Borrow only what you can genuinely afford
A loan is a tool. Used well, it can bridge a real need. Used badly, it becomes a much bigger problem a few months down the line. This page is our honest checklist — please read it before you apply, even with us.
Ask yourself first
- Is this a genuine need, or a want that can wait? If it can wait, saving is almost always cheaper than borrowing.
- What's the total amount I'll repay, including interest and fees? Not just the monthly instalment. Use our loan calculator.
- Will the instalment still be comfortable if something changes? A missed shift, a spike in fuel, an unexpected medical cost.
- Do I have another way to solve this? Employer advance, extension from the creditor, family help, insurance claim.
Rules of thumb
- Your total monthly debt repayments (all credit combined) shouldn't crowd out essentials — housing, food, transport, savings.
- Shorter loans usually mean lower total cost. Longer loans usually mean lower monthly instalments but more interest paid overall.
- If you're taking a loan to repay another loan and it isn't a formal consolidation, stop and speak to a debt counsellor first.
What the National Credit Act does for you
The National Credit Act (NCA) requires every registered credit provider to run a proper affordability assessment before approving a loan. That's your legal protection — it's not just a formality. If a lender pushes you to take more than you can afford, that's a serious problem you can report.
If you're struggling
Contact your credit provider directly as early as possible — they're often able to help arrange something. You can also speak to a registered debt counsellor. The National Credit Regulator keeps a public register.
Ready when you are
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.