The Big 5 trending Banks supplying personal loans are moving and shaking! Loans online are becoming more and more prominent in South Africa.
If you are looking for a loan, click here to compare our responsible lenders and get a personalised offer.
Here are the Big 5 Banks leading the charge in Personal Loans.
1. African Bank
African Bank personal loans are a favourite for many South Africans. African Bank is a locally controlled bank and it is currently under the curatorship of the South African Reserve Bank. African Bank has an offer called “Choose your Break”. Personal loans at African Bank that qualify have an option to choose a break from payment for a month.
FNB is a locally controlled bank with a massive reputation for innovative banking. If your FNB personal loan is up to date you will automatically qualify for a January free of a loan instalment every year. A very attractive offer from FNB is that there are no penalty fees involved when you settle your debt early.
Nedbank is a South African owned Bank. It has a good track record in South Africa. If you want to get a Nedbank personal loan you only need to follow these requirements:
- to be permanently employed or employed under a contract or be self-employed;
- to earn a net salary of at least R3 500 a month, with a minimum basic salary of R3 500 a month deposited electronically into your bank account;
- your valid barcoded South African identity document or smart card ID;
- your most recent payslip(s) for one month or your letter of employment if you are a contract worker;
- your stamped bank statements for the last 3 months (reflecting your salary);
- your proof of residence, such as a utility bill or any statement of account.
Capitec is a bank that is bringing much change to how banking is done in South Africa. With its disruptive style of banking Capitec is challenging the status quo of the personal banking industry of South Africa. A Capitec personal loan has – included in the offer – a free retrenchment and death cover. This means that at no extra cost you receive a credit protection plan (there are some minor conditions that determine the amount that pays out in such situations).
As of 2013, Absa is British owned and part of the Barclays Group. It is a well known bank in South Africa with a good reputation. A personal loan from Absa will have an offer available for a Credit Protection Plan offered by Absa. Absa also makes opportunities available for loan holders to make extra payments during the course of the loan in order to pay of the debt faster. This allows less interest to accumulate on debt.
South Africa may be famous for The Big 5 animals. But these big 5 banks are really starting to leave a mark on the South African credit market. Fincheck wants to help you find the best loan possible. So have a look at our loan comparison page to see if you find something you like.