Compare loans in South Africa - Get the Best Loan Deals
Are you interested in getting the best interest rate for a loan without having to apply to a dozen different places?
Compare loans easily with Loando!
Loando is a loan comparison website that provides you with a tailored selection of loans for your needs. We provide you with loan options and information that helps increase the likelihood of approval of your loan application.
Not only do we provide safe and simple access to potential loan providers, but you are also able to secure loans from the comfort of your home or office.
Our Loan Comparison Service Includes:
What we do
We source information about South African lenders and provide the necessary information to you in a digested manner. Helping you make a more thoughtful decision that saves your time and money. We source lenders that are NCR licensed direct lenders in South Africa.
How to compare loans in South Africa
- Select the category of loan you are looking for (payday loan, personal loan, loan consolidation, etc.)
- Compare the loan amount and interest rate offers from lenders
- Click the”Apply Now” button on the lender with the loan for you
- Apply for a loan by providing the required details on the loan providers’ website
- The loan provider might do a credit check, but after that, the money will be disbursed
Choosing a loan type
Before you start comparing loans, it is essential to understand what you need a loan for, the amount required, and a realistic repayment time.
When possible, you should avoid taking a loan altogether, but we do understand that sometimes there isn’t another option.
Here are the loan categories we provide comparison about:
What types of loans are available?
A personal loan is an unsecured loan that is granted by loan providers for a limited period of time. Personal loans are dependent on your particular circumstance. The interest rate and the repayment period you get offered depends on how well you have managed your financials before. Your network and earning. capacity also plays an important role in your loan term.
A good credit score further increases your chance of getting even better loan rates while applying for the loan.
The next payday can feel lightyears away sometimes, and this loan helps you out when you are in a pinch. These loans are great for unexpected or unplanned extra costs like a plumbing problem that you need to get sorted right away or when you need a little extra cash to buy your loved one that special gift they have been wanting.
Applying for a payday loan is fast and you can get a loan of up to about R10 000. The reason for the small sum is because you are expected to pay back the amount during the following few months.
This short-term loan is perfect for you when you need a bit of extra money and plan to repay within the next couple of months.
It is a common occurrence to find yourself with a few or more existing loans. Consolidating your loans means paying off all your other debts with a bigger loan. The advantage of debt consolidation loan is that you only need to pay one loan and save money on services fees.
On most occasions, you also get a better interest rate offer than your previous loans.
In many cases, you are required to reinvest in your business to see it grow. Sometimes you need more capital than you can reinvest, and that is where a business loan comes in handy.
A business loan can be all that separates your business from going to the next level, but borrow them money wisely.
Lenders we compare include:
How to avoid being denied loans offers
Ensure you don’t have a bad credit score. Even if your credit rating is not great, there is still a chance of getting a loan. However, having a good credit score improves your chances of acquiring a loan and getting a loan offer with a lower interest rate and having a constant steady flow of income allows lenders to have more faith in you being able to pay the loan back.
You must fill out the application form with all the information required, and all the information should be correct. Lenders often verify the information you provide, so you must be truthful. Some lenders have specific requirements, such as needing proof of address. However, the lender will specify what documents you need to deliver.
Interest rate in South Africa
Here in South Africa, the National Credit Act Regulation protects you from being charged an interest rate too high. The maximum interest rate lenders are allowed to charge for personal unsecured loans is currently set to 27,75 % (APR).
However, for short term loans the maximum interest rate is set at 5 % monthly.
The lender you choose may ask for a fixed rate of interest or a variable rate of interest, and it is essential to note which is which.
A fixed rate remains the same throughout your loan repayment, whereas a variable rate change constantly. The variable rates depend on The Prime Market Rate (PRM), which means they can be very low when the economy is thriving but can also reach maximum percentages when the economy is struggling.
Fixed rates are the safest option in South Africa, but if our economy takes a turn for the better, your rates could be very low with variable interest. You will need to make that informed decision.
Loando provides you with as many options as possible with our loan comparison, and you can choose the lender with the lowest interest rate!
Why might you take out a loan?
You can take out a loan for almost anything you need. Here are a few examples of what a loan is helpful for:
- Home improvements
- Credit card debt repayments
- Building credit
- Vehicle finance
- Purchasing a home
- Consolidating debts
- A dream travel trip
- Unexpected accident
- Pay off university fees
- A dream wedding
- And many more
Loando is safe, fast, and free, making us a perfect choice for your loan comparison needs. Your privacy is important to us and for that reason, we collect minimal information.
Tips to get the best lenders and a variety of loan options
- Improve your credit score
- Analyse your loan offers critically to chose the one that you feel make the most sense to you
- Borrow the appropriate amount
- Remember, once you take out a loan you have to pay your lender back
It’s not easy managing your money, and often a loan can help you get back on track. We love helping people, so let us help you by comparing loans and matching you with a lender.
