Quick & Easy Online Loans

What is a Personal loan?

Finance that dream birthday party, a honeymoon your spouse will never forget, or gorgeous renovations to your home with a finely tuned personal loan. You could choose to apply for a personal loan from your bank – provided that you have a clean credit record. You'll need to have assets you can offer as security and the patience to slog through all their red tape.

I don't qualify for a bank loan

Fortunately, there are other options. MoneyLoans.co.za will help you find lenders who will help you navigate the process of applying for an unsecured personal loan that meets your expectations. It also won't take more than a few days to approve and payout. Personal loans usually offer you up to R200,000 with repayment terms ranging from 12 months to 5 years!

How do I choose a personal loan repayment term?

Your choice of loan term length will affect the total cost of your loan. While repaying your loan in 12 months means you'll have higher payments, it’ll cost you less in fees and interest. Another factor that plays a role in the cost of your loan is your credit score. A low credit score may flag you as a high-risk borrower. To make the risk you pose to the lender worth it, they’ll increase the interest rate you’re charged.

What is the cost of a personal loan?

The fees associated with personal loans are interest, initiation, and administration fees. The most dependable way to get a cost-effective loan is to compare the APR (Annual Percentage Rate) each lender charges. The APR includes the interest as well as all fees and can be used to calculate exactly what you'll pay over and above the monthly installment.

Do I qualify for a personal loan?

You must be over the age of 18 and a permanent employee for your loan application to be approved. You'll need to provide your most recent payslips and bank statements showing your transactions over the past 90 days. You'll also need to keep a copy of your ID and proof of residence handy.

Direct lenders offering best low-interest rate Personal loans

How do I finance a vehicle?

Whether you're excitedly contemplating buying your first car or just looking for an upgrade, MoneyLoans.co.za can help! You'll find a lender with a deal that's perfect for you by browsing through our list of car finance providers.

Where do I start?

Start by using our vehicle finance calculator provided by many of these sites and find out what loan amount is affordable for you. Not only will you know what price range to shop in, but you'll also have an estimate of what your repayments will look like (including interest and fees).

How do I compare car finance deals?

So now you've decided on the car you'd like to buy and have factored in the amount of money you've managed to save towards the deposit. The application process awaits!

Consider these points when comparing loan deals.

• The type of interest rate you'll be charged
• Any other fees involved
• The balloon payment option
• The length of time you'll need to pay off this loan
• An affordable insurance plan

These points will play a large role in how much your car loan is going to cost overall. For instance, you can choose between fixed interest, which means your repayments will stay the same until your loan is repaid, or linked interest which may change along with the national interest rate. The latter is unpredictable, but is generally the better option and is preferred by most in the vehicle finance industry.

Your credit score and how it’ll affect your application

Another determining factor in how much interest you pay on your car loan is your credit score. A low credit score means you'll pay higher interest rates. If you have the time to improve your credit score before taking out car finance, it’ll save you a stack of cash.

Do I qualify for Vehicle finance?

• South African ID
• Bank statements
• Payslips
• Proof of address
• Insurance documentation
• Drivers licence
• Purchase agreement

Direct lenders offering Vehicle finance

I have bad credit, now what?

Finding a bad credit loan is easy if you know where to look, and MoneyLoans.co.za conveniently lists the leading providers – just for you!

A low credit score can affect every part of your life, but it shouldn't stop you from accessing credit when you need it. Many lenders understand just how easy it is to lose points on your credit score and will be willing to consider your application despite your low credit.

Why is my credit score bad?

When credit bureaus calculate your credit score, they add or subtract points depending on how well or poorly you interact with your debt. If you miss payments or pay late, apply for multiple loans at any given time, or spend to the limits on your credit cards or accounts, you’ll have a low credit score. A succession of failed loan applications will be visible on your credit report and make lenders wary of extending you credit.

Your low credit score could just as easily be an issue of not having any debt or accounts to base a credit score on. In this case, applying for a bad credit loan and responsibly managing it may boost your score.

Can I afford a bad credit loan?

Regardless of the cause of your low credit score, the success of your application will depend on whether or not you can afford the repayments. All registered financial providers are bound by the law to do an affordability check before making a loan offer. This precaution by the NCR protects you from becoming over-indebted.

One application – Compare multiple loan offers

Make use of our list of bad credit lenders and free online loan brokers to avoid multiple hits on your credit record. This way, you'll only fill out one application form and receive multiple offers.

Keep in mind that because of your low credit score lenders will charge you higher interest rates. Take a hard look at the Annual Percentage rate charged on loan offers you're comparing. The APR includes interest, initiation, and administration fees and will help you accurately calculate your repayments.

Direct lenders offering Loans for people with Bad credit

Quick loans to help resolve your cash emergency

Quick loans are a lifesaver when you need to come up with extra cash in a pinch. Whether you need to pay for a dentist's appointment or supplement your grocery budget to feed surprise house guests, a loan that reflects in your account within less than 24 hours is an excellent solution.

Low-risk credit solutions

Lenders view quick loans as relatively low-risk investments, which is why the loan requirements are more relaxed and applications are processed so quickly. In general, a quick loan will allow you to borrow a maximum of around R8,000 for a repayment term of three months. Depending on which lender you choose, you may even be given more flexible rates and repayment terms.

Tailor-made quick loan options

There is an abundance of online credit providers offering quick loans that can be tailor-made to suit you. MoneyLoans.co.za will showcase the best online lenders South Africa has to offer and make it easier for you to find the ideal financial solution in minutes.

All featured credit providers offer you an easy online application to speed up the process. You can improve the application process's efficiency by having the required documentation on hand in an electronic format.

To apply you'll need:

• A copy of your SA ID
• Your most recent payslips
• Bank statements showing your transactions for the last 90 days

Quick loans for bad credit

Quick loans fall into the unsecured loans category. You won't need to offer up an asset as collateral or deal with lots of paperwork. Having a bad credit score is also not going to prevent you from having a quick loan approved. However, a low credit score will influence the interest rate you’ll be charged. Consider each loan offer carefully and compare the interest rates to find the most favorable deal.

List of direct lenders offering Quick loans

I'm struggling to repay my existing debt

Are you starting to feel the strain of ever-increasing debt on your budget? It may be time to consider a consolidation loan. This solution gives you a way to pay off all your store accounts, credit cards, and loans in one go while allowing you to choose terms and fees that work for you.

Benefits of Debt consolidation

Each lender may offer you a slightly different package, but the concept remains the same. Debt consolidation loans are commonly medium to long-term loans. The beauty of this is that you pay less on your monthly instalment due to the extended length of time you'll have to repay the loan.

The downside of lower monthly repayments

Yes, the longer you take to pay off this loan, the more it will cost you in fees in the long run. However, you'll only be paying fees on one loan instead of on each and every loan, credit card and store account as you have done up to now. When managed properly, a debt consolidation loan will save you money, make debt repayments more manageable, and help you boost your credit score.

Stop debt in its track

Debt consolidation loans can prevent your financial situation from spiraling out of control. If you find yourself in need of this service, it's time to take a hard look at your spending habits to see if you have outgrown your current budget.

Before you apply for a Consolidation loan

Entering into any new credit agreement while paying off your debt consolidation loan may cause further financial difficulties in time to come. Relying on loans to heavily will have a negative effect on your credit score. Many lenders are willing to overlook a low credit score, but like with any bad credit loan, you’ll need to scrutinise the interest rate offered before you accept a loan offer.

People who are over-indebted or have been handed over for non-payment won't receive approval on a debt consolidation loan application. If you find yourself in this position, MoneyLoans.co.za also has a list of wonderful debt counsellors who know exactly how to help you.

List of direct lenders offering Debt consolidation