What South African credit providers typically require
Every credit provider has their own criteria, but almost all of them ask for the same core things. Here's what you'll usually need before a loan can be approved and paid out.
Personal identification
- A valid South African green ID book or smart ID card
- Your 13-digit South African ID number
- Sometimes a proof of residence not older than three months
Proof of income
Credit providers need to confirm you can afford the repayments. What counts as proof depends on your employment type.
- Employed: your most recent one to three payslips
- Self-employed: three to six months of business bank statements, and sometimes financials
- Contract: a copy of your contract plus recent payslips
Bank statements
Usually the last three months of your primary bank account statements, showing your salary or income deposits and your regular expenses. This is how providers do the affordability assessment required by the National Credit Act.
An active SA bank account
Some loan providers may require a South African bank account in your own name and your most recent 3 months of bank statements when assessing your application. Requirements vary between providers. Loan payouts and debit-order repayments typically go through this account.
Being 18 or older
You must be over 18 and legally allowed to enter into a credit agreement in South Africa.
What if I don't have all of this?
Start with our free eligibility check anyway — some credit providers on our panel accept alternative proof, and it costs nothing to see whether a match exists.
Ready to see your options?
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.