Compare Personal Loans South Africa

How to compare personal loans and not lose money

Online loans and personal loans on chalk

Finding a good loan in South Africa can be hard. What makes it even harder could be a lack of information. But there is a light at the end of the tunnel. If you know how to compare loans, you’ll be able to find the perfect loan for you in no time.

How to compare loans

When making your personal loan comparison, you want to find a lender offering a good rate of borrowing. Most consumers only compare the interest rates offered by a lender, ignoring other information that may be important.

To make a thorough comparison, consider the following features of the loan also:

  • Minimum criteria

    Each lender will have minimum eligibility criteria you will need to meet to be considered for a loan. This usually includes age, income level, and minimum credit rating.

    You should only apply with a lender if you meet these requirements as your application will likely be rejected if you don’t.

  • Cost

    Personal lenders may charge additional fees to the interest rate that can increase the total cost of borrowing.

    Common fees include an initiation fee for setting up your loan account and a monthly service fee for managing it. Make sure you factor all fees into your total cost of borrowing.

  • Product features

    Providers are now offering unique features on their loan products to make borrowing more attractive; for example, being able to freeze loan repayments for a month at no cost and making early repayments free of charge.

    Look out for innovative features during your personal loan comparison and consider if they add value to your personal circumstances.

How to apply

Once you have selected the lender you want to apply for a loan with, you can click on the ‘Apply Now’ button to be redirected to the lender’s website and application form.

Personal loan applications usually take around five to ten minutes to complete, requiring you to provide your personal information, employment details, and bank account information. Most lenders will also ask you to provide your South African ID and last 90 days’ worth of bank statements.

You should receive an instant decision once you submit your application. If you are approved for a loan, you could receive the funds in your bank account within 1-2 business days.

Compare loans with Friendly Finance

Friendly Finance is here to help you make a quick and informed personal loan comparison. Our tables compare loan offers from trusted providers on the loan amounts, loan terms and fees offered by the lender.

You can filter the table based on the loan features that are most relevant to you, to compare and find a lender with even more ease.

If you see an offer that looks appealing, but want more information to make your decision, you can view the ‘more info’ section on the lender.

You don’t need anything to start your personal loan comparison search, just an idea of how much you want to borrow and for how long. We have the market covered, comparing lenders offering personal loans and short term loans, which means you won’t need to look anywhere else for the best rates.

Our service is free to use and the is no obligation to take out a loan.

Friendly Finance team

Friendly Finance is committed to providing South African consumers with a clear and informed picture of the financial options available.

Our team works tirelessly to deliver a transparent and free tool to you, conducting ethical business practices every step of the way. Start your search now by comparing the lenders

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