In this article I’ll show you the list of online loan apps in South Africa, these loan apps are at the same time considered the best loan companies in South Africa based on their popularity as well as their ratings by users.
Whether you need a long or short-term loan in South Africa this article is written just for you.
I wouldn’t want to take much of your time in the introduction, kindly proceed to knowing the list of online loan apps in South Africa today.
List Of Best Online Loan Apps and Companies In South Africa
The very first on the list of online loan apps in South Africa today is the Capitec Bank loan app.
Capitec Bank is a popular online banking platform that offers personal loans of up to R250,000.
The loan application process is quick and easy, and the bank offers competitive interest rates.
Before you can access a loan from Capitec bank, you must have the following documents in place:
- You must provide an original ID document which must be 18 years or older.
- The provision of your latest salary slip is required
- You must be able to provide a bank that shows your latest 3 consecutive salary deposits if your salary is not paid into your Capitec bank account.
Wonga is also an online lender that offers short-term loans of up to R4,000 to South African citizens. This R4000 is to be repaid within 1 month. However, existing borrowers have to borrow up to at least R8000.
The application process is completely online, and the loans are usually approved and disbursed within a few hours.
Below are the essential requirements to get a loan from Wonga:
- You must be a citizen of South Africa
- You must be 18 years and above
- You must have access to mobile phone.
- Your proof of income will be required before taking a loan from Wonga.
3. Bayport Financial Services
Bayport Financial Services is a leading online lender that offers personal loans of up to R250,000.
The loan application process is quick and easy, and the company offers competitive interest rates like other banks do.
Bayport Financial Services Loan Requirements:
- Provide a copy of your ID
- Provide your last bank statement
- The Provision of your last payslip and a certificate of residency
Lulalend is yet another online lender in South Africa that offers small business loans which ranges between R10,000 to R5,000,000.
The application process is completely online, and the loans are usually approved and disbursed within 24 hours once the requirements are met.
Note: Lulalend claimed they have minimum qualifications and are less intensive than other financial institutions that offer loans.
RainFin is also on the list of online loan apps in South Africa based on their popularity and ratings by their users
This company is a peer-to-peer lending platform that allows investors to lend money to individuals and businesses.
The platform offers loans of up to R750,000, and the interest rates is lower when compared with traditional bank loans.
- You must be a South African
- You must have a good or fairly good to great business credit rating
- You must have an annual turnover of R1 Million and beyond
- You’re required to have good credit ratings
- You must provide proof of transactional history etc.
6. Absa Bank
Absa Bank is a popular online banking platform that offers personal loans of up to R350,000.
The application process is quick and easy, and the bank offers competitive interest rates with flexible loan repayment.
However, you must meet the given requirements before you can access a loan from them.
For you to apply for a personal loan over 12 months or more with Absa bank, you’ll need to meet the following requirements:
- You must be earning a regular monthly income of not less than R2000 per month.
- Provide a bank account into which your income is paid.
Frequently Asked Questions On List of Online Loan Apps in South Africa/Best Loan Companies In South Africa
Here are some frequently asked questions about the list of online loan apps in South Africa:
Can I apply for a loan online in South Africa?
Yes, there are several online loan apps and websites available in South Africa that allow you to apply for a loan online.
What is the maximum amount I can borrow from online loan apps in South Africa?
The maximum amount you can borrow depends on the lender and your creditworthiness.
Most online loan apps offer personal loans of up to R250,000, but some lenders may offer higher loan amounts.
How long does it take to get a loan from an online loan app in South Africa?
The time it takes to get a loan varies depending on the lender and the loan application process. Some online loan apps offer instant approval and disbursement, while others may take a few days to process the loan application.
What are the interest rates charged by online loan apps in South Africa?
The interest rates charged by online loan apps vary depending on the lender and your creditworthiness. Generally, the interest rates are higher for unsecured loans and lower for secured loans.
Are online loan apps safe to use?
Most online loan apps are safe to use, but it’s important to do your research and choose a reputable lender. Look for lenders that are registered with the National Credit Regulator (NCR) and have positive reviews from other borrowers.
Can I apply for a loan with bad credit?
Yes, some online loan apps offer loans to borrowers with bad credit, but the interest rates may be higher, and the loan amounts may be lower.