Personal loans – Get the best offer
- Borrow up to R350 000
- Low interest rates
- Quick application and payment
- Free application without commitment
Compare top lenders
Together with our partners, we provide access to up to 16 reputable banks and lenders. Explore offers tailored to your needs and choose the most suitable offer. Each lender abides by the regulations outlined by the South African National Credit Regulator (NCR).
Who can apply for a personal loan?
- You are over 18 years old
- You are employed and employment has lasted for more than 6 months
- Your loan should not be more than 8 times larger than your monthly income
Examples of compared loans
Male, 32
Loan Amount
R49,000
Loan Time
5 years
Interest Rate
15%
Monthly Repayment
R1165.71
Female, 49
Loan Amount
R22,000
Loan Time
15 years
Interest Rate
8%
Monthly Repayment
R210.24
Male, 35
Loan Amount
R15,000
Loan Time
8 years
Interest Rate
11%
Monthly Repayment
R235.63
Female, 41
Loan Amount
R30,000
Loan Time
6 years
Interest Rate
12.5%
Monthly Repayment
R594.34
Compare loans in 3 easy steps
Fill in our application
Complete our loan application in minutes. Just enter your details and choose your desired loan amount.
Choose a loan offer
Based on your responses, you will receive a variety of personalized offers from up to 16 lenders.
Get your money
You are free to accept or decline the offers as you please. The offers are non-binding.
What is Arcadia Finance?
Arcadia Finance helps South Africans in the search for loans from different banks and lenders through our loan broker partners. We provide access to up to 16 reputable banks and lenders. By filling our loan application you will get multiple loan offers, which you can compare and select the most suitable offer. The service we offer is completely free of charge and you will not commit to anything by requesting for loan offers via Arcadia Finance. We only work with trusted loan brokers who collaborate with NCR licensed banks and lenders in South Africa.
Personal Loan Explained
The idea is of a personal loan is simple – you borrow an agreed amount and pay it back in monthly instalments with interest, over a set period. But there are different types of loans designed for different needs.
Usually, personal loans are cash loans available in short-term or long-term options. Some of them are same-day loans, meaning a lender approves the loan and the money is in your account in 24 hours or less.
These loans can vary from R1,000 up to R250,000 with repayment periods ranging from 12 months to the maximum period of 72 months. Typically, repayments are calculated at an annual interest rate of up to 25%, although this will vary depending on the lender.
Personal Loan Options for Different Needs
Here is a quick overview of the different types of personal loans available to help you make the best decision.
Secured loans
- Secured loans are loans where the borrower provides the lender with a form of collateral such as a car or house. If you can’t meet the repayments, the lender will take your collateral to cover the outstanding amount. The main advantage for the borrower is that the lender has your possessions as security, resulting in a lower interest rate.
Unsecured loans
- An unsecured loan simply means that you don’t put up anything as collateral. If you default on payments, the lender can’t seize any of your possessions or property. Personal loans are usually unsecured loans.
Fixed-rate loans
- A fixed-rate loan is a loan where the rate of interest you pay remains the same for the whole repayment period. If you don’t like surprises, a fixed rate means you will be paying back the same amount each month and won’t be stuck with increased payments if loan rates are raised.
Variable loans
- Variable loans are just that. The interest rate that you start with, may change during the repayment period. Repayment rates for variable loans tend to be lower on average and may have limits on how much your interest rate can increase or decrease.
Payday loans
- The shortest-term cash loans available are payday loans which are usually due within 30 days. These are smaller loans, typically for amounts of R500 to R4,000. The total debt, including expenses, should not exceed 36% of your monthly income.
When choosing which personal loan is best for you, it is important to understand how much money you will need and for how long. These factors will certainly affect the loan terms and the interest rates charged by lenders.
Credit Score Check
Also, lenders will check your credit score as it is a prime factor for calculating interest rate. Lenders use this to determine whether you qualify for a loan. If your credit score is too low, lenders may not approve your application.
After you have received a personal loan, you must pay back the loan – plus interest – in monthly instalments over the agreed period.
Other Fees and Charges
Most important, Arcadia Finance does not charge any upfront fees for its online service. We work with trusted, NCR licensed lenders who offer different types of loans. Besides it is important to understand the terms and conditions and charges thoroughly before accepting a loan offer. And don’t accept an offer that isn’t right for you.
Some banks and online lenders will require loan protection cover. In other words, you may need to agree to use their insurance provider to insure the loan. But this policy will vary from lender to lender.
Apply Online for Your Personal Loan
Looking for an online personal loan in South Africa? Arcadia Finance makes applying for a personal loan online easy.
Enter the requested information in our online application form. Once the application is approved, you’ll receive different loan offers from our trusted lenders for comparison.
You should always compare offers to find the best option. While applying for a personal loan online is easy, loans themselves can sometimes be confusing. It’s important to make the right choice. A comparison tool takes the guesswork out of the process and lets you see which offer is best suited to your situation.
Additionally, you’ll be able to compare personal loans by using the personal loan calculator.
About Arcadia Finance
Obtain your loan with ease via Arcadia Finance. Applying is free, and you have the option to select from 16 respected lenders. Each lender follows the regulations set by the National Credit Regulator in South Africa.
What Would You Need for a Personal Loan Application
Also, when applying for a loan, you will have to provide the following information:
- The details of your bank where the money will be paid.
- Your Smart-ID card, ID number or a copy of your ID book.
- Payslips or bank statements for the last three months.
- Proof of residence – Your bank statements or a municipal bill.
Using this information, the lender conducts a credit check, which determines the success of your application and what interest rate will apply to the loan.
The intention is to make the personal loan application process as effortless as possible.
Finally, you have decided which offer you are happy with. Here are some personal questions lenders may ask you:
- How old are you?
- What is your marital status?
- What are you using the money for?
Some companies will give you a prospective quote based on these additional factors.
