Personal Loans in South Africa

A personal loan can be useful for when you need immediate access to cash. However, you need to choose a personal loan that will not cause you more financial trouble, but will offer you a reasonable interest rate and comfortable repayment terms. For this reason, it's important to compare different personal loans in South Africa offered by financial institutions before applying for one.

ThinkMoney aims to take out the confusion in choosing a personal loan by comparing the different personal loans in South Africa available to consumers. To help you do this, ThinkMoney subscribers reviewed and rated various personal loans available on the market. The personal loans were rated according to their experience with the financial institutions and the products offered in terms of service, flexibility, integrity and value for money. These features were evaluated out of a maximum star rating of 5.

With 242 reviews, the Capitec personal loan received a 4 star overall rating. 80% of the reviews were recommendations of the product, with most comments pointing to the low interest rates offered, flexibility and excellent service.

The Nedbank personal loan, which gives pre-approval to Nedbank account holders in 48 hours, received a 3.5 star rating. Of the 244 reviews, 64% of them were recommendations from subscribers for the loan. However, the complaints against this personal loan included the fact that repayment instalments were too high and the bank was inflexible when it came to changing terms of the contract.

Another personal loan to receive 3.5 star rating was the FNB personal loan, which had 197 reviews. This could be due to the fact that pre-approval for up to R150 000 is possible within an hour. The customer service from the bank was also highly recommended by reviewers. 60% of reviews were from customers willing to recommend the product to others.

The African Bank personal loan was given a 3.4 star rating by ThinkMoney subscribers and was reviewed more than 400 times. This personal loan offers same day approval and repayment terms of 24, 36, 48 and 60 months. The highest rating was given to service, and flexibility. Although 64% of reviewers were willing to recommend the product to others, there were a few complaints regarding high repayment terms associated with the personal loan.

Looking for the best personal loans in South Africa? Read our personal loan reviews written by ThinkMoney subscribers, and then apply quickly and easily online. You can also read our personal loans guide for advice and reviews on the various personal loans in South Africa offered by major financial institutions.