travel loans south africa

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Short of Cash? Get A Travel Loan Now!

Want to visit your friends or family but don’t have the money right now need to get to johannesburg, cape town or durban for your job interview but are short on cash need to attend a funeral and payday it still a few weeks away.

Ask for a Travel Loan Now!

No Problem at all! You can now apply for a loan to travel by bus or air through justGO and Moola , the leading finance provider. Moola gives you the opportunity to apply for money to travel by bus or by air within South Africa and Zimbabwe. You can now pre-plan your Christmas, Easter and other holiday trips and secure your seats especially when you need cash. Safair, APM, Eldo, Greyhound, Intercape, Eagleliner, Cityliner and all our other suppliers are now available with instalment payments through Moola .

The application process is simple and can be done by filling out your details here . A pplicants need to be employed to be considered for a Travel Loan*.

Once you have identified the amount you would like to apply for, simply complete the online application. Once you have submitted all the supporting documentation and your file reviewed by the Moola team, the funds will be paid into your account and you will be able to buy your tickets with justGO. With Moola , you can even apply for more money than your actual travel needs are. It is super easy, quick and simple!

Moola powered by Softidoc NCR NUMBER: NCRCP13814

*Terms and Conditions can be found here

Example 1: Family of 4 to Queenstown this Christmas:

Jnb/Cpt <-->Queenstown by Bus for 4 nights From R868*pm or R3,500 immediate payment

Example 2: Family of 4 to Durban this Christmas:

Jnb/Pta <--> Durban From R1,866*pm or R8,000 immediate payment

Best Prices

Find the best deals for flight tickets and busses across Southern Africa and the rest of the world. The price you SEE is the price you PAY. No unpleasant surprises. justGO & SAVE!

Widest Selection

Combine flights and buses across all major bus & airlines companies in one single booking. justGO & BOOK!

Customer Support

Our Contact Centre provides full support before, during and after your trip. You can call, e-mail and even WhatsApp us for support. justGO & CONTACT US!

JustGO offers a one stop online travel shop for the travel requirements of price conscious travellers. We sell more than 30 bus companies, all the low cost airlines in Southern Africa and flights to and from the rest of the world.

We offer you exclusive negotiated prices direct from our suppliers. There are no hidden fees or surprises, the price you see is the price you pay. Our team of travel experts are on hand to provide you with expert service whether its buying one of our online products of visiting us instore.

It’s never been easier to compare prices and buy your bus and flight tickets.

We are a proudly South African travel company providing travel solutions for Southern Africa.

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Using a Loan for Travel

Give yourself a break by taking out a holiday loan.

Taking out a loan for travel is a simple way to treat yourself to a once-in-a-lifetime holiday. Holidays can also give you a chance to recharge your batteries and spend more time with your loved ones. However, holidays can be expensive and you should consider setting up your own holiday payment plan to save up in the months before your trip. This will help minimise the size of your holiday loan.

Once you’ve secured your loan, you’ll want your money to travel as far as possible. There are several ways of making sure you get the best value and most reliable travel deals.

Often the biggest expense of a holiday is getting to your destination. Especially if you’re travelling overseas. If you’re travelling by air, try and book your ticket as far in advance as possible (the maximum is usually a year). This will allow you to buy cheaper tickets than if you book only a couple of weeks before your departure. Travelling outside of holiday seasons or school holidays could also secure you cheaper air tickets.

Some airlines and travel sites offer inclusive deals with hotels and car hire. These can be cost-effective, but it’s still advisable to research the hotels beforehand. Visit online review sites and not just the official hotel website. A website that has pictures and reviews posted by travellers, such as TripAdvisor, is a lot more reliable than a glossy website designed to disguise any negative features, such as your hotel room overlooking a car park instead of the ocean.

If you are travelling abroad, it’s worth considering countries where the South African rand will go further. Thailand, for example, is a lot cheaper than Australia, and therefore you’ll be able to enjoy a longer holiday there.

Be sure to check what the visa requirements are for the country you will be travelling to. These can sometimes be costly and time-consuming to obtain. Fortunately, there are many countries where South Africans don’t require visas to enter.

Research your destination. A holiday on an exotic island out of season may appear to be very good value, until you realise that you’ve arrived in the middle of the monsoon season. By researching your destination, not only will you get more out of your trip, but you can also be alerted to expensive tourist traps and any unsafe areas to avoid.

Finally, check that your passport is valid for the time of your holiday, that it has enough blank pages for visa stamps, and that you have any necessary inoculations or medicines, especially if travelling to places where malaria is common. Bon voyage!

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Minimum and maximum loan periods vary between 1 months and 10 years. Comparison interest rates vary between 6.55% and 60% p.a. Total interest repayments vary between R685.05 and R844.12 over the life of the loan. *Comparison rate is based on an unsecured loan of R20,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on “View fees & additional info +” for each product or contact the provider.

Holiday & Vacation Loans

Holiday loans aren’t a thing of the past. A vacation filled with relaxation is always welcomed. The ability to plan for that vacation is good if we can budget for it.

Our loan calculator will help you to budget for this by comparing loan options among South African lenders. Simply adjust the loan term and amount to a comfortable monthly payment to see how much financing you can afford.

Calculate repayments

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Consolidation Loans

Comparison warning, personal loans, the right personal loan matched to you.

Minimum and maximum loan periods vary between 1 months and 10 years. Comparison interest rates vary between 6.55% and 60% p.a. Total interest repayments vary between R685.05 and R844.12 over the life of the loan. *Comparison rate is based on an unsecured loan of R20,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

Holiday loans in South Africa – Travel or relax in style

How does a holiday loan work in south africa.

A holiday loan is a different type of personal loan that has the following features:

Unsecured loan. There’s no need to provide collateral for unsecured personal loans. Therefore, you can borrow money easily with little risk to your assets.
Maximum and minimum loan amount. You get access to as little as R2000 and as much as R300 000, depending on your income level.
Maximum and minimum loan term. The cost of your holiday is divided into monthly instalments which can be spread over 12 months up to 84 months maximum.
Variable or fixed rate. The interest rate on unsecured holiday loans can remain constant for fixed-rate loans or fluctuate for variable-rate loans.

What are holiday cash loans used for?

Holiday loans can give you a lot of freedom during the holiday season since the funds can be used for many enjoyable and worthwhile activities that include:

Buying gifts;
Plane tickets;
Accommodation;
Holiday shopping; and

Important factors to look at when comparing loans

There are a few factors to keep in mind before applying for a holiday loan. Considering these factors can help you to quickly pick a favourable loan from the available options:

Interest rate

A competitive interest rate is the lowest rate you can get depending on your credit score. Some lenders offer specialised holiday loans with low interest rates. In any case, a low interest rate should always get you excited since it’s one of the major ways to save money when taking out a loan.

Total cost of the loan

Another crucial way to save money on your loan is to look out for extra fees and charges. Typically, the lender will charge an initiation fee and ongoing monthly service fees. Additional fees can add to the total cost of the loan when combined with the interest rate, so factor this in when deciding which loan is affordable.

Repayment options

Here you should consider the number of months you need to pay back the loan. If your aim is to save money, try paying off the loan as quickly as possible by choosing a shorter term and larger monthly payments. You might also need to make early or additional payments to achieve this goal so find out if the lender will charge you a penalty fee for fast-forwarding the repayment process.

Unique advantages

Different lenders offer holiday loans with various features. Check to see which lender provides the most beneficial financial service. For example, if you’re planning a holiday on short notice, you might want a lender with a quick turnaround time. In this case, online loans help you to skip the queues and paperwork. You can even receive the lump sum in your bank account on the same day while in the comfort of your home.

Holiday loan repayment calculator

The holiday loan calculator from CompareLoans helps you to figure out which monthly payments are affordable. Start by entering your loan amount using the sliding tools. Next, enter your loan term and click “Calculate Repayment.”

You can repeat these simple steps using different values in order to compare the results for each lender featured in our comparison tables above . Finally, choose a monthly payment result that fits in with your budget and efforts to save money.

What you need to apply for a holiday loan

General requirements for holiday loans usually include:

Minimum age of 18 years;
Valid South African ID;
A regular monthly income;
Recent bank statements and payslips;
Proof of address; and
A good credit score.

How to apply online for a holiday cash loan

You can make an easy and quick holiday loan application through CompareLoans by following these simple steps:

Compare South African lenders. Check out our comparison tables above to see the various loan options showcased there. Use factors like the interest rate, fees, and monthly payments to compare loans. To see more product details for a particular lender, click “View fees and additional info.”
Click “Go To Site.” Each lender in our comparison tables has a “Go to Site” button. Pick your favourite lender and visit their website with a single click.
Start your application. During the application process, you’ll need to provide your ID and phone number as well as your email address. You’ll also need to upload your proof of income documents.

Travel Loans in South Africa – What you should know

September 11, 2023 by hakeem

Travelling is something many people dream about. Most times, they either do not have enough money to finance their fantasies or they’d rather use the cash for something else. With travel loans, you can now access enough funds to make that trip you have always wanted to go on. Within this article, we will describe all there is to know about travel loans so be sure to keep your eyes glued.

What is a Travel loan?

Travel loans are loans taken for incurring travelling expenses. Most lenders in the market provide travel loans for both domestic and foreign travels. Young working professionals often look forward to taking a break from their busy work lives. Most of them consider travelling to a new place for a vacation.

Who is Eligible for a travel loan?

Because travel loans are like personal loans , only working professionals qualify for them. Some lenders in the market provide these to self-employed professionals with a steady income. The most common eligibility for these loans are listed as follows:

The applicant must be at least 21 years of age.
Salaried professionals must be employed in the job for at least 6 months before they can apply for these loans.
Your credit score must be acceptable to the lender. Most lenders prefer individuals with a credit score of at least 700.
Most banks have specific income criteria for applicants to avail these loans. It is better to have a monthly income of at least Rs.20,000.
To avail pre-approved loans, the individual must already be a customer of the concerned bank.

What do I need to apply for a travel loan?

Most of the top credit providers in the market offer travel loans to customers with very minimal documentation. However, some crucial documents must be submitted (even electronically) while applying for travel loans. Some of these documents includes;

Identity proof
Address proof
Income proof (payslip or IT returns)
Photographs

The exact documents required by companies for travel loans may vary depending on the company. Therefore, it is important to enquire more and even visit the desired company’s website before applying.

How to apply for a travel loan?

The application process for travel loans mostly depends on the financial company itself. Meanwhile, the following process is peculiar among a great percentage of them;

Applying for a travel loan is a very simple process. Most banks now provide online applications for personal loans.
You can simply visit the official website of the lender and fill up your personal details to apply for a travel loan.
Submit your documents online and get instant approval from the company.
You may also visit the branch office of the lender and speak to an official for a loan application.
If you need any help in the loan application process, you may check with the customer service department of the lender.

Things to Consider before Applying for Travel Loans

You must consider the following points before you applying for a travel loan for the purpose of travelling:

First, you need to estimate the correct budget for your travel before applying for a loan. Do check the accommodation costs, ticket costs, food expenses, etc., online while applying for a loan. It is advisable to set the loan amount at least 20% higher than the trip budget you have estimated.
Since travel loans are personal loans, they are offered with higher interest rates than home loans and other secured loans. There’s a need to research the market to find the best loan product suitable for your travel needs.
Make sure that the EMI amount fits within your monthly budget. If you cannot afford the EMI within your monthly budget, you might face difficulties repaying the loan to the lender.

Top 4 platforms that offer Travel loans in South Africa

Below is a list of reputable loan agencies that offer travel loans;

Standard bank
Directaxis loans
Justgo loans
Bid vest bank

Conclusion

As exciting as travelling and exploring might sound, it has a couple of its own downsides too. They occur most especially when you cannot plan and execute the entire process efficiently from the start. Be sure to let this article help you checkmate every aspect of your planning process and give a smooth travelling/loaning experience.

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Loans In South Africa – Apply Online Today

By: Our Loans Expert

Gracie Makowe

Loans in South Africa are available from online lenders. They typically range from R500 to R250,000 with flexible repayments.

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Complete Guide to Loans In South Africa 2024

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Looking for a personal loan? It’s important to find out how loans work so you can make informed decisions that best support your needs.

Loans In South Africa: How Do They Work?

Although there are different types of loan products, they generally work the same way. The following terms will help you understand how most South African loans work.

📌Loan amount. This is the amount you wish to borrow. In South Africa, loan amounts can be as little as R100 or as high as R300,000. The amount you qualify for depends on your credit score, monthly income, and other factors.

📌 Loan term. This is the amount of time you need to pay the loan back. Short-term loans are usually paid within days or 12 months. Long-term loans can have repayment periods of up to 5 or 7 years.

📌 Interest rate. The interest rate is the amount you pay on top of what you have borrowed. Your lender applies an interest rate to your loan amount to make a profit. The maximum interest rate prescribed by the National Credit Act is 27.75% per annum .

📌 Repayment or installment. You usually repay your loan in monthly installments. The size of your monthly installments depends on the loan amount and term. The bigger the loan amount and loan term, the higher your monthly repayments and vice-versa.

✅ How Much Do You Need?

Secured Vs. Unsecured Loans

Loans can be either secured or unsecured. Most loans offered by South African lenders are unsecured.

When the loan is unsecured, there’s no need to put up your possessions as collateral. Instead, your lender will consider your income and credit score as the main factors to determine your creditworthiness.

With secured loans, you need to put up an asset as collateral. For instance, car loans are usually secured, so the lender can repossess the car you’re buying if you fail to pay as agreed.

Let’s look at the main differences between secured and unsecured loans.

How much does it cost to borrow?

Borrowing is not free, so you need to borrow wisely! The total cost of any loan will depend on the following:

The interest rate

The higher the interest rate, the higher your overall borrowing costs. Always shop around to find a lender with the lowest interest rates.

You can also reduce costs by borrowing a smaller amount and choosing a shorter loan term. The longer you take to pay off your loan, the more interest accumulates.

Read More: 0 interest loans South Africa

Loan fees and charges

Loan fees and charges also inflate the cost of your loan. Depending on the lender, you’ll need to cover the following charges:

📌 Initiation fee. This is a one-time fee to process the loan.

📌 Monthly fee. This is an ongoing fee charged monthly to maintain your loan account.

📌 Early payment fee. Your lender may charge an early repayment fee if you pay off your loan quickly and close your account before the loan term ends.

📌 Late payment fee. You should always make repayments on time to avoid this fee. Late payments can also affect your credit score.

📌 Insurance. Insurance is usually compulsory. You can choose your own or opt for the lender’s insurance.

Representative example

Let’s say you want to borrow R20,000 at an interest rate of 18% for one year. Once you receive this amount, you’ll be required to pay back roughly R2,123.00 each month.

At the end of your loan term, you would have paid back R25,476.24 , meaning that the total cost of your loan is R5,476.24 .

General Loan Application Requirements

To qualify for a loan, most lenders require that you:

✔️Be at least 18 years

✔️Have a valid South African ID

✔️Be employed or self-employed

✔️Have a regular, sufficient income

✔️Provide 3 months’ worth of payslips or bank statements

✔️Meet minimum credit score requirements

✔️Have South African citizenship or a South African residence permit

What details do you need?

You should also provide the following details in your application:

⭐Your full name

⭐Phone number

⭐Email

⭐Home address

⭐Your bank account

⭐Purpose of the loan

⭐Details of current loans you have

What Are the Different Types of Loans available in South Africa?

Personal loans.

Personal loans are the main financial product offered by South African lenders. Most personal loans are unsecured and flexible, so they work for many purposes. For example, you can take out a personal loan for the following reasons:

❇️Cover cash flow gaps

❇️Pay for your wedding

❇️Renovate your home

❇️Pay for a holiday trip

❇️Pay for study costs and fees

❇️Cover medical bills

❇️Pay for car repairs

❇️Buy household items and furniture

❇️Or any other legitimate reason

As mentioned, unsecured personal loans tend to have higher interest rates than secured loans, so it’s a good idea to find the lowest interest rate personal loans available.

Payday Loans

Payday loans are a type of short-term loan designed to boost your cash flow until your salary comes in at the end of the month.

Payday loans have some of the highest interest rates, so you should only take one out when needed. Even then, make sure you only borrow what you can afford.

Debt Consolidation Loans

Debt consolidation loans are a type of personal loan. They make it easier to manage your debt. For example, let’s say you currently have a mix of loans, such as a personal loan, a payday loan, and an account at a clothing store.

You can apply for a debt consolidation loan and use it to pay off all these loans. This leaves you with a debt consolidation loan – a single loan that’s easier to manage since you only need to make one monthly repayment.

A debt consolidation loan can save you money if you use a low interest rate loan to get rid of loans with a higher interest rate.

Vehicle loans are secured loans that work to buy a new or used car. The car you’re buying acts as collateral, meaning the lender will repossess it if you default on your loan.

There are different types of car loans, including motorbike loans, boat loans, and caravan loans, depending on the type of vehicle you wish to buy.

Online Loans

Online loans refer to any type of loan accessible via the internet. Many South African lenders provide online loans, which allow you to apply from anywhere as long as you have a smart device and a working internet connection.

The process typically involves uploading the required documents from your device, whether payslips or bank statements.

Short Term Loans

As the name suggests, short-term loans are designed to be paid back quickly, usually within six months and sometimes 12 months.

They’re best for when money is tight since you can apply and receive the money quickly. Short-term loans don’t require collateral but often carry expensive interest rates and fees.

In the strictest terms, a cash loan is received as cash. However, this is rare as most financial institutions prefer to deposit the money in your bank account.

The situation might differ if you borrow from a loan shark or pawn shop. In general terms, a cash loan refers to any loan where the cash is paid directly into your bank account.

Instant Loans

Instant loans are short-term loans involving small amounts of money. Same-day loans are usually classified together with instant loans since the term refers to any loan with fast approval and payout.

Getting fast cash in an urgent situation is easier if you’re an existing customer that has already been deemed creditworthy.

Loans for Bad Credit

Loans for bad credit are designed for people whose credit is not-so-good or those who are still building up their credit history. The problem with having a low credit score is that the lender is not confident about whether you’ll pay back the money.

Most lenders charge high interest rates and limit the amount you can borrow to reduce the risk.

Read More: Should You Take a Mashonisa Loan?

Loans for the Blacklisted

Being blacklisted doesn’t mean that your name has been added to a central list somewhere. It only means that your credit history indicates a missed or late payment in the past.

This usually results in a poor credit score, so lenders may be hesitant to offer you credit. Therefore loans for the blacklisted carry high interest rates and limited borrowing power because of their high-risk nature.

Your best bet is to settle overdue accounts and pay off your debt to reduce what you owe. Be sure to make payments on time to improve your credit score.

Read More: PEP Loans for Blacklisted People: 3 Ways to Apply

SA Home Loans

South African lenders also offer home loans. Home loans come with high borrowing limits of up to R300,000 and longer repayment terms of up to 30 years.

They usually have a variable interest rate, meaning that your interest rate can change at any time based on changes made by the South African Reserve Bank. Like vehicle loans, home loans are secured loans, so the house you purchase acts as collateral.

Student Loans

Student loans allow you to borrow money to cover study costs, including tuition, boarding, textbooks, food, and other student expenses.

To apply for a student loan, you often need a parent or guardian with sufficient income to cosign the loan. In addition, student loans are often split into two parts.

When you’re studying, your parents or cosigner will cover interest payments only. Then, once you graduate and start working, you pay off the principal amount on your own.

Business Loans

Men shaking hands after finalizing a business loan deal

Businesses need capital to operate, and where there are cash flow gaps, a business loan can help. Business loans work for various purposes, including buying equipment and stocking up on inventory.

To qualify, you often need to meet minimum annual revenue and credit score requirements. You may also need to submit a business plan and provide additional collateral.

Can You Submit an Online Loan Application?

Yes. Technology makes it faster and easier to apply for a loan in South Africa.

That means you can skip the bank queue and apply in the comfort of wherever you are. In most cases, the first step is filling out the online loan application form.

Once you submit your loan application, the lender will verify your information. If you qualify, you’ll receive an offer, and once you accept, the provider deposits the money in your bank account.

Are There No Credit Check Loans In South Africa?

Loans with no credit check are not standard practice in South Africa. The National Credit Regulator (NCA) requires registered lenders to be responsible, meaning they should only give out loans to people who can afford them.

The only way to know what you can afford is to carry out affordability checks, which involve looking at your credit history.

Lenders that advertise no credit check loans will still carry out a hard credit check, but they’re willing to look past a low credit score. “No credit check” loans usually carry high interest rates to reduce the lender’s risk.

Where can I borrow money fast in South Africa?

Many legit lenders offer instant online loans in South Africa. The application process is usually fast, with little to no paperwork.

Some lenders even promise you’ll receive money in your account within minutes once you submit the application form and receive approval.

Which loan is easiest to qualify for?

The easiest loans to get include secured loans and short-term loans. With secured loans, you offer collateral to reduce the lender’s risk, so they’re more willing to give you credit.

Short-term loans like payday loans have high interest rates, and small loan amounts to reduce the lender’s risk, making them easy to qualify for.

Where can I borrow money in South Africa?

There are many lenders to choose from if you’re looking for loans in South Africa. The list includes big banks, private lenders, microfinance companies, loan sharks, and pawnbrokers.

Visit our Reviews section to learn more about the different types of South African lenders that can help you.

How can I get a loan instantly?

Visit the lender’s website directly and check if you qualify. Next, complete and submit the online loan application form. Once the application is approved, the lender immediately deposits money into your bank account.

Several South African lenders advertise same-day loans, including Hoopla, Unifi, and Sunshine financial services.

How to borrow money online in South Africa?

It’s easy. Visit your preferred lender’s website and check that you qualify. Then complete and submit the online loan application form.

What credit score is needed for a loan in South Africa?

Minimum requirements for credit scores vary from credit provider to credit provider. The higher your credit score, the lower the interest rate you get and the easier it is to qualify for loans. However, you can still qualify for a loan even if your credit score needs improvement.

How to get a loan without a job in South Africa?

If you’re not formally employed, you may still be able to get a loan if you’re self-employed. Your lender will check if you have a reliable and regular income that allows you to repay your debt.

Can I get a loan with no proof of income?

Loans that don’t require proof of income are high-risk loans. As such, the lender may require collateral and charge a high interest rate.

How to get a loan with no credit?

Getting a loan with no credit is difficult but not impossible. There are lenders willing to help you, although these types of loans tend to be expensive.

Where can I get money urgently?

Many lenders in South Africa offer quick and fast loans. For example, credit providers like BFS, Boodle, and Wonga provide short-term loans to help in a crunch.

Our Research Expert

Gracie Makowe is a full-time personal finance writer with 10 years of experience and a Bachelor of Commerce in Financial Management from UNISA. Learn more .

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Travel money guide: South Africa

How to manage your travel money when traveling to south africa.

In this guide

Travel card, debit card or credit card?

These are your options for spending money in south africa, which credit card issuers are accepted in south africa, potential credit card fees in south africa, compare travel credit cards, south african currency, what you need to know about getting cash in south africa, atms in south africa, keep your travel money safe while in south africa, what should you budget for your trip to south africa, exchange rate history, frequently asked questions.

Travel money type

Compare more cards

Top picks of 2024

South Africa has something for every kind of traveler, from wineries, hiking trails to surfing. You’ll find most types of payments are accepted, including credit cards, debit cards and cash, with cash taking precedence in more rural areas.

A credit card that doesn’t charge foreign transaction fees is a smart addition to your trip. But you’ll need to balance your card use with cash depending on your South Africa sojourn.

Our picks for traveling to South Africa

50+ currencies supported

4.33% APY on USD balances
$0 signup or subscription fees
Withdraw $100 per month for free from ATMs worldwide
Send, spend and withdraw 50+ currencies at the live rate
Freeze and unfreeze your card instantly

Join to save up to 10% on hotels

0.50% APY on checking balance
Up to 4.60% APY on savings
$0 account or overdraft fees
Get a $300 bonus with direct deposits of $5,000 or more

Travel rewards with no annual fee

20,000 miles (equal to $200 in travel) after spending $500 in the first 3 months
Earn unlimited 1.25x miles on all purchases
Low intro rates on purchases and balance transfers

It’s fairly easy to find ATMs throughout cities in South Africa, and credit cards are widely accepted. However, if you plan to leave the city for the rainforests or go on a hike, plan to bring cash.

Bank of America customers can look for ABSA banks, one of the larger banks in South Africa and a member of the Global ATM Alliance. This means you won’t pay an international ATM fee each time you withdraw money.

Tip: Inform your card issuer about your travel plans ahead of time. Credit card fraud is common in South Africa and your bank may block your card if you make a payment or withdrawal in South Africa.

Using a credit card

Credit cards give you the most purchasing power on expensive items like hotels and flights. Find yourself a credit card that waives foreign transaction fees, like the Capital One VentureOne Rewards Credit Card (Terms apply, see rates & fees ).

Carrying a credit card gives you the added benefit of travel insurance and discounts, depending on your provider. It pays to compare travel card options prior to your trip to find a card that benefits your travel habits most.

Tip: It’s worth researching credit cards that offer travel benefits and rewards for things you’ll buy anyways like flights and hotel stays.
Use for big ticket purchases
Protected by PIN and chip
Accepted worldwide
May come with benefits like travel insurance
Interest-free days when you pay your account in full
Emergency card replacement
Fees and interest for cash withdrawal

While some merchants accept American Express or Discover cards, Visa and Mastercard are accepted more commonly.

For cash withdrawals, look for Standard Bank ATMs for Discover cards. Amex cardholders can choose from ATMs of Nedbank and from smaller banks’ ATMs.

There are two main types of fees you could incur using a credit card abroad:

Foreign transaction fees. If your card comes with foreign transaction fees, you could pay a fee of up to 3% on every purchase made abroad.
Currency conversion fees. Instead of paying in local currency, a merchant could offer you to pay in US dollars — but beware. This is known as a Dynamic Currency Conversion and it comes with additional fees and a poor exchange rate. You’re better off paying in local currency.

Explore top debit cards with no foreign transaction fees and travel credit cards by using the tabs to narrow down your options. Select Compare for up to four products to see their benefits side by side.

Credit cards

Debit card being swiped in a POS station

Using a debit card

A debit card could be a good travel money choice to take to South Africa. Most ATMs and EFTPOS machines in South Africa accept Mastercard and Visa debit cards and don’t charge a local ATM fee. It can also pay to have a travel-friendly debit card that doesn’t charge international ATM fees.

You’ll have access to cash each time you come across an ATM, without carrying lots of cash on you all at once. And because you’re spending your own money, you avoid interest charges.

Tip: A debit card can be used to shop over the counter, online and for ATM withdrawals in South Africa.
Use at stores and hotels, online and ATMs
Spending your own money means avoiding interest charges
International ATM and currency conversion fees
No access to cash advances

person at laptop with credit card and phone

Using a prepaid travel card

Travel cards can lock in conversion rates once you load USD. Use it for purchases without worrying about rates each time you spend — debit and credit cards often charge 3% for each transaction.

Where you save in the conversion rates you may pay in fees. You’ll pay fees each time you load the card, ATM withdrawals and sometimes even an inactivity fee.

Tip: Banks that provide travel cards make money by applying a higher margin to the exchange rate. You can get a better rate using a debit card or credit card.
Lock in exchange rates
Emergency card replacement and backup cards.
Reloadable online
Come with lots of fees for loading and reloading, inactivity and ATM withdrawals.
Businesses won’t accept prepaid cards

Paying with cash in South Africa

Payment flexibility
Convenience
More difficult to manage expenses
High risk of theft

Using traveler’s checks

Security is the main advantage of using traveler’s checks. Each check has a unique serial number and can only be cashed with photo identification. Fees are the main disadvantage.

You need to visit a South African bank to cash traveler’s checks — and pay a commission. You’re better off using a debit or travel card which lets you make cheap or free ATM withdrawals to get South African rand.

Tip: Traveler’s checks are good for locking in a good exchange rate. So if you watch the forex market, get them while the getting’s good.
Cash at any bank
Fees for purchasing and cashing checks
Not accepted by many merchants
Currency exchange rate varies over time

South African banknotes have a portrait of Nelson Mandela on the front and come in denominations of 10, 20, 50, 100, 200. You can easily tell these notes apart by their bright colors.

The main banks in South Africa are:

Standard Bank

Unlike banks in the US, South African banks do not charge you to use their ATMs. So you can save on ATM withdrawal fees altogether by choosing a card that doesn’t charge for international ATM withdrawals, like one from Betterment Checking .

Global ATM Alliances with South African banks Bank of America has a partnership with South African bank ABSA, one of South Africa’s big four banks and are common around the region. IF you hold a Bank of America bank card, you won’t be charged an ATM fee.
ATM withdrawal limits The maximum amount you can withdraw from an ATM in South Africa is 3,000 rand or about $200 at a time. To get more money visit a bank branch and show an ID.
Getting your money changed in South Africa You may be approached to get your money changed by a street vendor in South Africa. Although the rates tend to be better than banks, this is dangerous and illegal. There’s a good chance you could be robbed or cheated. It’s best to exchange your currency at banks or ATMs or you can always send your money to South Africa ahead of time with a money transfer service and have it waiting to be picked up when you arrive .
Which product gives you the best rate? You won’t find a big difference in foreign exchange rates between credit, debit and travel cards. The real savings come by avoiding international and local ATM fees. Since South African banks don’t charge ATM fees, try to get a card that waives foreign exchange and international ATM fees to save money on your withdrawals.

Refreshing in: 60s | Sat, Apr 27, 10:45AM GMT

Crime is high in South Africa — including violent crime — and is the number one risk for travelers. Most frequently reported are muggings, armed assaults and theft most commonly occurring in areas that are popular among tourists. Keep your money hidden at all times.

In terms of money safety, South Africa is known for credit card fraud. One of the popular frauds is someone offering you assistance to use an ATM while they steal your card and information. Follow these tips to improve your safety:

Select ATMs with care. Stick to ATMs attached to banks. These are less likely to be tampered with and you can easily retrieve your card if the machine eats it.
Take two cards. Having a backup can ensure you’re covered if something happens to your primary card.
Keep your card in sight. Avoid card cloning or misuse by watching your card every time you pay.

Once to get to South Africa, you’ll find you can get by on less than $40 a day if you budget your money right. Save money by pitching a tent outside the hostel or cook your own food.

For those interested in a little less rugged experience, plan to spend between $100 to $250 a day. All prices are in US dollars.

Prices are approximate and are subject to change.

Historically, the US dollar has been stronger against the rand. And over the past decade, the dollar has increased in strength — in 2007, the annual average exchange rate was 7.05 rand to the dollar.

What are the business hours for South African banks?

Banks open weekdays from 8:30 a.m. to 3:30 p.m. and Saturday, 9 a.m. to 11 a.m. You may be able to find banks in shopping centers and airports with extended hours.

What’s the policy on tipping?

It’s common to give small change to people carrying bags or serving drinks. When you dine out, it’s standard to tip 15% of the total bill. Tour guides and rangers in parks depend on tips for their income.

Which is it better: to use a card with no currency conversion fees or a card that doesn’t charge for ATM withdrawals?

This snapshot doesn’t factor in travel card load and reload fees nor card application fees and interest charges.

Assumptions:

The currency conversion fee is 3%
The international ATM withdrawal fee is $5
There is no local ATM operator fee
The transaction amount is $300
ZAR loaded onto the travel card
20 Rand travel card ATM withdrawal fee
2% credit card cash advance fee

Kyle Morgan

Kyle Morgan is SEO manager at Forbes Advisor and a former editor and content strategist at Finder. He has written for the USA Today network and Relix magazine, among other publications. He holds a BA in journalism and media from Rutgers University.

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Best Personal Loans in South Africa in 2023

Although we want to think that the world is turning into a cashless society, we still need some cash to sort out important things in life. Sometimes, whatever you earn may not satisfy your needs and wants, and that is why banks in South Africa provide personal loans to their members.

Many South Africans sign up for personal loans without having a proper understanding of what that is. This article will delve deeper into personal loans and the best personal loans you can take in South Africa.

Compare the Best Personal Loans in South Africa 2023

What is a personal loan.

Many banks in South Africa are in the business of loaning out big-ticket assets such as cars and homes. The bank uses the assets as a payment guarantee. So, if you default payment, the bank takes and auctions your assets to recover their money.

Sometimes may need some little cash to finance a small project or cater for a small occasion. It becomes difficult to gain a personal loan when you don’t have an asset to act as collateral for your loan. Because of this, the banks give you little cash with a high-interest rate.

Banks in South Africa offer personal loans with fixed interest rates charged annually on the total amount borrowed. That means you pay the same amount of interest from the day you pay your loan to the final day.

Why Take A Personal Loan?

Personal loans resemble micro finances. Most personal loans are small loans that do not need security, such as title deeds, houses, or cars. The only time the ban2 needs security comes when you have a poor credit score or have a bad repayment history. This kind of loan involves small amounts of money that range from R 10,000 to R 20,000. The sum gets borrowed over a fixed time that runs from 6 months to 5 years.

As a borrower, you may use the borrowed money however you have to prove that you can afford to repay according to the stipulated terms and conditions. Otherwise, it is wise to use the money to complete essential projects in your business or home or pay pending bills. At all costs, avoid using the money in extravagant leisure activities that do not generate profits, such as paying for high-end vacations and shopping for unnecessary things.

So, if you are considering taking a personal loan in South Africa, remember this is not free money, and you will have to repay it. So, use it wisely lest you fall into a debt pit and get a poor credit rating. Also, note that you will pay back a higher amount of money than what you borrowed due to interest charged on the loan and administration fee. Personal loans in South Africa come with high-interest rates because they are unsecured. That means they are riskier to the lending bank since they are unsure whether you will pay back the loan.

Personal Loan Features

Fixed duration of time: Personal loans in South Africa run between 6 months to five years.
Fixed interest rates: The interest remains the same throughout the loan period.
Set Loan Amount: The amount owed to the bank reduces with each repayment made.
Annual percentage interest rate: The annual percentage interest rate shows how much you will pay for your loan. It is the yearly cost of the bank charges.

Types of Personal Loans

Before taking a personal loan, you need to know the different types of loans available to you. They include:

Secured or Unsecured Loan

Banks offering secured loans need you to tie your asset to your loan. The asset acts as security to your loan, and in case of loan default, the bank seizes your assets (home, car, or jewelry) until the loan gets cleared. Secured loans allow you to take large loan amounts even when you have poor credit history. It also gives you a more extended repayment period which becomes easy to manage.

They do not tie unsecured loans to any assets and are suitable for South Africans with an incredible credit score. Many South Africans take unsecured loans because it is flexible. It allows you to choose the amount of money you want to borrow for six months-5 years.

Fixed or Variable Rate

Some banks offer variable interest, which applies around revolving credit. A fixed, variable rate applies to installment loans. Although your bank may not give you a choice to choose between the two, understand the rate your bank offers and how they work before taking a loan.

Guaranteed or Unguaranteed Loan

Guaranteed loans involve a creditworthiness guarantor and can pay your loan back if you get stranded. Anybody close to you can secure your loan, provided they have a good credit history.

Guarantor loans are cheaper than payday loans and can enhance your credit ratings if repaid on time. However, getting a willing guarantor is tough, and if you get one, it can mess up your relationship if you cannot pay your loan on time.

Students Loan

A student loan helps university or college students to pay for their education through an overdraft. If you have little money in your account, you can still withdraw more for your educational expenses, provided you don’t exceed the limit set by SARS.

Debt Consolidation

This is where you use the deposits in your existing account to settle your loan. This saves you from high-interest charges and penalties that arise when you default to paying your loan or settle your payments late.

Lines of Credit

This is the type of personal loan you take for general purpose use. They offer the loan at a set credit limit, and you only pay back what you have used within the limit.

Factors to Consider Before Applying for A Personal Loan

It is crucial to research loan options offered by various banks in South Africa. After settling for a particular bank, consider several factors before applying for the loan. Enquire whether the personal loan you want to take stands as secured or unsecured .

If it is a secured loan, determine if you will risk your assets for the loan if you cannot pay. If it is unsecured, consider the interest rate the bank charges on the loan, whether it is too high or bearable.

Determine the amount of money you want to borrow from the bank and if the bank will lend you the total amount. This is crucial because not all banks in South Africa can lend you the amount you want.

If you are seeking a loan, it means you want to use it in due time. Consider the time duration banks take to process your loan. Some banks are strict and ask for many documents that take a lot of time to verify. If you need the loan urgently, you can choose a bank that processes loans fast.

How to Get Personal Loans With the Best Interest Rate in South Africa?

Various factors mainly determine your loan interest. How much you earn determines how much you can borrow and the interest rate on your loan. The higher you earn and repay your loan, the lesser your interest rate. Your credit score also affects your loan’s interest. If You have a poor credit score, most banks will deny you a loan, and the ones you get will charge you high interest.

Basic Requirements for Personal Loans

Banks in South Africa ask for some documents before they process your loan. The documents act as an assurance that you can repay your loan. Some of the standard documents required by all banks include:

South African ID
Recent 12 month stamped payslip or bank statement
An existing bank account under your name

How Personal Loans Work in South Africa

When you want to take a personal loan, you must follow a few steps that include:

Comparing Loans

Banks offer a variety of loans with various benefits and terms and conditions. It is wise to study the different loans offered by banks and even use a personal loan calculator to compare your options.

Going Through the Bank’s Requirements to Confirm if You Qualify

After finding the perfect list of banks that suit your budget and circumstances, ensure that you gain all the documents and information needed for applying for the loan. Check if you meet all the bank’s requirements, such as your monthly income, bank statements, and age.

Approaching the Bank and Making Applications

If you meet all the bank’s requirements, you can apply with your favorite lender. You can visit the bank’s nearest branch or apply online. However, if you opt for an online application, the bank will still need you to physically submit some original documents such as ID and stamped bank statements to the credit and loans desk.

Getting Approval and Agreeing to the Bank’s Terms and Conditions

If the bank approves your application, you must accept the offer. You then agree with the bank on the amount of money you will borrow and the interest rate charged on loan. The agreement also shows the payment duration, which lies between 6 months to 5 years. Once the deal gets made, the bank transfers the borrowed amount into your bank account, which you can withdraw anytime.

Many banks in South Africa need you to repay your loan off in monthly installments. The amount of money you pay each month depends on the total amount you borrow. In case you default on the monthly payments, the loan attracts additional interest and penalties. So before taking a loan, ensure that you can comfortably afford to repay the loan as stipulated by the bank.

Personal loans in South Africa work in different ways depending on the choice of bank, loan amount, and reasons for taking the loan. You can decide to go for payday loans which get deducted from monthly deposits in your account. You can take small amounts of money, settle payments in two cycles, or a substantial personal loan that can take you up to 5 years to pay back.

South African banks With the Best Personal Loans

To get the best personal loan deal, you need to find the best lender in the market. Here are some of the lenders.

Sanlam Personal Loans

Sanlam South Africa offers personal loans up to R 200 000 at a fixed interest rate. Every South African bank with Sanlam bank is eligible for a personal loan depending on their needs and situation. The bank loans you precisely what you can afford to repay.

Sanlam allows you to make an online personal loan application. After the online application, you still have to submit your original ID and payment slips to the bank for verification. The bank then checks your credit status, and if approved, they deposit the amount borrowed to your account. Sanlam allows you to borrow any amount from R 5000 to R 200 000, boasting increments of R 1000.

If you complete your payment in 12 months, the bank offers you a 20% loan repayment deposited into your savings account. The bank also has a loyalty program, “Sanlam Reality,” that rewards borrowers for looking after their money. The program comes with great discounts on lifestyle, wealth, and health services.

Standard Bank

Standard bank South Africa has various personal loans available to all South African citizens that bank with them. The bank allows you to borrow from as low as R 3000 to a maximum of R 300,000 and repayable from 1 year to 7 years. The repayment period depends on the amount of loan that you borrow. They give a small loan a small duration, while huge loans attract several years of repayment.

Standard Bank charges an annual percentage rate of 24.75% on their loans. The good thing is that if you have some UCount rewards, you can use them to repay part of your loan. The bank gives you various terms for repaying your loan, such as:

Offers personal loans at fixed monthly repayments that are payable in comfortable terms. If you’re a Standard Bank banker, the bank gives you a 2% discount imposed on your interest rate if you bank with them. Another additional 1% gets provided if you shift your salary account to this bank.

Revolving Loan

This allows you to access funds when you need them without reapplying for credit. The banks only need you to repay 15% of the loan taken, and if you don’t bank with Standard Bank, you get a 2% discount on your interest rate when you open an account with the bank. If you open a salary account with the bank, you get an extra 1% benefit. The revolving loan allows you to borrow a minimum of R 8000 and a maximum of R 300000 for either or five years, depending on your borrowed amount.

Standard Bank overdraft facility allows you to access extra funds in times of emergency. Instead of borrowing instant loans from other credit firms. Standard Bank has got you, and you can withdraw as low as R 8000 or as high as R 200 000 regularly. However, you need to have at least a monthly salary of R 8000.

ABSA Personal Loan

ABSA personal loans as financial solutions to all South Africans in need of the loan. It offers flexible loans with flexible payment times. You can borrow up to R 350,000 for up to 7 years at an interest rate of 17.5%. Application is available online, but you can also visit your nearest branch and apply from there with the help of the credit officers.

Pros and Cons of Personal Loans

Like every loan, personal loans have their fair share of advantages and disadvantages that you need to know.

Here are some of the benefits that you are likely to enjoy when you take a personal loan.

You can take a personal loan and use it as you desire, provided you will pay the loan at the agreed time.

High Borrowing Limits

Many personal loans in South Africa allow borrowers to borrow up to R 350 000 for up to 1-12 years.

Zero Collateral

Many personal loans are unsecured and don’t require collateral. So, you don’t have to risk any of your assets before you’re given the loan.

There are some of the disadvantages of a personal loan that you need to know.

High-Interest Rates

Personal loans attract high interest because the banks take very high risks of giving you a loan with no guarantee of repayment.

Personal loans attract hefty fines when a borrower defaults payments.

Personal loans are good if taken with a personal growth intention. You can borrow to expand your business, repair your house or office or invest in a good profit. Various banks offer this loan at favorable interest rates and loan limits. Now that you know what personal loans entail and their benefits and disadvantages, you can choose your favorite bank and borrow some money.

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Flexible and Fast Cash Loans

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How much do you need?

When is your next payday.

Total Repayment:

Enter your South African ID Number

Fee Breakdown

3% per month (with a maximum APR of 38%).

REPAYMENT TERMS

Minimum 61 to 90 Days.

RENEWAL POLICY

No Renewal of loans are automatic. All new loans are subject to employment and affordability criteria. A consumer must submit latest bank statements including payslips to determine financial circumstances and affordability. No additional fees are charged to renew a loan. Each loan carries its standard fees in terms of Chapter 5 of the Credit Act No 34 of 2005.

COLLECTION POLICY

All Collections are done by DebiCheck.

NON-PAYMENT

Non-payment will result in a R60 service fee charge if the loan is arrears for 30 days. Additional Interest of 3% per month may also be added for up to 2 months. After this the Debt will be handed over to our external collection agency and their Attorneys. Not paying your loan could impact your Credit Rating and make it difficult to qualify for finance at other Credit Providers.

If R4000 is borrowed for 60 days

Fees: R550.00

Total Interest and Fees: R950.00

Total to Repay: R4950.00

Financial assistance

When life happens.

Protea Loans (Pty) ltd. is a online cash loan that provides quick cash when life happens.

Same day approvals.

Personal client service is of utmost importance to us, and to assist with every individual needs.

We strive to always ensure all the steps are taken to protect our clients information and will handle each application with integrity.

Privacy, flexibility and open honest relationships are key words describing our business model.

Unfortunately, we are not allowed to provide credit if you are currently under

DEBT REVIEW

or if SELF-EMPLOYED.

B e aware of Whatsapp and Facebook scams relating to loans.

NEVER pay any upfront fees to credit providers to obtain a loan.

Be very suspicious if a company or someone asks for upfront fees, as it is most probably a scam.

Make sure the company you are dealing with is a registered credit provider with the NCR.

Protea Loans Management

Maximum APR

Our maximum annual percentage rate (apr) is 38%, repayments days, we offer repayment periods from 61 to max 90 days..

Quick and Easy

Simply apply online.

Requirements :

Clear copy of your id, 2/3 months latest payslips (we cannot assist if you are self-employed), 3 months latest bank statements, minimum nett pay of r 8000 per month, loan approval is subject to an affordability assessment and employment confirmation.

No hidden fees

We don’t charge any hidden or upfront fees.

Please note: Protea Loans will NEVER ask for any upfront fees for any loan approvals.

Secure Process

We will never provide your details to any 3rd party.

5-minute application

Simply fill in the online application form and we will be in touch.

Get cash quick

Cash is paid into your account as soon as you have been approved.

How it works

Apply for a short-term loan of up to r8,000 now, with money available the same day , total repayment:.

Please note that these are only approximate figures. All rates are calculated on a daily basis as stipulated by the National Credit Regulator. Please request a quote from us to determine the actual repayment amount and instalment(s) should you wish to apply for a loan. Kindly take note that, should you elect to pay by means of debit order, there may be additional charges payable to a third party payment company, which does not form part of the credit agreement.

Sameday online short-term loans

At Southern Finance, we offer quick and convenient short-term loans. You can borrow up to R8000 with our fast and easy online short-term loans or as little as R500.

Once your short-term loan has been approved, the funds will be deposited into your bank within 24 hours. We also offer immediate same day payment for a small fee.

We are accredited by the NCR (National Credit Regulator), which enables us to provide short-term loans throughout South Africa. We are fully compliant and active.

We set up a debit order on your bank account once the loan has been approved and paid. When you receive your salary, the repayment amount will be deducted from your bank account. We arrange for everything to be done automatically.

Look no further than Southern Finance. Apply for a short-term loan of up to R8,000 today.

Choose the amount you need

Complete the application form, get your money on the same day, maximum apr.

Our maximum annual percentage rate is 30%.

Repayment days:

We offer repayment periods from 61 to 65 days.

All payments are made via debit order.

Renewing a loan will be seen as a new loan; therefore, the same interest and rates will apply to the new loans.

Non-payment

Non-payment of your account will result in an R69 service fee and 5% interest added monthly. If you fail to make payment for two months, your account will be handed over to an external debt collection company.

Not repaying your loan on time will decrease your credit rating and might make it challenging to qualify for finance at other credit providers in the future.

Quick Loans

In order to find the best loan for your needs, it is important to compare loans online.

Apply in minutes
Get offers from multiple lenders
Choose the best loan option available

Note: If you are not satisfied with the loan offers, you don’t have to select any of them.

Applying for a loan online – How it works

1. select loan amount.

In the calculator, select the loan amount you need.

The minimum amount is R 500 and the maximum amount is R 250 000.

2. Fill out contact details

Fill out your email address and your cellphone number .

Keep in mind that you will receive the loan offers through these channels.

3. Fill in additional details

The applications are often processed automatically. To achieve this, banks and lenders need some additional details, like your employment status and monthly income .

4. Select the best loan offer

Compare the offers & select the best one! If you are not satisfied with the offers, you don't have to do anything. The application expires automatically.

Quick Loans in South Africa

Are you in need of quick financial assistance but don’t want to go through the lengthy process of traditional bank loans? Look no further than quick loans in South Africa. These types of loans are designed to provide fast access to cash without the hassle of extensive paperwork and long wait times. With a variety of lenders to choose from, it can be overwhelming to find the best loan rates and options. That’s where we come in. As a digital marketing expert, I specialize in helping clients find the lowest loan rates and apply online with ease. Whether you need a loan for emergency expenses, debt consolidation, or any other reason, we can help you find the perfect loan option to fit your needs. Keep reading to learn more about quick loans in South Africa and how you can get started with your loan application today.

Understanding the types of quick loans available

When it comes to quick loans in South Africa, there are several different types to choose from. The most common types of quick loans include payday loans, personal loans, and bridging loans.

Payday loans are short-term loans that are designed to be repaid in full on your next payday. They are typically for smaller amounts of money and can be a good option if you need quick cash to cover unexpected expenses.

Personal loans are larger loans that are typically repaid over a longer period of time. They can be used for a variety of purposes, including debt consolidation, home improvements, and even travel expenses.

Bridging loans are designed to provide temporary financial assistance for individuals who are in the process of buying or selling a property. They can be a good option if you need quick cash to cover the cost of a property purchase or sale.

Benefits of quick loans

One of the biggest benefits of quick loans in South Africa is the fast access to cash. Unlike traditional bank loans, which can take weeks or even months to process, quick loans are designed to provide cash in as little as 24 hours. This can be a lifesaver if you are facing unexpected expenses or need cash quickly for any reason.

Another benefit of quick loans is the flexibility they offer. With a variety of loan types and lenders to choose from, you can find a loan option that fits your specific needs and budget. Whether you need a small loan to cover a minor expense or a larger loan to fund a major purchase, there is a loan option available for you.

Finally, quick loans are often easier to qualify for than traditional bank loans. While traditional lenders may require extensive documentation and a high credit score, many quick loan lenders are willing to work with individuals who have less-than-perfect credit or are self-employed.

Qualifying for a quick loan in South Africa

While qualifying for a quick loan in South Africa is typically easier than qualifying for a traditional bank loan, there are still certain requirements you will need to meet.

First and foremost, you will need to be at least 18 years of age and have a valid South African ID or passport. You will also need to provide proof of income, such as payslips or bank statements, to demonstrate your ability to repay the loan.

In addition, many lenders will require you to have a bank account in your name. This is typically where the loan funds will be deposited and where you will make your loan repayments.

Factors to consider when choosing a lender

When it comes to choosing a lender for your quick loan in South Africa, there are several factors to consider.

First, you will want to compare the interest rates offered by different lenders. This will help you find the lowest loan rates and save money on interest over the life of your loan.

You will also want to consider the loan terms and repayment options offered by each lender. Some lenders may offer more flexible repayment options, such as the ability to make early repayments without penalty.

Finally, you will want to research the reputation of each lender to ensure that they are reputable and trustworthy. Look for reviews and testimonials from other borrowers to get a sense of the lender’s customer service and overall experience.

Finding the lowest loan rates in South Africa

Finding the lowest loan rates in South Africa requires some research and comparison shopping. Start by researching different lenders online and comparing the interest rates and loan terms offered by each.

You may also want to consider working with a loan broker or financial advisor who can help you find the best loan rates and options based on your specific needs and financial situation.

Finally, be sure to read the fine print and understand all of the fees and charges associated with the loan. This will help you avoid any surprises down the road and ensure that you are getting the best deal possible.

Applying for a quick loan online

One of the biggest advantages of quick loans in South Africa is the ability to apply online from the comfort of your own home. To apply for a quick loan online, you will typically need to provide basic personal information, including your name, address, and contact information.

You will also need to provide proof of income and employment, as well as bank account information for loan disbursement and repayment.

Once you have submitted your loan application, the lender will review your information and determine whether or not to approve your loan. If approved, you can typically expect to receive your loan funds within 24-48 hours.

Tips for successful loan application

To ensure a successful loan application, there are several things you can do to increase your chances of approval.

First, be sure to provide accurate and up-to-date information on your loan application. Any discrepancies or errors could result in your application being denied.

You should also be prepared to provide additional documentation or information if requested by the lender. This could include additional proof of income or employment, as well as personal references or other documentation.

Finally, be sure to read and understand all of the terms and conditions of the loan before accepting. This will help you avoid any surprises down the road and ensure that you are comfortable with the loan terms and repayment schedule.

Common mistakes to avoid when applying for a quick loan

When applying for a quick loan in South Africa, there are several common mistakes that borrowers should avoid.

First, avoid borrowing more than you can afford to repay. While quick loans can be a great option for fast cash, they can also lead to financial trouble if you borrow more than you can realistically repay.

You should also avoid applying for multiple loans at once. This can negatively impact your credit score and make it more difficult to qualify for loans in the future.

Conclusion – Making informed decisions when choosing quick loans in South Africa

Quick loans in South Africa can be a great option for individuals who need fast access to cash without the hassle of traditional bank loans. Whether you need a loan for emergency expenses, debt consolidation, or any other reason, there are a variety of loan types and lenders to choose from.

By understanding the types of loans available, qualifying requirements, and factors to consider when choosing a lender, you can make informed decisions and find the best loan rates and options for your needs.

Remember to always read and understand the terms and conditions of the loan before accepting, and avoid common mistakes such as borrowing more than you can afford to repay or applying for multiple loans at once.

You might also be interested in:

Can I apply for a loan in South Africa if I am a foreigner?

Ashton 24 April 2024 12min

Arcadia Finance » Loans » Can I apply for a loan in South Africa if I am a foreigner?

Foreigners who live or work in South Africa may need access to financing for different reasons, such as purchasing property, starting a business, or managing unexpected expenses. However, borrowing money as a foreigner in South Africa can be difficult due to different factors, including legal requirements, credit history, and visa status.

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Potential challenges faced by foreigners applying for loans.

Foreigners applying for loans in South Africa may face challenges such as:

Limited credit history in South Africa
Higher interest rates and stricter eligibility criteria compared to South African citizens.
Legal and regulatory requirements, including visa and residency status.
Lack of collateral or credit references in South Africa

Before applying for a loan, it’s crucial to ensure your credit record is in top shape. Visit our detailed guide on how to improve your credit record to discover effective strategies and tips that can elevate your credit score, making you a more appealing candidate to lenders.

Understanding Lending to Foreigners

Legal and regulatory framework for lending to foreigners.

The legal and regulatory framework for lending to foreigners in South Africa is governed by the National Credit Act (NCA). The NCA needs lenders to assess borrowers’ creditworthiness based on different factors, including their income, expenses, credit history, and debt-to-income ratio. The Act also needs lenders to comply with certain documentation and disclosure requirements, such as providing loan contracts in the language of the borrower’s choice.

Types of Loans Available to Foreigners in South Africa

Foreigners in South Africa can access different types of loans, including personal loans, business loans, mortgages, and car loans. Personal loans are usually unsecured loans that can be used for different reasons, such as home renovations, debt consolidation, or travel. Business loans are designed to finance new or existing businesses and may need a detailed business plan and financial projections. Mortgages are loans used to finance the buying of property, while car loans are used to buy a vehicle.

Factors that Influence Loan Eligibility for Foreigners

Foreigners applying for loans in South Africa may be subject to different eligibility criteria, including:

Visa and residency status: Some lenders need borrowers to have a valid work permit or permanent residency in South Africa.
Income and employment: Lenders may need borrowers to have a certain level of income or to be employed for a certain period.
Credit history: Lenders may consider the borrower’s credit history in South Africa or in their home country, if applicable.
Collateral: Lenders may need collateral, such as property or assets, to secure the loan.

Navigating through different credit systems can be confusing. Our comprehensive comparison of American and South African credit scores will help you understand how your foreign credit history might be viewed by local lenders.

Eligibility Criteria for Foreigners

Visa and residency requirements for loan applicants.

Foreigners applying for loans in South Africa may need to have a valid work permit or permanent residency in South Africa. Some lenders may also need a certain length of residency in the country. It’s important to check the specific requirements of each lender before applying.

Income and Employment Requirements

Lenders usually need borrowers to have a stable source of income and to meet a minimum income threshold. The income requirement may vary depending on the loan type and lender. Borrowers may also need to provide proof of employment, such as a letter from their employer or recent pay slips.

Credit History and Rating

Lenders may consider the borrower’s credit history and rating when assessing their loan application. This can be a challenge for foreigners who may not have an established credit history in South Africa. Some lenders may accept credit history from the borrower’s home country or other countries where they have lived or worked. However, borrowers with a poor credit history may find it difficult to get a loan or may be offered higher interest rates.

In addition to the above eligibility criteria, lenders may also need collateral or a guarantor to secure the loan. It’s important for foreigners to research the specific requirements of each lender and to consider seeking professional assistance to improve their chances of loan approval.

» More info: How loan protection safeguards you.

Types of Loans for Foreigners

Personal loans.

Personal loans are a common type of loan available to foreigners in South Africa. These loans are usually unsecured and can be used for different reasons, such as debt consolidation, home improvements, or travel. The loan amount and repayment term may vary depending on the lender and the borrower’s eligibility.

Business Loans

Foreigners who want to start or expand a business in South Africa may be eligible for business loans. These loans may need a detailed business plan and financial projections to show the viability of the business. Business loans may be secured or unsecured and may offer flexible repayment terms and interest rates.

Mortgages and Property Loans

Foreigners who want to buy property in South Africa may be eligible for mortgages and property loans. These loans are usually secured against the property and may need a deposit and proof of income. Foreigners may also be subject to extra-legal and regulatory requirements when purchasing property in South Africa.

Car Loans and Vehicle Finance

Foreigners who want to buy a vehicle in South Africa may be eligible for car loans and vehicle finance . These loans may be secured or unsecured and may offer flexible repayment terms and interest rates. Borrowers may need to provide proof of income and employment, as well as other documentation, such as vehicle registration and insurance.

It’s important for foreigners to research the specific requirements and terms of each loan type before applying.

Traditional Lenders and Non-Bank Lenders

Big banks offering loans to foreigners in south africa.

Big banks in South Africa, such as Absa , Standard Bank , Nedbank , and FNB , offer loans to foreigners who meet their eligibility criteria. These banks usually offer a range of loan products, including personal loans, business loans, mortgages, and car loans. Borrowers may need to provide proof of income, residency, and credit history, as well as collateral or a guarantor.

Non-bank Lenders Offering Loans to Foreigners in South Africa

Non-bank lenders, such as Bayport Financial Services , Direct Axis , and Old Mutual Finance , also offer loans to foreigners in South Africa. These lenders may have less strict eligibility criteria and may offer loans with flexible terms and interest rates. Non-bank lenders may also offer online applications and quick approval processes, making it easier for foreigners to access financing.

Comparison of Traditional and Non-bank Lenders

Foreigners who are considering applying for loans in South Africa should compare the loan products and terms offered by traditional and non-bank lenders. Traditional lenders may offer lower interest rates and more established reputations but may have stricter eligibility criteria and longer application processes. Non-bank lenders may offer more flexible terms and quicker approval processes but may have higher interest rates and less established reputations.

It’s important for borrowers to research the specific requirements and terms of each lender and loan product before applying, and to consider seeking professional advice to ensure they make an informed decision.

Understanding what lenders assess when reviewing loan applications can significantly enhance your chances of approval. Our guide on what lenders look for will equip you with the knowledge to meet or exceed these criteria

Documents Required to Apply for a Loan

Proof of identity and nationality.

Foreigners applying for loans in South Africa are usually required to provide proof of identity and nationality, such as a valid passport or ID card. Some lenders may also need proof of residency or a work permit.

Proof of Income and Employment

Lenders may need borrowers to provide proof of income and employment, such as recent payslips or bank statements. Borrowers who are self-employed may need to provide tax returns and financial statements to show their income and financial stability.

Credit History and Ratings Report

Borrowers may need to provide a credit history and ratings report to show their creditworthiness. Foreigners who have limited or no credit history in South Africa may be required to provide credit history from their home country or other countries where they have lived or worked.

Supporting Documents for Loan Purposes (e.g. property documents, business plans)

Depending on the loan type and purpose, borrowers may need to provide extra supporting documents, such as property documents for mortgages and property loans, or business plans and financial projections for business loans. It’s important to check the specific documentation requirements of each lender before applying.

Foreigners applying for loans in South Africa should ensure they have all the necessary documentation and consider seeking professional advice to improve their chances of loan approval.

» Explore further: Your guide to smart money borrowing!

How to Apply for a Loan with Arcadia Finance

Applying for a loan at Arcadia Finance is straightforward and accessible. Start your application by visiting our website, where our dedicated and experienced team is available to assist you with any inquiries you might have throughout the process. We will require some basic information from you, including details about your income and expenses, as well as your desired loan amount and preferred repayment term. After submitting your application, our team will promptly review the details and respond with a decision as soon as possible.

Application Process for Foreigners

Finding the right lender and loan product.

Foreigners applying for loans in South Africa should research and compare different lenders and loan products to find the right fit for their needs. Factors to consider include eligibility criteria, interest rates, repayment terms, and documentation requirements.

Completing the Loan Application Form

Once a lender and loan product have been chosen, borrowers will need to complete the loan application form. This usually includes providing personal information, such as name, address, and contact details, as well as information about the loan amount, purpose, and repayment terms.

Verification and Assessment Process

Lenders will verify the information provided on the loan application form and assess the borrower’s creditworthiness and eligibility. This may include checking the borrower’s credit history, income and employment status, and other documentation. The lender may also conduct an affordability assessment to ensure the borrower can afford to repay the loan.

Loan Disbursement and Repayment

If the loan application is approved, the lender will disburse the loan amount to the borrower. The borrower will need to make regular repayments, usually monthly, to pay off the loan over the agreed-upon repayment term. Late or missed payments may result in extra fees and interest charges and may negatively impact the borrower’s credit rating.

Foreigners applying for loans in South Africa should ensure they understand the loan application process and terms of the loan before applying and consider seeking professional advice to ensure they make an informed decision.

About Arcadia Finance

Obtain your loan with ease through Arcadia Finance. It’s free to apply, and you get to choose from 10 reliable lenders. All lenders follow the regulations of the National Credit Regulator in South Africa.

Managing Loan Repayment

Budgeting and financial planning.

Foreigners who have taken out loans in South Africa should ensure they have a budget and financial plan in place to manage their loan repayments. This may include tracking expenses, reducing unnecessary spending, and prioritizing loan repayments in their monthly budget.

Managing Foreign Exchange and Currency Conversion

Foreigners who are earning income in a different currency than the loan currency may need to manage foreign exchange and currency conversion to ensure they have enough funds to make loan repayments. This may include using international money transfer services, monitoring currency exchange rates, and considering hedging strategies to mitigate currency risk.

Dealing with Late Payments or Default

If borrowers are unable to make loan repayments on time, they should contact their lender as soon as possible to discuss their options. Late payments or default may result in extra fees, interest charges, and penalties, and may negatively impact the borrower’s credit rating. In some cases, the lender may offer repayment options, such as loan restructuring or deferment, to help the borrower manage their debt.

Foreigners who have taken out loans in South Africa should ensure they understand their repayment obligations and consider seeking professional advice if they are experiencing financial difficulties.

Foreigners can apply for loans in South Africa, but the process needs work permits and proof of income. Individual bank policies and the applicant’s credit history also factor in. It’s essential to understand all terms, including interest rates and repayments, before proceeding. Always remember, that borrowing comes with responsibilities, regardless of your residency status.

Frequently Asked Questions

Yes, non-resident foreigners can apply for loans in South Africa, but they may need to meet extra eligibility criteria and provide more documentation than resident foreigners or South African citizens.

Many lenders in South Africa need borrowers to have a South African bank account to facilitate loan disbursement and repayments. However, some lenders may accept foreign bank accounts if certain conditions are met.

It may be possible to use collateral from your home country to secure a loan in South Africa, but this will depend on the lender’s policies and requirements. Some lenders may need collateral to be in South Africa.

Interest rates for loans to foreigners in South Africa may vary depending on the lender, loan type, and the borrower’s creditworthiness. Foreigners may be charged higher interest rates than South African citizens or residents.

There are some government programs and initiatives in South Africa that offer loans or funding to foreigners, such as the Industrial Development Corporation’s Foreign National Scheme. However, eligibility criteria and requirements may vary depending on the program.

Tourism Support Programme (TSP)

The Tourism Support Programme is a reimbursable cash grant that aims to support the development of tourism enterprises that will stimulate job creation and increase the geographic spread of tourism investment.

The grant is for the establishment or expansion of tourism operations such as:

accommodation services
passenger transport services
tour operators
cultural services
recreational and entertainment services.

Find out more at the Department of Tourism .

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10 best travel credit cards in South Africa 2023

Travel credit cards have been in use since the 1930s, and they began as “buy now, pay later” cards. Travel credit cards were primarily used for travel from the 1930s to the 1970s, with many changes occurring in the 1980s, which saw the rise of hybrid travel credit cards.

Today’s travel credit cards are more versatile and can be used to make a variety of purchases. They are no longer just for travel, but also for everyday use. When looking for a travel credit card, you can expect to earn points on non-travel purchases.

However, travel credit cards have not lost their essence; they continue to provide the services for which they are best known. That is, credit is given for purchases of airline tickets, hotel stays, vacation packages, and other travel items.

There are numerous travel credit cards available to South Africans, and selecting one is not as simple. That is why we have assisted you in narrowing down a list of travel credit cards that you can apply for.

We’ve narrowed down the top ten travel credit cards in South Africa based on rewards, usage flexibility, credit limit, interest-free period, repayment period, and interest charged. Our list is not in any particular order, but it will assist you in obtaining the best credit card for your travel needs by selecting one of the top ten in the country.

1. Diners Club Platinum Credit Card by Standard Bank

Standard Bank has teamed up with the American credit card giant Diners Club International to launch the Diners Club Platinum Credit. The credit card is one of the best travel credit cards available anywhere in the world. If you want to get a travel credit card in 2023 that offers some of the best travel credit card experiences in the world, you should think about getting the Diners Club Platinum Credit Card .

A credit provider with a presence in over 200 countries is rarely a bad bet. If you have any problems with your credit card, you can be sure that you will be able to get assistance in nearly every country you wish to visit. The helpline is open 24 hours a day, seven days a week for both South African and international calls.

Benefits of the Diners Club Platinum Credit include:

Access to the Diners Club Premium Concierge Service – a personalized digital platform where you can browse exclusive offers tailored specifically to you.
Pre-arrangement of airport transfers and meet-and-greet: Members receive exclusively negotiated rates for airport transportation as well as expedited airport check-ins and arrivals for international flights.
Using a single card, you can access over 1000 airport lounges worldwide in over 200 countries and 501 cities.
Emirates offers flight discounts* (up to 20% off economy flights, 15% off first-class flights, and 15% off business flights, excluding airport taxes on any international roundtrip airfare).
Avis Club – Priority service, car rental upgrades, and discounts via Diners Club’s automatic “Avis Preferred Plus” status.
Concierge access to Forex is made simple by Travelex, which delivers to any business or residential address in South Africa.
Access to a Rewards program that allows you to earn and redeem miles on flights and accommodations with ClubMiles.
Concierge Service for Lifestyle and Entertainment is provided at no cost.
Invitations to events for wine, whiskey, coffee, olive products, and chocolate connoisseurs.
Diners Club Travel Tools App provides free global access to over 50 million Wi-Fi hotspots.
Get instant VIP Platinum membership and discounts at all Tsogo Sun locations.
With every public transportation ticket purchased with your Diners Club Card, you will receive complimentary Phase 1 travel insurance .
You are also automatically insured, and any lost or stolen cards are replaced immediately.

Requirements of the Diners Club Platinum Credit Card

Must earn at least R500,000.00 per year.
A certified copy of a South African ID or a valid passport is required (if not SA citizen)
Verification of residential address (utility bill not older than 3 months)
Latest copy of income tax return (IRP5) or 3 months original bank statements (copies must bear a bank stamp and are not internet printouts) (if no salary advice available)
Tax identification number / SARS pay slip / salary advice
If the applicant is living with another person and does not have proof of residential address, an affidavit from the other person confirming that the applicant resides with them and the nature of the relationship is required.

2. SAA Voyager Gold Credit Card by Nedbank

The SAA Voyager Gold credit card is an entry-level travel credit card designed to introduce new travelers to the world of travel credit cards. Unlike most of the travel credit cards on our list, the SAA Voyager credit card has a low annual fee of R700.00.

The credit card includes 55 days of interest-free credit for purchases made with the credit card. The interest rate charged on the credit card is customized. As a result, when you apply for a credit card, you will be quoted interest rates.

When you use the SAA Voyager Gold Credit Card, you will receive a variety of benefits, both complementary and non-complementary.

Benefits of the SAA Voyager Gold Credit Card include:

With the SAA Voyager American Express card, you can earn unlimited Voyager Miles and at a faster rate.
Earn 1 mile for every R6.50 spent on your Amex card or R11.50 spent on your Mastercard.
Earn 19,000 bonus Miles on your first SAA ticket purchased and used.
When you spend R320,000 in a calendar year, you will receive 15,000 bonus Miles.
When spending thresholds are met, you will receive one Continental or Global Companion Ticket per calendar year.
When you use your SAA Voyager credit card at Nu Metro, you can get up to 50% off your movie tickets.
Connect your credit or debit card to Apple Pay, Samsung Pay, Fitbit Pay, or Garmin Pay.
Basic travel insurance is automatically included, with the option to upgrade at a discounted rate.

Requirements of the SAA Voyager Gold Credit Card by Nedbank

Must earn a minimum income of R6,600.00 per month.
Have a valid South African ID book or Smart card or a valid passport and work permit.
Have 3 months’ latest payslips or stamped bank statements for the last 3 months.
Proof of residence such as a utility bill that is not older than 3 months at the time of application.
Must be over the age of 18 at the time of application.

3. World Citizen Credit Card by Standard Bank

The Standard Bank World Citizen credit card is intended for frequent travelers and includes non-travel benefits as well. The credit card is only available to those who earn at least R25,000.00 per month. The interest rate on the credit card is personalized, and if one chooses a 6-month budget, they will pay 0% interest.

The monthly fee for the World Citizen Credit Card is R199.00. Those with the Standard Bank Private Banking Signature account, on the other hand, pay no monthly fee if they combine it with the world citizen credit card. When applying for a credit card, an initiation fee of R180.00 is required.

If the account is paid in full during the period, the world citizen credit card offers a standard 55-day interest-free period. As an account holder, you must pay at least 3% of the total debt each month. The total credit limit that can be granted is R250,000.00; therefore, if the entire amount is used, you must pay at least R7,500.00 per month.

The world citizen credit card is best known for its travel perks. Travel benefits are available when booking hotel stays, airline tickets, cruise tickets, and more. The following are some of the benefits of using the World Citizen credit card when traveling.

Standard Bank World Citizen Travel Benefits

When you book Emirates flights through Leisure Desk, you can save up to 20%*.
When you book with Avis, you can save up to 25%* on your next international car rental and chauffeur service.
Gopals is offering a 10% discount on all hard- and soft-shell luggage.
Mastercard Priceless Cities gives you access to handpicked experiences and offers in cities all over the world.
When you book a car through Rentalcars.com, you will receive a 10% discount.
Get a 10% Travelstart discount on any international roundtrip ticket.
You can visit the Lounge Key and Bidvest Lounges 24 hours a day, 365 days a year.
Get 10% off at OneFineStay apartments.
When you use your credit card to book on Booking.com, you can earn up to 5% cashback.
Hertz offers discounts of up to 15% off car rentals.
At Luxury Connections, you can qualify for world-class travel packages.
Get a 25% discount on your hotel room at Legend Hospitality Group.
With a complimentary room upgrade, you can save 15% off any aha Hotels & Lodges.
When you park at First Class Parking for a minimum of four days, you will receive a 15% discount.

Aside from travel benefits, the world citizen credit card provides lifestyle benefits whenever the card is used. The following are the lifestyle benefits that come with a credit card.

Standard Bank World Citizen Lifestyle Benefits

When you shop at Wine-of-the-Month Club, you can save 15%* off your online purchases.
MyUS allows you to ship your online purchases to your home for less money and shop at thousands of U.S. online stores.
When you buy 1GB of AlwaysOn Wi-Fi for R19 once and get 11GB free*.
Earn UCount Rewards Points whenever you use your credit card, regardless of where you shop.
For new users, get 2 months of Lingokids free, and then save 30% * on monthly subscriptions.
When you shop online at Pro Gifts, you can save 10%.
With Udemy, you can save up to 30% * on top trending courses and up to 50% * on the course of the month.
When you shop online at A Place To Shop, you will receive a 10% * discount.
When you shop at Flowers.co.za, you will receive a 10% * discount.
With Gift Experience, you can save 5% on your experience voucher.
When you spend R1 000 or more, you will receive 10% * off purchases at the Sweetie Shop.
When you purchase one month of internet service with your World Citizen Credit Card, you will receive 11 months of free internet access from AlwaysOn Wi-Fi.
When you spend more than R4 999 online at Bradlows, Russells, Rochester, or Sleepmasters, you will receive a 10% * discount.

Requirements of the Standard Bank World Citizen Credit Card

Have a South African ID book or Smart card or Passport if not a South African citizen.
Must earn at least R25,000.00 per month.
Have proof of residence that is not older than 3 months at the time of application.
Have a recent payslip and a recent 3 months bank statement.

4. American Express Platinum Credit Card by Nedbank

The American Express Platinum Credit Card is a high-end travel card offered by Nedbank in partnership with American Express. This credit card is arguably one of the most well-known in the world. The credit card has a vintage metal design with a centurion embedded in the middle.

You can expect to pay more with the credit card, as with any other premium travel credit card, in exchange for great benefits. The annual fee for the credit card is R4,450.00, and the initiation fee is R1,262.00. American Express Platinum Credit Cardholders can receive an additional card each month at no additional cost.

To qualify for the AmEx platinum credit card, you must earn at least R62,500.00 per year. With a minimum income of R62,500.00, the card is only available to those in the upper-middle class and above.

In contrast to standard credit cards in South Africa, which require a minimum payment of 3% of the total credit, the AmEx platinum credit card requires a minimum repayment of 5% of the outstanding balance.

The credit card comes with a 10,000-point welcome bonus if you spend R10,000.00 within the first three months of opening the account. In addition, cardholders earn 1.5 points for every R5.00 spent on eligible purchases.

In addition to the rewards that come with the card, the credit card offers travel and lifestyle benefits that can be redeemed. All of this is covered in more detail below.

American Express Platinum Credit Card Travel Benefits

The American Express Platinum credit card includes a priority pass facility that grants access to priority pass lounges in 400 cities with over 1200 lounges to choose from.
As a Platinum Credit Cardholder, you have unlimited access to any Bidvest Premier airport lounge in South Africa.
Credit cardholders get access to the centurion lounge.
When booking in Business Class, Etihad Airways invites all American Express Platinum Credit Cardmembers to receive a complimentary upgrade to their award-winning First Class. From an in-flight chef preparing an exclusive dining experience to a comfortable fully-flat bed dressed in all-natural bed linen, you experience the highest levels of comfort and service in the sky.
As an American Express Platinum Credit Cardholder, you can save up to 15% on upper, premium economy, and economy class tickets.
When you book The Hotel Collection, you will receive a $100 hotel credit on qualifying charges as well as a room upgrade if one is available.
When renting with Hertz or Avis, you can take advantage of special benefits such as discounts, upgrades, and priority service if you have an American Express Platinum Credit Card.
Access dedicated concierge service including 24/7 travel services.

American Express Platinum Credit Card Lifestyle Benefits

Credit cardholders can save up to 50% on dining, lodging, and other services.
For every R5.00 spent on eligible purchases, you will receive 1.5 points.
Exclusive seasonal cardmember offers are available at partner merchants.

Requirements of the American Express Platinum Credit Card

Must earn at least R62,500.00 a month before tax and have a healthy credit score.
Must be over 18 years of age at the time of application.
Have a South African ID book or Smart card or a valid passport and work permit.
Proof of residence that is not older than 3 months at the time of application.
3 months latest payslips or stamped bank statements for the last 3 months.

5. SAA Voyager Premium Credit Card by Nedbank

The SAA Voyager premium credit card is an upgraded version of the SAA Voyager Gold Credit Card. When compared to the SAA Voyager Gold Credit Card, the account offers more benefits. You can expect to gain access to more credit with a credit card for your travel and lifestyle needs.

With more credit to spend and extended benefits that come with the SAA Voyager Premium Credit Card, you can expect to pay more on card fees. The account charges R2,040.00 per annum for the card fee and R30.00 per month for a credit facility fee.

Credit cardholders pay R0.00 for card replacement and additional cards taken. The premium credit card has no initiation fee, which is a plus given that credit cards have initiation fees.

Aside from card benefits, credit card holders receive benefits when they use their credit card for day-to-day expenses such as travel, lifestyle, and other expenses. The SAA Voyager Premium Credit Card provides the following benefits.

Benefits of the SAA Voyager Premium Credit Card

With the SAA Voyager American Express card, you can earn unlimited Voyager Miles at a faster rate.
You earn Miles on all eligible purchases (double in the first month).
You earn one mile for every R6 of eligible spend on your American Express card or R10.50 on your Mastercard.
Credit cardholders earn 19,000 bonus Miles on their first SAA ticket purchased and used.
When you spend R300,000 in a calendar year, you will receive 15,000 bonus Miles.
Spend R1 million in a calendar year and you’ll get an extra global companion ticket.
When you pay with your card, you will receive a 50% discount on your Nu Metro movie tickets.

Requirements of the SAA Voyager Premium Credit Card

Must earn an income of at least R25,000.00 per month.
Have a valid South African ID book or Smart card or passport and work permit.
Be over the age of 18 years at the time of application.

6. Absa British Airways Credit Card

The Absa British Airways Credit Card is a collaboration between Absa and British Airways. The credit card gives cardholders access to some of the best travel and lifestyle experiences available. Credit cardholders can earn points when they use their credit card on eligible purchases.

The credit card has a monthly fee of R95.00, which includes an R30.00 facility fee and an R65.00 account fee. Other fees that come with the credit card are as follows:

Absa charges an R2.30 ATM withdrawal fee per R100.00.
ATM withdrawal fee of R80.00 from an ATM located outside of South Africa.
A standard R80.00 fee plus R2.50 per R100.00 withdrawn is charged at the branch.
Cash deposits at a branch incur an R80.00 transaction fee plus R2.50 per R100.00 deposited.
R2.50 cash deposit fee per R100.00 deposited at an Absa ATM.

When the credit allocated to the credit card is used, interest rates apply. On point-of-sale purchases, cash withdrawals, and fuel purchases, 17.75 % interest is charged. The account credit balance incurs 0.20 percent interest, which means that any unused funds are charged interest.

The Absa British Airways Credit Card offers travel and lifestyle benefits as a travel credit card. The following is a list of the credit card’s benefits.

Benefits of the Absa British Airways Credit Card

As a reward, first-time Absa British Airways Credit Cardholders receive 5000 Avios points.
If a credit card holder spends R24,000.00 within the first three months of opening the account, they will receive 4000 bonus Avios points.
For every R7.50 spent, one Avios point is earned.
When you use the card at British Airways, you will receive one Avios point for every R5.00 spent.
British Airways executive club membership is available to credit cardholders.
When traveling within South Africa with British Airways, the credit card includes free priority check-in.
When traveling with British Airways, credit cardholders get lounge access day pass vouchers and an exclusive club offer.

The credit card is clearly beneficial for travelers, as it provides a plethora of benefits. The following requirements must be met in order to obtain the Absa British Airways Credit Card.

Absa British Airways Credit Card Requirements

The applicant must earn at least R8,000.00 per month.
Must be over the age of 18 years.
Must have a valid South African ID.
Have proof of residence that is not older than 3 months.
Have a good credit score.

7. Absa Private Credit Card

The Absa Private Credit Card combines travel and lifestyle benefits into a single credit card for the elite. To be eligible for the Absa Private Credit Card, you must make at least R62,500.00 per month.

In contrast to a standard credit card, the Absa Private Credit Card comes with a dedicated 24/7 private assistance team of bankers. You can get help booking flights, hotels, and other services with private assistance.

The credit card has a maximum credit limit of R228,000.00 and can be used for any credit purchase anywhere in the world. The Private Credit Card has a R90.000.00 swipe limit.

When you use the Private credit card, you can earn up to 30% in Absa rewards on participating purchases such as groceries, gas, and health and beauty products. Credit cardholders can earn cashback when they use their cards at any Absa digital partner.

The Absa Private Credit Card comes with some lifestyle and travel perks. The benefits available to Absa Private Credit Cardholders are listed below.

Absa Private Credit Card Benefits

There will be 24 complimentary visits to the Bidvest Airport lounge. A second complimentary visit to the Bidvest lounge for two guests per year.
When a return ticket is booked with the Absa Private Credit Card, you will receive automatic travel insurance for a variety of travel emergencies.
The credit card includes buyer protection and an extended warranty.
Coverage in the event that the Absa Private Credit Card is stolen or lost.
Access to Absa Advantage rewards, where you can earn instant cash rewards for banking more wisely.
Membership in the Absa rewards program , which allows you to earn up to 30% cashback and 30% back in rewards points on qualifying purchases.
On qualifying transactions, you can get up to 57 days of interest-free credit.
There are no transaction fees on purchases.

Requirements of the Absa Private Credit Card

Must be at least 18 years or older at the time of application.
Earn an income of R62,500.00 or more per month.
Must have a valid South African ID book or Smart card.
The latest proof of residence.
The latest proof of income for three consecutive months.

8. Private Wealth Credit Card by FNB

The FNB Private Wealth Credit Card is arguably South Africa’s most desired credit card. The Private Wealth Credit Card now has a new metal look and still maintains its tap functionality.

To be eligible for the FNB private wealth credit card , you must have an annual income of R1,800,000 or assets worth R15,000,000.00 or more. The monthly service fee for the credit card is R529.00.

As a credit cardholder, you are automatically enrolled in FNB’s rewards program, where you can earn up to 40% in eBucks . Flight tickets, car rentals, hotel reservations, Netflix subscriptions, and Spotify subscriptions are all examples of qualifying purchases that can earn you rewards.

The credit card offers a 55-day interest-free credit period on credit card purchases. Clients who use a linked credit facility can get up to 30 days of interest-free credit on card purchases.

You are entitled to the following benefits as an FNB Private Wealth credit cardholder.

FNB Private Wealth credit card benefits

When you use your Private Wealth Credit Card to book flights, hotels, or car rentals, you can earn up to 40% back in eBucks rewards.
When you use your card at Clicks, Checkers, and iStore, you can earn up to 15% back in eBucks rewards.
When booking a flight through eBucks travel, you will have access to 24 SLOW and Bidvest Premier lounges on domestic or international flights.
Engen offers up to R4 per liter back in eBucks every month, or up to R8 per liter back in eBucks every quarter when combined with WesBank .
To bank in Guernsey, you can open an FNB Channel Islands account.
The credit card includes lost card protection.
When you use the FNB Private Wealth Credit Card to book your flight, you will receive free global travel insurance.
Comes with a dedicated private banker to help you with your banking needs.

Requirements of the FNB Private Wealth Credit Card

Must have a South African ID or a passport with a work permit or a passport with a retirement permit.
Must have assets to the value of R15,000,000.00 or annual income of R1,800,000.00.
The latest proof of income such as payslip or 3 months bank statement.

9. RMB Private Credit Card

The RMB Private Credit Card is a lifestyle and travel credit card with a monthly service fee of R529.00. Credit cardholders can get a monthly service fee waiver of up to 100% if they invest R750,000.00 in the FNB money Maximiser account plus R250,000.00 in the FNB retirement annuity .

The credit card comes with a free eBucks enrollment, which allows cardholders to earn eBucks points on certain lifestyle and travel purchases. Credit cardholders can earn up to 40% back in eBucks on flights, car rentals, hotel reservations, Netflix subscriptions, and Spotify subscriptions.

RMB Private Bank credit card holders have full access to SLOW and Bidvest Premier lounges when traveling. Furthermore, when you book a flight with eBucks travel, you will receive additional airport lounge visits.

Since the RMB Private Credit Card is a black card, you will be assigned a private banker who will be available to you 24 hours a day, seven days a week. The private banker will assist with travel arrangements such as purchasing airline tickets, booking hotel rooms, and more.

When you use the RMB Private Credit Card to purchase a return ticket, you will receive free global travel insurance. The global travel insurance covers you for the first 90 days of your trip.

Additional benefits are available with the RMB Private Credit Card. All of the benefits of owning an RMB Private Credit Card are listed below.

RMB Private Credit Card Benefits

Since credit card interest is personalized, if you have a good credit score, you will receive low-interest rates.
When you book through eBucks Travel, you can save up to 40%* on selected flights and car rentals for you and your family.
Depending on your reward level, you may receive up to 36 complimentary Airport Lounge visits per year.
When you book flights through eBucks Travel, you can earn up to 24 SLOW and Bidvest Premier Lounge bonus visits – domestic or international – for you and your family.
Earn up to 15% back in eBucks when you shop for health and beauty at Clicks.
With the Mr D Food App, you can earn and spend eBucks on food orders.
Earn more eBucks with Smart Spend when you use your RMB Private Bank Credit Card.
When your family banks with RMB Private Bank, you can earn up to 40% back in eBucks on your Netflix and Spotify® subscriptions.
Your personal Private Bank Advisor and service team Banking is available 24 hours a day, seven days a week through the RMB Private Bank App and online.
When you use your credit card to buy return tickets, you automatically get Global Travel Insurance.

Requirements of the RMB Private Credit Card

Must earn at least R750,000.00 or more per annum, or have net assets value in a cess of R15,000,000.00.
Have a valid South African ID book or a passport with a work permit if you are from a foreign country.
The latest proof of income in a form of a payslip or 3 months bank statement.

10. Capitec Bank Global One Credit card

The Capitec Bank Global One credit card is a hybrid credit card that offers both travel and lifestyle benefits. The credit card has a monthly fee of R40.00, and the interest rate on the credit card is personalized and starts at 7.25 %. The credit card has a maximum credit limit of R500,000.00, but the credit limit is determined by income and affordability.

To be eligible for the Capitec Bank Global One credit card, you must be employed and earn at least R5,000.00 per month. Self-employed individuals must earn at least R10,000.00 per month to be eligible for the credit card. A good credit score is also required to qualify for the account.

The credit card includes a 55-day interest-free credit period for credit purchases. If the outstanding debt is settled before the next installment’s due date, the account will not accrue interest. At least 5% of the total amount of credit used must be repaid on a monthly basis.

On a positive balance, the Capitec Bank Global One credit card pays interest of 2.25% per annum. This positive balance is any amount that exceeds Capitec Bank’s credit limit.

The aforementioned card benefits are not the only benefits of the Global One credit card. The following are some of the travel and lifestyle benefits available to account holders.

Benefits of the Capitec Bank Global One credit card

Credit cardholders can choose between a shorter budget duration and a longer budget duration of 48 months.
You can get free lost card protection, which protects you from losses caused by fraudulent use before reporting the card as lost or stolen.
Free basic cover for emergency medical and related expenses of up to R5 million, as specified in the benefit schedule provided by Travel Insurance Consultants.

Requirements of the Capitec Bank Global One credit card

Must earn at least R5,000.00 if employed and R10,000.00 if self-employed.
Be at least 18 years or older at the time of application.
Must have a valid South Africa ID.
Have a 3 months bank statement and/or a payslip if employed.

Travel credit cards are an excellent choice for frequent travelers because they provide a variety of travel benefits. Those who do not travel frequently can still benefit from hybrid credit cards that offer entertainment, lifestyle, and travel benefits.

It is critical to compare travel credit cards on the market to ensure that you receive the best travel benefits. This is due to the fact that everyone has different travel needs; some people prefer to delegate the entire planning process to others, while others prefer hotel upgrades, and so on. As a result, obtain the credit card that will best suit your travel requirements at any destination you intend to visit.

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William Dube is a finance and economic news expert with over 10 years of experience in economic anaylsis, financial product assessment and market analysis. With a numerous certificates from prestigious universities including but not limited to Yale University and the University of Pennyslivenia. William specializes in providing insightful news developments in South Africa and commentary on investment strategies, risk management, and global economic trends. You can contact him on [email protected]

Ber report reveals south africa’s economic growth stagnation, rand faces potential depreciation to r21.40 against dollar, eskom’s load-shedding woes linger despite recent relief, capitec ceo’s whopping r65 million payday raises eyebrows, capitec ceo unfazed by old mutual’s new bank launch, mtn momo to revolutionize payments with payshap partnership, south african salary hikes expected to beat inflation in 2024, south african social grants fail to match soaring food costs, taxpayer millions fuel lavish vip protection spending by saps.

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MyLoan – Unsecured Loans

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MyLoan is an online loan provider that helps people in South Africa compare loans from various lenders. They offer quick and easy loans that allow customers to choose the best option for their budget.

Loan amount up to R250,000
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Term 1 - 12 months

MyLoan partners with some of the country’s top lenders. They offer a variety of loan options that range from R500 to R250,000. These loans can be used for a variety of purposes. The benefits include flexible repayment terms and low-interest rates.

Before applying for a MyLoan loan, it’s important to understand the process. There are many requirements that need to be met. Once you have all the paperwork together, you can submit an application. When you are approved, your funds will be deposited into your bank account in 24 hours.

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To find the best loans, you need to make sure that you have good credit. Otherwise, you will have to pay a higher interest rate. Also, you need to understand the risk profile of your lender.

Most lenders will assess your income, the amount of money you need, and the term of the loan. Then they will determine the interest rate you can afford.

The interest rate on a loan will vary from lender to lender. This can depend on the purpose of the loan, how much you borrow, and the fees. In addition, the amount of your monthly payments will also vary.

Lastly, you will need to make sure that you have enough savings to cover the cost of your loan. If you have a pension fund, you will be able to use that as a collateral.

With this type of loan, you can pay for your medical expenses, travel, and more. It’s also an excellent way to finance a new home or wedding.

Unsecured loans

When looking for unsecured loans in South Africa, you want to get the best deal. There are many ways to do this. One of the easiest is to visit an online lender that specialises in personal loans. You can compare their offers, as well as their interest rates, and find the right loan for you.

MyLoan is an unsecured loans company in South Africa that specialises in providing loans for people who need quick cash. They work with the country’s top lenders, enabling you to get a great deal.

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Before applying, you’ll need to fill out a short online application form. This will help your loan application process run more smoothly. After you’ve filled out the form, you’ll receive an approval text message. Once your application has been approved, you’ll be able to transfer funds into your bank account.

In addition to the flexibility of MyLoan loans, you can also choose from a variety of repayment options. Unlike other loans, you can pay back your loan in instalments rather than in one lump sum. For example, you could take out a personal loan to cover the cost of your wedding, or to finance a new home.

Another advantage of choosing an unsecured loan is that you don’t need to give up collateral. Rather, you can use your credit history, as well as your payment behaviour, to decide whether or not you qualify for a loan.

However, it’s important to understand that unsecured loans are generally more expensive than secured loans. Interest rates can be very high, so you’ll need to consider how long you’ll need to repay the loan. Also, check to see if you’ll need to pay prepayment fees if you want to make an early repayment.

Unsecured loans in South Africa are easy to apply for, as long as you know what to expect. But it’s a good idea to choose a reputable lender before applying.

Short-term loans

MyLoan offers a wide range of personal loans in South Africa. These are fast, affordable and flexible. They can be used for a variety of purposes, from wedding expenses to car financing. The company works with various lenders to ensure that they offer a variety of loan options.

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10. Capitec Bank Global One Credit card. The Capitec Bank Global One credit card is a hybrid credit card that offers both travel and lifestyle benefits. The credit card has a monthly fee of R40.00, and the interest rate on the credit card is personalized and starts at 7.25 %.
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The application process is simple and can be done by filling out your details here . A pplicants need to be employed to be considered for a Travel Loan*.

Example 1: Family of 4 to Queenstown this Christmas:

Example 2: Family of 4 to Durban this Christmas:

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Representative example

General Loan Application Requirements

What details do you need?

What Are the Different Types of Loans available in South Africa?

Payday Loans

Debt Consolidation Loans

Online Loans

Short Term Loans

Instant Loans

Loans for Bad Credit

Loans for the Blacklisted

SA Home Loans

Student Loans

Business Loans

Can You Submit an Online Loan Application?

Are There No Credit Check Loans In South Africa?

Where can I borrow money fast in South Africa?

Which loan is easiest to qualify for?

Where can I borrow money in South Africa?

How can I get a loan instantly?

How to borrow money online in South Africa?

What credit score is needed for a loan in South Africa?

How to get a loan without a job in South Africa?

Can I get a loan with no proof of income?

How to get a loan with no credit?

Where can I get money urgently?

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