Unsecured Loans

Unsecured loans allow you to borrow money without having to put up an asset, such as your house or car, as collateral. They are a popular product in South Africa because these personal loans involve less risk for you. However, because they are not secured against an asset these loans are more for people with a good credit rating because they are seen as less of a risk for the lender. The loan can be used for any reason. With the chart below you can find the right provider by comparing the different amounts you can borrow and the terms and conditions for each. Please make sure that you read the terms and conditions of these loans as thoroughly as possible so that you are certain that you understand your financial obligations and what the loan will cost.

Search Report: Personal Loans  Unsecured Loans  Secured Loans

If you wish to speak to someone: Contact Us

COMPANYTYPE

TYPE

Lender / Broker

INTEREST RATE

INTEREST RATE

The Interest rate on the loan

LOAN AMOUNT

LOAN AMOUNT

Amount you can borrow

MIN TERM

MIN TERM

Minimum borrowing period

MAX TERM

MAX TERM

Maximum borrowing period

TERMS

TERMS

Terms and conditions of loan

SUITABLE

SUITABLE

Applicants the loan is suitable for

RESTRICTIONS

RESTRICTIONS

Restrictions regarding potential borrowers

SECURED LOAN

SECURED LOAN

Loans secured with an asset

UNSECURED LOAN

UNSECURED LOAN

Loans which are not secured with an asset

MORE INFO

Wonga
Wonga

Lender60% per annum; 5% per month or 0.164% per dayR100 - R20001 day30 daysTerms

Terms

South African ID number,over 18 years, employed and a bank account in your name

Suitable For

Suitable

For those seeking a short term financial solution to a short term cashflow problem

Restrictions

Restrictions

You must be employed and have a South African ID number in order to qualify. You must be over 18 years old and have a bank account in your name

NoYesWonga
Applying for a Wonga loan is simple. There’s no cheesy hold music to endure, because our unique service is 100% online from start to finish. Just use the sliders on the home page to decide exactly how much cash you want to borrow and how many days you need it for. We'll show you the full cost upfront and once you're happy with the terms, just click “apply”. We'll then ask you for some personal details for our super-speedy credit check; and your banking details. DETAIL INFORMATION >>Services

Services

Short term credit provider


Advantages

Advantages

1. Quick and easy application
2. Instant decision 24/7
3. No hidden charges
4. Completely secure
6. No branch visits or meetings with the bank manager
5. The first 3 days are interest free


Disadvantages

Disadvantages

1. Our service has an annual interest rate of 60%, in line with the regulations set out in the NCA, But remember a Wonga loan is only for between one day and a month – so actually you’re paying just 0.164% interest a day 

2. Wonga.com doesn’t believe in hitting you with ongoing and multiple charges, like most traditional lenders, but interest and service fees will continue to mount on your balance if you do not repay your loan on your chosen date. You can repay your loan early though, and you might even be able to save some money that way.. 
3. The Service fee we charge is R50 per month plus 14% VAT, as prescribed by the NCA

Boodle
Boodle

Broker0.17% per dayR100-R25001 day35 daysTerms

Terms

You have to have a valid email address and cell phone number so that we can keep in touch throughout the process.

Suitable For

Suitable

For individuals with average to good credit ratings, with a South African ID number and looking for a short term loan

Restrictions

Restrictions

You need to be a South African citizen, have your own bank account in which your salary is deposited monthly, have a regular income and be over 21. You must also have been employed for at least 6 months. If you have a bad credit rating your chances in qualifying are slimmer.

NoYesBoodle
We know that in life, things happen – nasty things, happy things… expensive things. That’s where we come in! At Boodle, we want to help you out of any short-term financial problems. It’s not only because we’re nice people, it’s just what we do. So, if you need a cash loan quickly, you’ve come to the right place. Boodle is all about safe and convenient short-term loans in a blink! DETAIL INFORMATION >>Services

Services

1. Short term loan broker, providing loans by either Boodle or matching you with a Boodle Credit Provider


Advantages

Advantages

1. Once approved, your Boodle Loan could be paid directly into your bank account within 60 seconds – that's if it’s a weekday between 8:00 and 15:00. 

2. If it’s after 15:00 on a weekday, you will have Boodle in your bank by breakfast (that’s if you eat breakfast at 8:00). On weekends or public holidays, your Boodle will be paid out early the very next working day.
3. Fully automated, paperless and ONLINE 
4, If your Boodle Loan was declined due to affordability, we may offer you the opportunity to ‘appeal’ and possibly change our mind - this is a manual process 
5. Boodle have gone to great lengths and done our best to make sure that our platform is safe and secure! And when it comes to how we use your personal info, it’s all very official,we won’t share your details with anyone trying to sell insurance, cellphone contracts, etc. 
6. Taking out a Boodle Loan and repaying it on time (as we know you will) has a positive impact on your Credit History. 
7. Boodle are reasonable and will sometimes be able to arrange loan extensions


Disadvantages

Disadvantages

1. If you have a bad credit rating your chances at having your Boodle Loan approved are slim. However, don’t let this put you off. You may be too harsh on yourself for one and your Credit Profile may not be in the state you think it is! 

2. You cannot apply for a Boodle Loan on someone's behalf 
3. If you do not repay your Boodle Loan back on time your Credit Profile will be negatively affected and your Boodle Rating will also be badly impacted 
4. If you have been declined you need to wait at least 30 days from your first application date before you reapply for a Boodle Loan. 
5. You need to have been employed for at least 6 months in order to qualify 
6. You cannot apply for a Boodle Loan using a joing bank account
7. Your Boodle Loan is your loan amount plus interest and fees. The interest and fees on your Boodle Loan are calculated based on the requirements of the National Credit Act. 

Here are the facts: 

1. Service Fee: R50 per month plus VAT.
2. Initiation Fee: 
- Loans under R1000: 15% plus VAT
- Loans over R1000: 

R150 plus 10% on any value above R1000 plus VAT

SA Personal Loans
SA

BrokerVariesR500 – R15 000VariesVariesTerms

Terms

Varies

Suitable For

Suitable

For individuals looking for a fast cash loan of up to R150000

Restrictions

Restrictions

Not available if you are self employed

NoYesSA Personal Loans
You need a quick and easy loan? Then SAPersonal Loans are the right people for you as they will do all the work for you to find the loan which suits you best. The application is easy and you will get an answer on the same day. Benefit from easy repayments, fair conditions, and excellent service and apply now! DETAIL INFORMATION >>Services

Services

Loan Broker


Advantages

Advantages

1.Discreet – no one has to know you applied
2.Same day approval
3.Easy online application


Disadvantages

Disadvantages

Not much information provideid before application

Debt Lab Personal Loan
Debt

BrokerVaries on lenderR500 - R60 0001 Month6 MonthsTerms

Terms

1 - 60 months

Suitable For

Suitable

For employed South African residents seeking a loan.

Restrictions

Restrictions

1. You must be employed

NoYesDebt Lab Personal Loan
DebtLab is dedicated to bringing you the following quality financial services. We have the ability and knowledge to negotiate with many renowned lenders on your behalf to find the best deal for you, and secure quick and hassle free loan approvals.Our skilled team of call centre agents process all applications within 24 hours and treat your information as highly confidential. Please make sure that you read the terms and conditions thoroughly to ensure that you fully understand your financial obligations. Click here for more information. DETAIL INFORMATION >>Services

Services

1. Personal Loans
2. Pay Day Loans
3. Life Insurance
4. Debt Counselling
5. Study and Book Loans
6. Insurance Quotes


Advantages

Advantages

1. DebtLab.co.za have the ability and knowledge to negotiate with many renowned lenders on your behalf to find the best deal for you, and secure quick and hassle free loan approvals.


Disadvantages

Disadvantages

1. APR only after application
2. Broker fee may apply

If you wish to speak to someone: Contact Us

Compare Unsecured Loans

Unsecured loans can be an easy way to get money whatever your financial situation may be. Be sure to fully understand unsecured loans before you apply.

What is an unsecured loan?

When you take out an unsecured loan you can borrow money without having to provide security against it. A secured loan is where you are required to put up an asset against the loan which is used as collateral which is usually your home or car. This makes unsecured loan a less risky option for borrowers because with a secured loan you risk having this asset seized should you miss payments. This can ultimately mean having your home repossessed. This won’t happen with an unsecured loan which is why they are popular.

What about you credit rating?

Unsecured loan lenders will look at your credit rating when deciding on whether or not to approve you a loan. You will find that the better your credit rating the better loan conditions you will be offered. However, you will still be able to find unsecured loans whatever your credit rating. Payday loans and loans for people with bad credit are popular unsecured loans.

If you have a bad credit rating you will find that you will not be able to borrow as much if you had a good credit rating.

Is an Unsecured Loan right for you?

If you do not own a home or do not have much home equity an unsecured may be your best choice for getting the loan that you need.

If you cannot get a secured loan, which can have lower interest rates, an unsecured loan can be considered.

What are the disadvantages?

The main drawback of an unsecured loan is that the interest rates are likely to be considerably higher. This is because unlike secured loans, lenders do not have the security of your asset should you default on the loan. This makes the loan a bigger risk for the lender.

Interest rates are also likely to be high because you will be able to find unsecured loans for people with bad credit. However, these rates can be lower than many credit cards.

Finding the right Unsecured Loan

If you are considering an unsecured loan, make sure you look at all of your options. Use the table above to compared different products from a variety of lenders.

Remember that different lenders have different fees so you need to make sure you take the time to compare loans. You need to make sure you read the terms and conditions of the loan fully and that you are aware what happens if you miss payments. By missing payments you risk having to deal with high interest charges and other fees which can easily accumulate. You will also damage your credit score.

Compare unsecured loans easily

Searching for a loan which is suitable for you can be a daunting task and not one that you should take on lightly. That is why our easy to use comparison tables can help you find a loan that is suitable for you. Quickly compare important information – it is that simple.

Unsecured Loans - Latest News News and Charts

There is no credit bubble in the wake of the recession says payday loan leader

29 October 2013
Which Way To Pay

Unsecured loans are key to South Africa’s economic growth, creating new jobs for South Africans.

READ ARTICLE

Absa warns demand for credit stays weak.

06 August 2013
Which Way To Pay

Loan income will stay under pressure for the country’s third largest bank as demand for credit stays weak.

READ ARTICLE

South Africans need to change mindset and attitude towards debt and saving

03 August 2013
Which Way You Pay

Many South African consumers do not know how to save which is having an adverse effect to the number of South Africans in debt.

READ ARTICLE

Pros and Cons Of Secured Loans

25 September 2012 16:00
Which Way to Pay

A secured loan can help you in many ways including supporting you financially however there are risks involved.

READ ARTICLE

Finances PORTAL

24 July 2012 17:00
Which Way to Pay

Looking for an unsecured loan? Finances PORTAL offer a quick and easy loan now available for you to compare at Which Way To Pay.

READ ARTICLE