Compare loans in South Africa
Written byFinmart Editorial Team
What to compare before you apply
| Loans | Loan amount | Loan term | Interest rate | Age |
|---|---|---|---|---|
 Springloans | R100 – R8,000 | 62 – 120 days | 54.75% – 60% APR | |
 Cashgist | Up to R4,000 | Up to 30 days | 36% – 60% p.a. | 21+ |
 Dengoo | R500 – R350,000 | 1 – 365 days | 3.65% – 58.4% p.a. | |
 Finpug | R500 – R50,000 | 61 – 365 days | 0% – 36% APR | |
 Jabulani Money | R500 – R4,000 | 62 – 90 days | 20% – 28% p.a. | |
 MoneyHello | R500 – R250,000 | 3 – 72 months | Up to 102.14% APR | 18+ |
 Bongo Credit | Up to R4,000 | Up to 35 days | ||
 Creditbar | R500 – R5,000 | 7 – 61 days | 18+ | |
 Arcadia Finance | R100 – R350,000 | 3 – 72 months | Up to 28% APR | 18+ |
 Binixo | R1,000 – R50,000 | Up to 6 months | 0% – 36% p.a. | 18+ |
Calculate your monthly repayment
How comparing loans on Finmart works
- Tell us what you need. Choose the amount and how long you want to repay it.
- Compare the offers. For every lender you see the amount range, the term, the interest rate and, where the lender publishes them, the fees and a representative example.
- Apply with the lender of your choice. Some offers take you to the lender’s website, others to a short application that we share only with the registered partners you agree to.
- Check the quote and sign. The lender runs its credit and affordability checks and sends you a pre-agreement quote. You only sign if the numbers work for you.
Comparing on Finmart is free and does not show up on your credit record. A credit enquiry is only created when a lender processes your application.
Types of loans available in South Africa
South African lenders offer several kinds of consumer credit. The right one depends on how much you need, how quickly and how long you need to repay it.
| Loan type | Typical amount | Typical term | Best for |
|---|---|---|---|
| Payday loan | R300 – R4,000 | Until your next payday | A one-off gap before month-end |
| Short-term loan | R500 – R8,000 | 1 day – 6 months | Urgent expenses you can repay within a few months |
| Cash loan | R500 – R8,000 | 1 – 6 months | Emergencies paid straight into your bank account |
| Personal loan | R8,000 – R350,000 | 6 – 72 months | Larger costs repaid in fixed monthly instalments |
| Consolidation loan | R10,000 – R350,000 | 12 – 72 months | Replacing several debts with one instalment |
Quick loans and online loans are not separate products: they describe how fast and how conveniently a short-term or personal loan is processed.
What a loan costs: interest, fees and insurance
The National Credit Act 34 of 2005 caps what registered lenders may charge. Besides interest, there are three other costs to look out for.
| Cost | Short-term credit (up to R8,000, up to 6 months) | Unsecured credit (personal loans) |
|---|---|---|
| Interest | 5% per month on the first loan, 3% per month on further loans in the same calendar year | Linked to the repo rate (repo + 21 percentage points), about 28% a year in 2026 |
| Initiation fee | R165 plus 10% of the amount above R1,000, never more than R1,050 plus VAT | R165 plus 10% of the amount above R1,000, never more than R1,050 plus VAT |
| Monthly service fee | Up to R60 plus VAT (R69) | Up to R60 plus VAT (R69) |
| Credit life insurance | Usually not required | Can be required for terms over 6 months; you may use your own policy |
The caps are maximums, not standard prices, and lenders compete below them — especially on personal loans for customers with a good credit record. Short-term lenders, on the other hand, usually charge close to the maximum.
How to work out the total cost of a loan
Every registered lender must give you a pre-agreement statement and quote before you sign. The quote shows the instalment, all fees and the total amount repayable. Here is how Wonga presents its representative example for a short-term loan:
| Item | Amount |
|---|---|
| Amount borrowed | R5,000 |
| Term | 3 months |
| Initiation fee | R649.75 |
| Service fees over 3 months | R188.60 |
| Total interest | R490.56 |
| Loan protection insurance | R53.47 |
| Monthly instalment | R2,127.46 |
| Total amount repayable | R6,382.38 |
In this example the fees and insurance cost more than the interest itself. That is typical for short loans, which is why comparing the total amount repayable matters more than comparing interest rates.
Who can get a loan?
Requirements differ slightly between lenders, but most ask that you:
- Be 18 or older (a few lenders set the minimum at 21)
- Have a valid South African ID; some lenders also accept permanent residents
- Earn a regular income that is paid into your own bank account
- Have a South African bank account and a cell phone number
- Pass the lender’s credit check and affordability assessment
Self-employed applicants and pensioners can apply with many lenders if their bank statements show regular deposits. Income from SASSA grants alone is rarely accepted.
Documents you will need
Having these ready speeds up your application considerably:
- Your green ID book or smart ID card
- Bank statements for the last 3 months showing your salary deposits
- Your latest payslip (some lenders accept bank statements instead)
- Proof of residence not older than 3 months, if the lender asks for it
- Your bank account details for the payout and the debit order
More and more lenders let you share your bank statements securely through your online banking, so you do not have to download and upload PDFs.
How lenders assess your application
A registered lender has to do two checks before it may lend to you. The credit check looks at your record with the credit bureaus — TransUnion, Experian and XDS — to see how you have handled credit in the past. The affordability assessment compares your income with your existing debt repayments and living expenses to make sure you can afford the new instalment.
A lender that skips these checks is lending recklessly, and the National Credit Act allows a court to set such an agreement aside. So a “no credit check” promise is a warning sign rather than an advantage.
Your credit score and loan applications
Each application a lender processes is recorded as an enquiry on your credit report. A few enquiries are normal, but many in a short time can make lenders cautious. That is why it pays to compare offers first and apply only where you are likely to qualify.
Once you have a loan, paying every instalment on time builds a positive payment history. Missed payments, on the other hand, can be reported to the bureaus and stay on your payment profile for years. You are entitled to one free credit report a year from each credit bureau, so check yours before you apply.
How to choose a lender
| Check | Why it matters |
|---|---|
| NCR registration number | Only registered lenders are bound by the interest and fee caps and the rules against reckless lending |
| Total amount repayable | Shows the real cost including all fees and insurance |
| Instalment vs your budget | The instalment should leave enough for your living expenses |
| Early settlement terms | You may settle early at any time; check how interest and fees are recalculated |
| Customer reviews | Reveal how the lender handles payouts, collections and complaints |
Warning signs of loan scams
Walk away if you see any of the following:
- You are asked to pay an “admin”, “insurance” or “release” fee before the money is paid out
- The lender wants to keep your bank card, PIN or ID document as security — this is illegal under the National Credit Act
- There is no NCR registration number on the website, or it does not show up on the NCR’s register
- Approval is “guaranteed” without a credit check or affordability assessment
- You are pressured to sign immediately or are not given a written quote
Borrowing responsibly
A loan is a good tool for a specific, planned or urgent expense. It becomes a problem when it is used to cover ongoing shortfalls or to repay another loan. Before you apply, write down exactly what the money is for, how much you need and where the instalment will come from. If you already struggle to meet your repayments, speak to an NCR-registered debt counsellor rather than taking on new credit.
When a loan is the right choice — and when it is not
| A loan can make sense for… | A loan is usually the wrong tool for… |
|---|---|
| A one-off, urgent expense such as a car repair or medical bill | Covering the same shortfall every month |
| A planned purchase that improves your situation, such as education | Paying off another short-term loan |
| Replacing expensive debt with a cheaper loan | Gambling, speculation or lending money to others |
| Bridging a short gap until a confirmed payment arrives | Expenses you could postpone until you have saved |
If a loan is only one part of a bigger budget problem, a free session with an NCR-registered debt counsellor is often a better first step than new credit.
Frequently asked questions about loans
How quickly will I receive the money?
It depends on the lender. With fully online applications, approved loans are often paid out within 15 minutes to a few hours during business hours. Applications approved after hours or on weekends are usually paid on the next business day.
Can I get a loan with a bad credit record?
It is harder but not impossible. Some short-term lenders focus on your current income and affordability rather than past problems. Expect smaller amounts and higher costs, and avoid anyone who promises approval without a credit check.
Can I get a loan if I am self-employed?
Yes, many lenders accept self-employed applicants. You will usually need 3 to 6 months of bank statements that show regular income deposits.
Can I repay my loan early?
Yes. The National Credit Act allows you to settle a loan at any time. Ask the lender for a settlement quote — on short-term loans, settling early usually saves you interest and future service fees.
Can I have more than one loan at a time?
Legally yes, but every existing instalment reduces what you can afford, so a second lender may decline you. Several lenders also allow only one active loan with them at a time.
What happens if I miss a repayment?
The lender may charge default administration costs and collection costs, and the missed payment can be reported to the credit bureaus. Contact the lender before the due date if you expect a problem — most offer a payment arrangement.
Is Finmart a lender?
No. Finmart is a free comparison platform. The loan agreement is always between you and the registered credit provider you choose.