MyCredy - personal loans

Homepage / Personal loans

Cheap personal loans online

There are currently no loans that match your selection criteria, but we have found alternative lenders below:

Want to get the best loan offers?

Sign up for news and save Your money!

Personal loan - the best solution for any needs

Need money for home repairs? Want to buy a new TV, phone or car? Then personal loan will be the best solution. We have information about personal lenders in the South Africa, so use our personal loan comparison section to find the most appropriate loan for your situation. Compare loans, get money in your bank account and let your dreams come true!

Personal loans - what you need to know

We each have our own wishes and needs, and it is not always possible to realize them with our own financial resources. In most cases, financial support is needed, so one of the best solutions may be a personal loan, which is becoming an increasingly popular type of loan. Personal loan is mainly designed to improve your quality of life, so a personal loan will not be a good option if, for example, you want to pay off debts that have arisen due to non-payment of instant online loans. In this case, debt consolidation or refinancing will be most useful.

Personal loans in the South Africa, also known as unsecured loans, do not require collateral. The borrower needs a good credit history and a very stable source of income to be approved for a personal loan. If you want to apply for a loan, you have to be at least 18 years old.

When taking out a loan, consider the following personal loan fees and charges that may add up to the cost of borrowing money: interest rate, late payment fee, early payment fee, returned check fee.

Advantages of personal loans

Personal loans has many advantages, so many borrowers choose this type of loan to fulfill their desires.

Low interest rate

  • One of the main advantages is the low interest rate. It is in the interest of every borrower to overpay for a loan as little as possible, so the interest rate is definitely an important aspect when choosing a loan. It should be noted that interest rates vary widely among lenders, so we recommend that you make a careful loan comparison before borrowing, as this is the only way to find the loan with the lowest interest rate. Information on loan costs can be found on each lender's website. Remember that a loan must be a responsible decision, so evaluate your ability to repay the loan!

The whole process is 100% online

  • Generally, you do not need to go outside to get a personal loan. Thanks to the development of modern technologies, the loan can be applied for online, which significantly facilitates and speeds up the process of receiving money, but remember that loan must be a considered decision. Borrow only when you really need it.

Loan for any needs

  • The lender will not be interested in what purposes you will spend the money on, which actually makes borrowing money very convenient and simple. By that we meant that one of the biggest benefits of personal loans is that they are versatile. Unlike a car loan, a mortgage or a student loan, a personal loan can be used for many purposes - car repairs, medical bills, a dream vacation, debt consolidation and much more.

Fixed interest rates

  • Interest rates on personal loans are also fixed, so your interest rate will not change while you repay your loan. Sounds great, right?

Disadvantages of personal loans

Be aware of fees and penalties

  • Many personal loans come with an origination fee of the amount borrowed. It covers the cost of processing the loan and is either rolled into the loan or taken out of the amount disbursed to you. Prepayment penalties may also be charged if you retire your balance before the loan term is up.

Fixed monthly payments are required

  • While fixed monthly payments are a plus to many borrowers, they can be a hurdle if you’re used to small monthly minimum payments.

Important tips about personal loans

  • Personal loans do not require collateral (if it is not required by the chosen lender), which makes the process of obtaining a loan much simpler and more convenient.
  • Borrow as much money as you need so you do not have to overpay. Choosing the right loan amount depends on your needs and goals you want to achieve.
  • Before borrowing, carefully check the terms of the loan agreement. If any of the terms of the agreement are unclear or incomprehensible, contact the lender. Borrow wisely and responsibly!
  • Personal loans offer the opportunity to borrow a larger amount of loan to fulfill your wishes / needs to improve your quality of life.
  • However, personal loans are not a good idea for everyone. After all, personal loans are still a form of debt.

How to get a personal loan in South Africa?

  • To obtain a good personal loan, you must first choose the lender. 
  • After choosing the most suitable lender, you need to fill out a loan application on the home page of the selected lender.
  • When the credit company receives the application, it will consider it and announce the decision to issue a loan. 
  • In case of a positive decision after signing the contract, you will receive the money in your bank account within a few hours.

Save your time and money with MyCredy!