Personal loans in South Africa
A personal loan is an unsecured amount you borrow for a specific purpose — usually repaid in fixed monthly instalments over a set number of months. Here's how they typically work in SA, and how Lumo Loans can help you find one.
What a personal loan is
An unsecured loan of a fixed amount that you repay over a fixed term at a fixed interest rate. You don't need to put up a car, house, or asset as security. The credit provider decides how much they'll lend you, at what rate, based on their affordability assessment and your credit profile.
Typical amounts and terms
- Amounts commonly range from about R500 up to R350,000
- Terms usually range from 3 months to 72 months
- Interest rates and fees are capped by the National Credit Act
The exact figures depend entirely on the credit provider you're matched with — see our interest & fees page for the framework.
What people use personal loans for
- Consolidating higher-cost debt into one repayment
- Emergency expenses that can't wait until payday
- Home improvements or moving costs
- Vehicle repairs
- Education or study fees
A personal loan usually isn't the right tool for everyday living expenses — read our responsible borrowing page before you decide.
Who personal loans typically suit
South Africans who have a steady income, a valid SA ID, an SA bank account in their own name, and a reasonable credit profile. If your credit history is bumpy, take a look at our bad credit loans page.
See which providers may offer you a personal loan
Answer a few quick questions and we'll show which of our registered credit providers may be a fit. It takes about two minutes and won't affect your credit score.
Lumo Loans is a loan enquiry and referral service. We are not a credit provider. Any loan is subject to the credit provider's own criteria and affordability assessment, in line with the National Credit Act.