There may be many reasons why you want to apply for a personal loan. You can use this for unforeseen expenses like medical bills, or to repair your vehicle. You can also use this to take family holiday or to do repairs to your home. There are various types of loans that banks offer and it will depend on your financial needs as well as your credit profile and other financial aspects, so let’s compare personal loans in South Africa.

Capitec Loans

Capitec now offers personal loans of up to R230,000. This unsecured loan is significantly higher than what any of the other large banks in South Africa offer. This loan is repayable over a period of up to 84 months. They also offer significantly lower interest rates, making this loan very popular with consumers throughout the country.

Clientele Loans

Clientele offers personal loans of up to R120,000 and you can apply online by filling out the simple form and having a consultant phone you back. You can also complete an online application to get an outcome immediately. There is also a handy loan calculator available so that you can know what your monthly instalment will be for your loan.

Nedbank Loans                     

Nedbank offers personal loans of up to R200,000 and you can pay this over a period of 60 months. This is a great option if you need to take out a loan for a ride of expenses, as next bank offers a very average interest rates and affordable monthly premiums.

Taking out a personal loan doesn’t have to be complicated and in most cases you can apply for a loan online. You will have outcome the same day and if you’re approved the money can be in your bank account in as little as 24 hours.