A Personal Loan is generally associated with an unsecured loan. It’s a useful way to access cash for an emergency, home improvements, or leisure activities like weddings and holidays.

Loans can range between R1,000 and R350,000 and repayment periods can vary from 7 (minimum) to 12 months, up to a maximum of 72 months. Repayments are typically (but not always) calculated at 27,25% interest per annum. Only once you have applied for and received a loan, will you need to start paying back in monthly instalments over your chosen period.

Simple: comparing your options is the easiest way to find a loan offer that you can afford, from the loan amount to the repayment period and the interest. You can find different offers from different loan providers, so comparing before signing on the dotted line is the responsible thing to do.

Applying for a loan online is easy with Hippo.co.za. Simply enter your ID number above and we’ll pull the necessary information for your application. Then you’ll provide a few details about the Personal Loan amount you need, and we’ll find a range of offers from leading loan providers in South Africa.

Loan providers look at your credit score to help them decide whether to approve your application for a loan. A good credit score means you’re more likely to repay your debt on time, while a bad credit score shows that you’ve struggled with repayments in the past.

Don’t know your credit score? You can check it by applying for a Credit Report, which is available to you for free once a year. Check your credit score regularly to find out if you need to make changes to your money habits when it comes to debt and credit. It can also reveal if you’ve been a victim of fraud or identity theft if the numbers don’t add up.

Once you’ve settled on a loan that you can afford, you’d need to submit these documents:

• Copy of your valid South African ID.
• Proof of residence.
• 3 months’ banks statements or payslips.

You’ll only need that documentation when you apply for the loan. If you’re just comparing offers, you won’t have to worry about paperwork... yet.

Before you select a loan, you should make sure you have a good understanding of how much money you need, as well as your options when it comes to repayment periods and interest. All of these have their own maximums and minimums.

A big part of the repayment is based on interest. Interest rates are given as an annual figure, so to work out how much interest you will pay on the loan, divide your interest rate by the number of monthly payments you’ll make (hint: your chosen repayment period). Then, multiply that by the balance of your loan, which for the first payment will be the whole amount. Got the number? That's interest you’ll pay.

See, working out interest involves a lot of maths, which is why we’re here to help. All you need to do is select how much you would like to borrow, and for how long, and we do the rest!

While the table gives you an idea of what’s out there, it doesn’t give you a ballpark number you can expect to pay each month, or whether you can actually afford the loan you’re looking for.

Got a question relating to Personal Loans? We’ve put together a comprehensive list of FAQs. Find out more about Personal Loans, so that you can make an informed decision when finding the right loan to suit your needs.

Don’t get confused by jargon when you're applying for a personal loan. Read through our Personal Loans glossary to understand exactly what you’re talking about.

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