Personal loans in South Africa: what they cost and how to compare

A personal loan is a lump sum with a fixed monthly instalment and a term of months or years (see offers on the online loans list). If you put up no security, the National Credit Act (NCA) treats it as unsecured credit. A payday or short-term loan is a different product: up to R8 000, repaid within six months, with its own, higher charges.

The lenders on our list that publish a term offer R500 to R8 000 over 7 to 180 days, which is short-term credit. Longer terms come through comparison services, which do not lend but pass your request to partner lenders. As listed on 30 Oct 2026:

• Arcadia Finance: R100 to R350 000 over 6 to 72 months, rates from 11% to 28%.
• Creditum: R500 to R350 000 over 6 to 72 months.
• Crezu (as listed on 19 Oct 2026): R500 to R350 000 over 61 to 120 days.

Pick the product by term: a loan you repay in a few weeks belongs to the payday family, a loan you repay over a year or more is a personal loan.

Looking for a longer term? Compare personal loan offers by amount and days, then apply on the provider’s website.

A registered lender can charge three things on a personal loan: interest, a once-off initiation fee and a monthly service fee. Credit life insurance is extra if you take it. The limits sit in the National Credit Regulations (regulation 42 as amended in 2015) and move with the repo rate, so check the current table on the NCR website before you sign. What lenders on our list state about their rates and fees, set against these caps, is in our loan interest rates report.

• Interest: for unsecured credit the ceiling is the repo rate plus 21 percentage points a year. The repo rate has been 7.25% since 25 Sep 2026 (see our repo rate page), so the ceiling is 28.25% a year.
• Initiation fee: R165 plus 10% of the amount above R1 000, never more than R1 050, plus VAT.
• Monthly service fee: capped in the regulations. Century publishes R69 a month (checked 11 Oct 2026).

Short-term credit has a separate ceiling: 5% a month. That is why a R1 000 payday loan for one month can cost close to 30% of what you borrowed, as in our payday loan example.

Before you sign, the lender must give you a pre-agreement statement and quotation with the total you will repay (section 92 of the Act). Compare that total, not the rate alone.

Want a lower monthly cost than a payday loan? Compare loans by amount and term and ask each provider for its quotation.

Compare four things: the interest rate per year, the initiation and service fees, the monthly instalment and the total you repay. Lenders on our list state their own terms, with the source and date on each lender page.

• Crediwise: up to R8 000 from R500, NCR registered (check 7 Oct 2026).
• Creditbar: R500 to R5 000 for 7 to 61 days; says funds usually reach your bank account within 15 minutes after approval (creditbar.co.za, 29 Oct 2026).
• Primeloans: up to R8 000 from R500, asks for ID, three bank statements and a payslip.
• Century: R500 to R8 000, up to 180 days, interest, initiation and service fees published.

These four are short-term lenders. For R10 000 or more, use the long-term providers in the previous section and ask for a quotation on your amount.

Kredio says it decides in 15 minutes or less (kredio.co.za, 27 Oct 2026).

Ready to compare? The online loans list shows amount, term and rate side by side, and the button on each card takes you to the provider’s site. The provider decides after its own checks.

No lender on our list publishes a rate for a 12-month personal loan, so this example uses the legal ceiling, the most a registered lender may charge. The second column shows the same loan at a rate 10 points lower, for illustration only (it is not an offer). Method: the initiation fee is added to the loan, equal monthly instalments, interest on the reducing balance. Calculated 19 Oct 2026. These are indicative sums, not a quote.

VAT on the initiation fee adds about R158. At the ceiling the loan costs about 36% of the amount over a year, roughly 3% a month. A one-month payday loan can cost 28% in one month. A lower rate saves about R640 here, so asking two or three providers for a quotation pays off.

Check your own numbers. Put your amount and term into the loan calculator, then see which providers offer that amount.

Banks and online lenders both work under the NCA and both must check affordability. In general, banks decide more slowly and often prefer customers with a good record, while online lenders and comparison services take the application on a website. Our pages for Absa, FNB, Nedbank, Standard Bank, Capitec and African Bank show their NCR registration (checked 7 Oct 2026) but not personal loan rates: the rate is not published on those pages, so ask each bank for a quotation.

A third route is a retailer-backed lender: Capfin at PEP and Ackermans takes applications online, by SMS or in any PEP or Ackermans store, where you can also scan documents and make payments (its FAQ, 28 Oct 2026).

What providers usually ask for, from the lender cards (18 Oct 2026):

• South African ID, a cellphone number and bank account details.
• The last three months of bank statements. Century asks for statements showing three salary deposits.
• A payslip and proof of residence at some lenders, for example Primeloans; without one, see loans without a payslip.

Decision times: some short-term lenders say they decide within minutes to two hours in business hours (their own statements; see instant loans). We have no published decision time for banks or long-term providers, so ask.

Not sure which route fits? Start on the loans list and compare what each provider asks for before you apply.

1. Look at your credit report. Listings and judgments affect the answer. See how to check your credit score.
2. Pick the amount and term. Borrow the smallest amount that solves the problem, for the shortest term your budget allows.
3. Check the provider in the NCR register of credit providers. Search by company name or registration number on the NCR website. Each lender page here shows the NCR number and the date we checked.
4. Expect an affordability assessment. A registered lender must check that you can afford the loan (sections 80 and 81 of the Act). That is why it asks for bank statements.
5. Read the pre-agreement statement before you accept: rate, fees, instalment, total.

Never pay a fee, “insurance” or “release payment” before the money arrives. If you already have debts and a low score, read loans for blacklisted people.

Everything ready? Choose a provider on the loans list and apply on its website. The provider decides after its own checks.