 months. Applicants will need a minimum salary of R8350 per month.
  2. ABSA – this banks’ loans range between R3000 and R150 000. The repayment terms can be negotiated up to 60 months and you’ll need a minimum salary of R2000 per month in order to qualify.
  3. Capitec – loans range from anything to as much as R150 000. The repayment terms can be from one month to 60 and free death and retrenchment cover comes with the loan. This helps to settle the outstanding amount should be unable to repay the rest if you lose your job or die.
  4. Old Mutual – the My Money Plan lets lenders consolidate debt, combining it into one play with lower installments. Loans up to R120 000 can be applied for.
  5. Nedbank – these loans range from R1000 to R120 000. You’ll need to earn a minimum of R1 200 monthly to qualify and be employed by the same employer for 3 months consecutively.
  6. African Bank – here you can get short term personal loans up to R12 000 with between 3 – 9 months repayments. You can also get longer term loans of R180 000 to pay back over 84 months.
  7. DirectAxis – apply for personal loan up to R100 000 from DirectAxis. You can pay back the loan over 2 – 6 years.
  8. Standard Bank – these personal loans range from R500 to R40 000 with repayments up to 42 months. You’ll need a minimum salary of R1000 to apply.
  9. WesBank – apply for an unsecured personal loan from Wesbank from R4000 to R30 000. The loan can be repaid over a period of 24 to 60 months.
  10. RCS – this is another reputable personal loan provider in South Africa. You can get a cash loan of up to R125 000.

All info was correct at time of publishing