Online loans compared
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+ |
 Boodle | Up to R8,000 | 1 – 6 months | Up to 60% APR | 18+ |
What is an online loan?
An online loan is any loan you apply for, sign and manage over the internet — from a phone or a computer, without visiting a branch. Online lenders offer mainly short-term loans and personal loans. Because the product is the same, the National Credit Act’s interest caps, fee limits and affordability rules apply just as they do in a branch.
How an online loan application works
- Compare and choose a registered lender and the amount you need.
- Create an account with your ID number, cell phone number and email address; you confirm the number with a one-time PIN.
- Share your income details by uploading bank statements or by securely linking your online banking.
- Receive a quote after the credit and affordability checks.
- Sign electronically and approve the DebiCheck debit order in your banking app.
- Get paid into your bank account, often within the hour.
Benefits of online loans
| Benefit | What it means for you |
|---|---|
| Convenience | Apply at any time, from anywhere, without paperwork |
| Speed | Decisions in minutes, payouts often on the same day |
| Easy comparison | See several lenders’ amounts, terms and fees side by side |
| Transparency | Quotes, agreements and statements are available in your account |
| Control | You approve debit orders yourself through DebiCheck |
Verifying your income online
Lenders must verify your income before they lend. Online you usually have two options:
- Upload bank statements — download the last 3 months as a PDF from your banking app. Screenshots or edited files are usually rejected.
- Online bank verification — services such as TruID let you log in to your bank through a secure connection and share read-only statements with the lender. Nobody gets access to move money.
Staying safe when you apply online
- 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
Also check that the web address is spelled correctly and starts with https, and never share your banking password or one-time PINs with anyone who calls you.
Your personal information
Lenders and comparison platforms in South Africa must process personal information in line with the Protection of Personal Information Act (POPIA). That means they may only use your data for the purpose you agreed to, must keep it secure and must tell you with whom it is shared. You can ask what information a company holds about you and object to direct marketing at any time.
Online lenders and loan matching platforms
| Online lender | Loan matching platform | |
|---|---|---|
| Grants the loan | Yes | No — forwards your application to partner lenders |
| Number of offers | One | Several at once |
| Who you sign with | The lender | The partner lender you choose |
| Cost to you | Loan interest and fees | Free; the platform is paid by lenders |
Finmart is a comparison platform: we show offers from both registered lenders and loan matching services and do not lend money ourselves.
Requirements and documents for an online loan
- 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
- 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
How to choose an online lender
| Check | Where to find it |
|---|---|
| NCR registration number | Website footer; confirm on the NCR register |
| Company name and physical address | Website footer, terms and conditions, PAIA manual |
| Representative example and fees | Home page, pricing or FAQ page |
| Payout times | FAQ or how-it-works page |
| Complaints process | Terms and conditions or contact page |
| Reviews from other borrowers | Independent review sites and comparison platforms |
Advantages and disadvantages of online loans
| Advantages | Disadvantages |
|---|---|
| Apply any time, from anywhere | Fake loan websites and phishing messages target online borrowers |
| Fast decisions and payouts | Easy to apply with several lenders at once and collect enquiries |
| Quotes and statements always available in your account | Less personal advice for complex situations |
| Easy to compare offers side by side | You need data, a smartphone and online banking access |
Frequently asked questions about online loans
Is it safe to apply for a loan online?
Yes, if you apply with a registered credit provider on its official website. Check the NCR registration number, make sure the connection is secure and never pay a fee before the loan is paid out.
Can I apply from my phone?
Yes. All lenders listed on Finmart accept applications from a smartphone, and most let you upload documents or verify your bank account directly from the phone.
Do online lenders check my credit record?
Yes. Registered lenders are required to check your credit record and your affordability before approving a loan.
What is DebiCheck?
DebiCheck is a system that asks you to confirm a debit order with your bank, usually in the banking app, before it can be collected. It protects you from debit orders you did not agree to.
How do I get my bank statements for an online application?
Most banks let you download 3 months of statements as a PDF in the banking app or online banking. Alternatively, many lenders let you share them through a secure online bank verification service.