Private lenders for High Risk Personal Loans South Africa

Are you looking for the best personal loans in South Africa? If yes, then you have come to the right place. Personal loans online are getting extended acceptance these days owing to their availability digitally and offered by several reliable lenders in South Africa.

We might understand the fact that you know some very well-known lenders names like Wonga Loans, Fasta Loans, FinChoice, and other lenders available online in South Africa. So, here, we will be differentiating among these lenders along with providing additional information that help you make the right decision.

With no further ado, let’s get started on the same.

What is Personal Loans South Africa?

Personal loans in South Africa online could be long-term and short-term financial aid available for borrowers to arrange quick cash. Despite of running from one bank to another in South Africa and dedicating sheer amount of time and efforts. Apply for personal loans online in South Africa from a wide choice of lenders.

Compare & Find the Best Personal Loans in South Africa

Here, in this part of the blog, we will be comparing personal loans South Africa services of some leading lending agencies that are as follows:

Wonga Loans:

One of the popular lending agencies in South Africa that offers personal loans is Wonga Loans. This agency offers loans to borrowers with a minimum credit score between 650-700. The APR charged by this lender is between 15% to 24.50%. The duration of the loan depending on your repayment condition lies between 7 to 72 months along with having 2% origination fee on the transaction value of R500. 

Pros:

• Market-friendly rate of interest.
• Fast way to apply for personal loans online.
• Flexible repayment tenure for borrowers.
• Seamless borrower’s service.

Cons:

• Some borrowers find high lending fees.
• Fixed credit score requirements.
• Unsecured type of loan offering.

Fasta Loans:

Another lending partner you can choose is Fasta Loans which can provide you personal loan with minimal credit ratings of 580. Compared to other lenders, this lending partner offers you loans for a duration of 12 to 58 months, and that too at an APR of 11.75% to 29.25%.

Pros:

• Low credit ratings profile-equipped borrowers can easily apply.
• Low upfront fee.
• Competitive interest charges.
• User-friendly way to obtain loan online.

Cons:

• Low loan maximums.
• Limited branches of lenders.
• Limited rewards for borrowers.

FinChoice:

FinChoice is another promising lending partner available online in South Africa that offers you loans based on your creditworthiness. As far as APR charged by lenders is concerned, it ranges between 7.99% to 24.99%. The loan term you can expect from this lender is between 36 months to 84 months.

Pros:

• Ideal reward points for borrowers.
• Extended loan duration with ease of repayment.
• User-friendly application for lenders to apply for a loan.
• Personalized financial assistance from lenders.

Cons:

• Strict eligibility requirements.
• High loan processing fee.
• Interest on checking accounts.

365Money:

This lending partner in South Africa can be another lending option for borrowers. 365Money lender charges your interest anywhere between 13.75% to 24.99% and the loan amount offered is between R2,500 to R4 million depending on your repayment capacity. The fees you have to pay are up to R1,135 depending on the loan amount.

Pros:

• Wide range of loan products available for you.
• Extended network of lenders are available.
• Digital seamless lending platform.
• The high loan amount offered.

Cons:

• High-interest charges.
• Data privacy-related issues.
• Not-so-friendly customer service

MyMulah:

You can even consider MyMulah as your ideal lending partner in South Africa to apply for a personal loan for a duration of 12 to 84 months. You can expect to get a loan amount anywhere between R10,000 to R750,000.

Pros:

• Find an extended lending network.
• The high amount of loan offered.
• Competitive interest charges.
• User-friendly platform to apply for a loan.

Cons:

• High processing fees.
• Not so friendly customer service.
• Complex loan service offerings.

Lime24 Loans:

Last but not least, choose to apply for a long-term or short-term personal loan online in South Africa from Lime24 Loans. This lending partner offers you an amount of R2,000 to R300,000 for a period of 6 to 72 months and that too at an interest rate of 11.75% per annum.

Pros:

• Strong build-up at the marketplace.
• Competitive interest rate.
• Wide range of loan products.

Cons:

• High fees charged by lender
• Complex products.

Who is Eligible for Personal Loans in South Africa?

The one who meets the below-mentioned conditions can become eligible for personal loans in South Africa.

• Borrowers should be at least 18 years of age.
• You should be a permanent citizen of South Africa.
• You must be a working individual with income proof.
• You must have a valid bank account in your name.

What Should I Do Before Applying For A Personal Loan in South Africa?

There are a few things that you need to do before applying for a personal loan in South Africa.

• Keep your personal information ready.
• Ready to share your income-related details?
• Make sure you have a permanent resident proof of South Africa.
• Create your budget first before applying for a loan and repay back on time.
• Prepare to pay the rate of interest and professing fee beforehand.

Where Can I Apply For A Personal Loan In South Africa?

You can select a particular choice of lender and apply online on their respective platform. The personal loan lenders that we have mentioned above are online lending agencies that allow you to apply for a short-term or long-term personal loan online from the very comfort of your home. Depending on your monetary requirement apply at any point in time and from any place you want.

How to Apply For Personal Loans in South Africa?

Follow the below-mentioned easy steps to apply for personal loans in South Africa.

• Fill up the online application by using your personal details and income information.
• Process the application.
• Once approved, then you will get an NDA from lenders mentioning all the terms and conditions.
• Read the NDA carefully in which you will find the approved loan amount, rate of interest, processing fee, and other terms.
• Once accepted, then sign the NDA and resend it back to the lender.
• Shortly, you will receive funds credited into your bank account.

Can I Get Private Lenders for High Risk Personal Loans South Africa?

Yes, you can easily get high-risk personal loans in South Africa, if you meet the prerequisites, follow the process diligently, and share your complete and correct personal information.

How Do I Know Which Personal Loan Lender to Choose?

To choose an ideal personal loan lender, you have to follow the practices below.

• Compare the lenders based on the lowest interest charged by them.
• Read the lender’s reviews and testimonials carefully to analyze which one is best for you.
• Go through the website of lenders and check whether the information is complete and correct.
• If possible, then check with previous borrowers or lenders and take their feedback.

Why is It Important to Pay Back the Loan at the Right Time?

It’s important to pay back the loan at the right time to avoid late payment charges, additional rates of interest, and downgraded credit ratings. All this can happen to you if you fail to make personal loan repayment well on time.