How to Apply for a Loan Online


Gone are the days when you had to sit in a queue in the bank and wait to see a manager to apply for a personal loan.

Today you can apply for a loan from the comfort of your office or home.

Technology has not only made it easier to spend and manage your money, but also to apply for personal loans online.

Today you can apply for a loan online from the comfort of your office or home and have an answer within 48 hours and if you qualify, up to R100 000 paid directly into your bank account.

If you have an online bank account, you can usually apply for a loan from your bank online through your bank account.

You can also use one of the many websites of loan providers, such as LoanFinderSA, to find a personal loan from multiple loan providers.

You can apply for short or mid-term personal loans and in some cases even long-term loans for debt-consolidation. Repayment periods can be from 6 to 72 months.

Before You Apply for a Loan Online:

Save time before you apply for a personal loan online:

  • Check your credit record.
  • Analyse your budget to see if you can afford the extra expense of paying back the loan.
[tip title=”moneysmart tip”]Get your credit report on moneysmart and and start setting up budgets to help you work out your loan affordability.[/tip]

How to Apply for a Loan Online:

In order to apply for a loan online, you will have to give your:

  • I.D. number
  • Phone number(s)
  • Address
  • Employment details
  • Bank details (your own bank account into which your salary is paid)

You will also be asked for the amount you spend on living expenses and other credit and if you’re waiting for the result of other loan applications.

Who Qualifies?

You can usually be considered for an online loan if you:

  • Are older than 18
  • Are a South African citizen
  • Have a South African bank account
  • Have a steady, monthly income of at least R1 500 per month

However, you WON’T be considered if you:

  • Are under debt review
  • Have filed for bankruptcy
  • Are under any debt-restructuring programme
  • Have declared yourself insolvent
  • Are under administration
[tip title=”moneysmart tip”]If you have a bad credit record, such as payments in arrears or judgements for bad debt, you could still be eligible for a loan online, but you’ll be charged the highest interest rate, which could make the loan very expensive.[/tip]

Consumer Protection:

When you borrow money in South Africa, you’re protected by the National Credit Act (NCA).

The NCA established the office of the National Credit Regulator (NCR), which determines the maximum fees and credit rates lenders can charge.

In terms of the NCA, registered credit providers must run credit checks on people who apply for credit to determine their monthly expenses to ensure they can meet the monthly payments.


Consumers who feel they are treated unfairly by a credit provider, must first complain to the customer complaints office of the credit provider.

If the complaint is not resolved, consumers can complain to the NCR (

Important to Remember:

  • When submitting your details online, you authorise the company to enquire about your credit record.
  • If you’re under administration, sequestration, debt review or a restructuring order, you can’t apply for a loan.
  • Check if you’ll be able to pay the monthly instalments and what the full amount will be that you pay to borrow the money.
  • Be honest when you apply for credit and tell the credit provider about all your debts.
  • The longer you take to pay off the loan, the more interest you pay.
  • Try to pay off more than the monthly instalment every month. This will help to pay the loan faster and save you money on interest.
  • If you consider a personal loan because you’re not making ends meet with your income, rather ask a debt counsellor for advice before taking on more debt.
[sponsoredlink title=”Apply For A Loan Online” link=””]

About Author

Ina Opperman has an honours degree in Consumer Science from the Northwest University. An award-winning consumer journalist, she is the co-author of "Understanding the Consumer Protection Act" published by Juta. She writes for various magazines such as Finweek and Farmlink. Ina is a non-executive member of the Board of the National Credit Regulator as well as the Board of the Motor Industry Ombudsman.

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