Personal loans are also referred to as unsecured loans, and these are loans for which the borrower does not need to offer any good in order to secure it. The money will be given only on the basis of an analysis made by the loans officers, who will get a closer look at the papers brought by the client, and on his/her eligibility for such a loan. There are several advantages in choosing a personal loan.

Personal loans can be used for a number of things, including home renovations, study fees, or even consolidating your existing debt. A personal loan will depend on the amount you qualify for, which is why you can fill in an application form online with various banks to see what they offer you.

Let’s take a look at some of the features of the most popular personal loans in South Africa.

Standard Bank

  • Highly competitive interest rates
  • Budget more effectively with fixed monthly repayments
  • Funds are paid straight into your current account
  • No early termination fees
  • Chance to increase rewards tier as a UCount member

First National Bank

  • A loan up to R150 000 with flexible repayment terms up to 60 months
  • A personalised interest rate
  • Take a break from your payments in January

Capitec

  • Money available immediately in your transaction/savings account after approval
  • Free retrenchment and death cover
  • Fixed monthly repayments
  • Consolidate all your existing loans for easier monthly repayments

ABSA

  • Immediate access to your funds after approval
  • Competitive interest rates
  • Flexible repayment terms
  • The ability to pay off your loan faster (extra payments reduce the capital amount of the loan)
  • Easy approval if you require additional funds