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Personal Loans in South Africa

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With every man & his dog trying to get in on the unsecured lending game, it pays to shop around a bit & borrow at the best rate. Here's a list I'm busy compiling of banks & other entities which offer personal loans (I'm sure I've missed some out, just let me know & I'll include them). Wonga & Sanlam have the highest ratio of customer compliments, and RCS the highest proportion of complaints. It's interesting that those in the personal loans industry have far few customer compliments than those in the motor insurance business.

I personally try my utmost to avoid getting in debt, and I often point out the folly of legislation preventing people from using using their retirement fund savings to pay off their mortgage bonds (leaving them in the situation of having mounds of debt and mounds of savings at the same time, with financial services companies charging large fees on both). Anybody thinking of borrowing should be aware that those lending you money want to make money out of you.



Repayment terms

Customer feedback 14 May 2012

African Bank Personal loans

R1500 to R180,000

Up to 7 years

African Bank customers
28% compliments
72% complaints

ABSA Personal Loans

R3000 to R150,000

1 to 7 years

ABSA customer feedback
17% compliments
83% complaints

Bayport Personal Loans
0861 550555

Up to R100,000


Bayport Financial Services
32% compliments
68% complaints


Up to R2500

Up to 32 days

Boodle customer feedback
100% complaints (only 3)

Capitec Personal Loans
0860 102043

Up to R150,000

Up to 5 years

Capitec Bank customers
27% compliments
73% complaints

Call Direct Loans
0861 030301

R2000 to R50,000

Up to 5 years
Fixed repayments

Call Direct customers
10% compliments
90% complaints (only 9)

0861 020304

Up to R100,000

2 to 6 years
Fixed repayments

Direct Axis customers
25% compliments
75% complaints

Finances Portal

Up to R150,000

Agent will assist

None yet

FNB Personal Loans
0861 404040

R1000 to R150,000

Up to 5 years
Death cover
Retrenchment cover
Disability cover
Dread Disease cover

FNB Customers
17% compliments
83% complaints

Nedbank Personal Loans
0860 103582

R1000 to R120,000

1 to 5 years

Nedbank customers
20% compliments
80% complaints

Old Mutual Personal Loans
0860 445 445

Up to R120,000

Up to 5 years

Old Mutual customers
24% compliments
76% complaints

RCS Loans
0861 SAY RCS
0861 729 727

R1000 to R100,000

1 to 5 years
Fixed rate

RCS Customer Feedback
13% compliments
87% complaints

Sanlam Personal Loans
0861 080808
JV with DirectAxis

R4000 to R100,000

2 to 5 years
Fixed repayments
Death cover
Disability cover
Dread Disease cover

Sanlam customers
31% compliments
69% complaints

Standard Bank Personal Loans
0860 123000
021 2994701

Up to R120,000

Credit life insurance

Standard Bank customers
19% compliments
81% complaints

I was surprised to read this on Standard Bank's website: " If you earn from R1000pm, you can qualify for up to R120 000 with a Standard Bank Personal Loan". How is somebody earning R1000pm ever going to repay a R120,000 loan?

Wesbank Personal Loans
0861 010102
021 764 3545
JV with DirectAxis

R5000 to R100,000

2 to 5 years

Wesbank customers
24% compliments
76% complaints


Up to R2000

Up to 30 days

Wonga customers
31% compliments
69% complaints

Woolworths Personal Loans
0861 502010

Up to R75,000

1 to 5 years

Woolworths Insurance
65% compliments

Capitec Bank offers personal loans

Personal Loan Requirements

Typical requirements for borrowing are:

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