The technology era has impacted every sphere of human life.The financial and banking sector has not been spared in this regard.Over the years, technology has become a key element in the provision of products and services by financial houses.With rapidly changing market conditions and customers needs, coupled by constant technological innovations,the quality and adaptability of financial houses has continued to vary.When it comes to online loan applications in South African, different financial and banking houses are at different stages of advancement.

Below is a list of the top 10 South African loan application companies.

FNB

FNB is among the top banking institutions in South Africa.The strength of this bank has been demonstrated in its loan products.The FNB personal loans have grown in popularity because they offer flexible repayment periods and can be accessed online. Loan amounts are offered from a minimum of R2,000 and the maximum depends on your credit rating. FNB personal loans are also covered by the Customer Protection Plan, which means that you are covered for any outstanding loan amount in the case of death, retrenchment, dread disease and temporary/permanent disability.

ABSA

ABSA which is also known as Barclays Africa has endeared itself to the masses due to its modern and diverse banking platforms. Absa personal loans are available from R3,000 to R150,000 and you can choose your repayment periods running from 12 to 84 months. In order to qualify for an Absa personal loan, you should make sure that your credit record is in good standing and that you have a minimum monthly income of R2 000.

CAPITEC

Capitecs fast growth recorded around the market can largely be attributed to its ability to live by its motto which is,when it comes to banking,simplicity is the ultimate sophistication. Capitec personal loans are somewhat unusual amongst the bigger financial institutions as you can apply for them online – there’s no need to visit a branch, since Capitec aims to make their credit application process as easy as possible. Capitec personal loans range from R150 000 to a maximum of R230,000, which can be used for personal purposes such as house construction, car purchases and the similar expenses. The maximum repayment period is 84 months or 7 years. For shorter and smaller personal loans, Capitec offers their MultiLoan solution which is essentially a monthly loan of up to R 4000 that you can use to cover daily needs or emergencies. This loan has to repayed in full each month and renewal is subsequent to an annual review process.

OLD MUTUAL

Old Mutual is an international investment,savings,insurance and banking group.While this institution is quite often associated with insurance, its personal loans product has also grown over the years. Old Mutual provides two different personal loan options – the My Personal Loan and their flagship My Money Plan which is essentially a debt consolidation plan and very useful if you’d like to bundle and save on all your debt repayments.Through Old Mutual’s My Personal Loan you can apply for a maximum of R100 000, which can be repaid from anything between 3-48 months.

NEDBANK

Nedbank offers the complete range of banking solutions for individuals, small businesses and corporates.This bank offers a diverse range of products and services that can be tailored to your specific needs. The Nedbank personal loans in particular offers loan amounts from R1,000 to R120,000 and repayment periods are flexible depending on which loan you qualify for, you can select to pay back over 24,36 or even 60 months.

AFRICAN BANK

African Bank Limited,commonly referred to as African Bank is a commercial bank in the Republic of South Africa.This bank is one of the best choices for personal loans,debt consolidation loans, cash loans, student loans and credit cards.The African Bank long term personal loan option give you up to R180,000 with comfortable repayment terms of up to 84 months. If you prefer a shorter term solution, you can get loans from R1,000 to R10,000 and payment terms between 3 to 12 months. African Bank handles applications online via their in-seconds platform which will ensure that you will get a response on your application immediately.

DIRECT AXIS

DirectAxis is an authorised financial services provider with many years in the financial services industry and offers two personal loan options.These options are a DirectAxis personal loan or a Direct Plus Loan for a maximum of R150,000.The personal loan of up to R100 000 is an unsecured loan that you can pay back over a repayment term of between 2 to 6 years. You can choose any loan amount from R4 000 up to R100 000 – but ultimately your final loan amount will be based on your personal financial profile.

STANDARD BANK

Standard Bank is one of South Africas largest financial services groups.This brand operates in 32 countries around the world,including 20 in Africa. Standard Bank personal loans range between R500 and R 40 000, with repayment terms on a from three to 42 months. You need to earn a minimum gross monthly salary of R1,000 to be eligible.

WESBANK

Wesbank is a leading provider of vehicle finance and car insurance solutions in South Africa.With more than 40 years experience in the financial sector, this firm has certainly stamped its authority. Wesbank’s CashPower personal loan puts the control back into your hands by allowing you to determine the repayment periods to suit your needs and budget. Interest rates will also remain fixed for the duration of the loan period, so there’s no bad surprises if the rates do go up.