Do you need a bit of financial relief? Maybe you want to pay off that balance on school fees, complete your kitchen renovations, or even spoil yourself with a mini vacation. Getting a personal loan has never been easier. There is quite a number of places where you can apply for personal loans online. The advantage? Quick response!

    Why Online Loans?

    Within minutes, you will know whether you qualify for the loan and the payment is as quick as the application. No wasted time and energy. That is not the only advantage, depending on your risk profile, the interest rate can be low. So, if transparency and the idea of receiving quick approval sound attractive to you, go ahead and apply for your personal loan online and enjoy the extra financial breathing space.

    Required Documents

    Now let’s talk about what general documents need to be at your disposal when applying for a personal loan online for efficient results. Listen, each lender will have a different loan application process, one might want you to upload your proof of residence and the next one might not need it.

    Your proof of identity. I am quite certain that all loan applications require proof of identity which can range from your ID, driver’s license, other state-issued ID, passport, certificate of citizenship, or military ID. The next important thing is your employer and income verification documents, these can include payslips, returns, and bank statements for example. Lastly, your proof of address. This is just to show the lender that you have a stable living condition and can be any recent document that lists your address such as a recent utility bill, a copy of your lease or other rental agreement, or a clothing account statement.

    Online Personal Loans

    From everything I have just told you, I bet your next question is where to find loans online. There are several lenders waiting for you to complete your application. Here is a list of the top 5.

    1.  Absa

    No matter what your plans are, Absa has got a personal loan that suits your needs. The bank offers flexible loan amounts and repayment terms and provides the best interest rate with a price guarantee. The repayment period is between 12-18 months with an amount range of R250 to R350 000.

    2. African Bank

    With African Bank, you can borrow from R2000 to R250 000 with fixed repayments over 7 to 72 months. They promise a low-interest rate of 12% on a loan of up to R50 000 and repayment terms from 18 to 24 months.

    3. FNB

    FNB has a tailored fixed interest rate from as low as 12.75% per annum, an option to take a break from payment in January and no penalty fees if you settle your loan early. The amount range is up to R300 000 and gives you up to 60 months to repay the personal loan.

    4. Capfin

    With Capfin you can easily apply for a personal loan online or via SMS. Capfin is willing to give you between R1000 to R50 000 to take care of your need, with a repayment period of 6 to 12 months. There are no hidden fees and interest rates, and you can access your Capfin loan account 24/7.

    5. Capitec Bank

    Whether you need money for your child’s education, home improvement, vehicle purchase, or travel expense, Capitec Personal Loans can give you the needed cash boost. You have the option to choose between the amount you want, the monthly instalment that suits your pocket, or the option that gives you the lowest interest rate. You can even consolidate all your existing loans for easier monthly repayments and manage your credit using the app. Capitec is willing to lend you anything between R500 – R250 000 for your personal loan and they have a repayment period that ranges from 1 to 84 months.

    There are other financial institutions that can offer you personal loans online. Do your research and find one that suits your needs. Remember that there is the possibility that your loan application may be declined. In that instant, do not lose hope, yes it can be frustrating, but here’s what you can do:

    • Ask for the specific reasons why your application was rejected to find a solution.
    • Review your loan application for mistakes or inaccuracies.
    • Pay down your current outstanding debts to improve your credit score.
    • Compare lender requirements.
    • Apply for a smaller loan amount.
    • Consider using a co-signer.

    Side tip: the faster you settle your loan the lower the interest. After taking that loan, use any spare cash to repay it sooner. Cheat the system.

    View more online personal loans and compare prices.

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