Looking for smaller loans under R10,000.00 in South Africa?
We compiled a list of lenders that offer such small loans for you to compare rates and save on the loan application.
We aim to fast-track your search for the best loan rates and making a better financial decision by presenting you with accurate and updated information.
You'll save time and less stress for shopping around on your next small loan. This list will give you an idea of what to expect when applying for loans under R10,000.00.
What is a Personal Loan?
A personal loan is money borrowed from a lender that's payable with interest. And the most popular type of loan in South Africa is an unsecured loan.
Loans for R10,000.00 are designed for your short-term financial needs and expectations. They're easy to qualify for, at the lowest possible interest rate.
You can use the money and spend it wisely, only when it's necessary.
How to Qualify for Personal Loans
Since these loans are unsecured, they don't require anything to qualify other than a good credit score.
Having a good credit history can increase your chances of qualifying for the loan amount you really want. So the first step would be to check and understand your credit score ratings.
Then look closely at your finances and determine if you'll qualify for the monthly installments. Use our loan calculator tool at the bottom of this page to get a sense of the cost of any personal loan.
Take a closer look at the other charges on the loan, compare rates and choose the best offer that suits your needs.
Verify Lender Credentials
If you're not taking the loan with a bank, please always double-check the credentials of the lender with the National Credit Regulator (NCR) database.
People are being scammed daily and these fraudsters are so creative that you might not see it's loan scam.
Visit the registered credit provider database and search for the name of the lender. All lenders are listed publicly on the NCR website.
Can you Afford it?
Use the following loan repayment calculator to estimate the total cost of the loan and calculate personal loan interest.
This will help you plan and budget well after you've taken the loan so that it doesn't become a burden on your financial life.
Please also note that the personal loan calculator excludes additional fees such as initiation fees and monthly admin costs.