Pre-approved Loans

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Together with our partners, we provide access to up to 19 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).

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R 100R 200R 300R 400R 500R 600R 700R 800R 900R 1 000R 1 100R 1 200R 1 300R 1 400R 1 500R 2 000R 2 500R 3 000R 3 500R 4 000R 4 500R 5 000R 6 000R 7 000R 8 000R 9 000R 10 000R 11 000R 12 000R 13 000R 14 000R 15 000R 16 000R 17 000R 18 000R 19 000R 20 000R 25 000R 30 000R 35 000R 40 000R 45 000R 50 000R 60 000R 70 000R 80 000R 90 000R 100 000R 110 000R 120 000R 130 000R 140 000R 150 000R 160 000R 170 000R 180 000R 190 000R 200 000R 210 000R 220 000R 230 000R 240 000R 250 000R 260 000R 270 000R 280 000R 290 000R 300 000R 310 000R 320 000R 330 000R 340 000R 350 000

Repayment period

6 months7 months8 months9 months10 months11 months12 months13 months14 months15 months16 months17 months18 months19 months20 months21 months22 months23 months24 months25 months26 months27 months28 months29 months30 months31 months32 months33 months34 months35 months36 months37 months38 months39 months40 months41 months42 months43 months44 months45 months46 months47 months48 months49 months50 months51 months52 months53 months54 months55 months56 months57 months58 months59 months60 months61 months62 months63 months64 months65 months66 months67 months68 months69 months70 months71 months72 months

Monthly repayment

R 211

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✔ Over 2 million South African's have chosen Arcadia Finance

*Representative example: Estimated repayments of a loan of R30 000 over 36 months at a maximum interest rate including fees of 27,5% APR would be R1232.82 per month.
Loan amount R100 - R350 000. Repayment terms can range from 3 - 72 months. Minimum APR is 5% and maximum APR is 60%.

We work with Myloan.co.za. A leading loan marketplace in South Africa.

What Is a Pre-Approved Loan?

A pre-approved loan is a financing option where a lender evaluates your credit history, income, and overall financial standing before you formally apply. This process provides an estimate of how much you may be eligible to borrow, along with potential loan terms such as interest rates and repayment periods. Pre-approved loans are commonly offered for mortgages, personal loans, and vehicle financing, making it easier for borrowers to plan their finances in advance.

For mortgages, a pre-approved offer signals to sellers that you are a serious buyer who has already met key financial requirements. This can be particularly beneficial in a competitive housing market, where sellers may prefer buyers who have financing arranged. A pre-approval can also streamline the home-buying process, allowing you to make an offer with confidence.

Similarly, for auto loans, securing pre-approval before purchasing a car helps in budgeting and negotiating. Knowing how much financing you qualify for prevents overspending and gives you stronger bargaining power with dealerships. However, pre-approval is not a guarantee that the lender will fund the loan, as final approval still depends on additional verification steps.

Unlike pre-qualification, which is a quick estimate based on basic financial details, pre-approval requires a more in-depth review. Lenders often conduct a hard credit inquiry, which may temporarily affect your credit score. Additionally, they may request income proof, tax returns, and employment verification before granting pre-approval. This process can take several days, but in return, you receive a detailed loan offer, including the loan amount and interest rate, which can help in financial decision-making.

Are Pre-Qualifications and Pre-Approvals the Same?

Although lenders sometimes use pre-qualification and pre-approval interchangeably, they are distinct processes with different levels of scrutiny.

A pre-qualification is a preliminary assessment where the lender reviews your financial details to determine whether you meet their basic loan criteria. It is usually quick and does not require a full credit check, making it a useful starting point if you are exploring loan options. However, it does not confirm how much you will be approved for or guarantee that you will receive financing.

A pre-approval, on the other hand, is a more detailed financial review. It requires a thorough credit check, verification of income, and sometimes additional documentation. Because it involves a hard credit inquiry, pre-approval may slightly reduce your credit score. However, it provides a more accurate loan estimate and reassures sellers that you have already met the lender’s requirements.

While neither pre-qualification nor pre-approval guarantees final loan approval, both can help you understand your borrowing capacity. Whether you are purchasing a home or a car, these steps can give you a clearer idea of what you can afford and allow you to focus on options within your budget.

Types of Pre-Approved Loans

Pre-approved loans provide a streamlined way to access credit, helping borrowers secure financing without going through the full application process upfront. Lenders assess eligibility based on factors like credit history, income, and financial standing. The most common types of pre-approved loans include personal loans, home loans, and credit cards, each serving different financial needs.

Personal Loans

A pre-approved personal loan is an unsecured loan offered based on a borrower’s financial profile, often determined through a soft credit check. These loans are commonly used for debt consolidation, home improvements, medical expenses, and major purchases. Since pre-approval means the lender has already reviewed basic eligibility, the application process is usually faster than traditional loan applications. 

Key benefits include fixed interest rates, flexible repayment terms, and no collateral requirements, making them accessible to a broad range of borrowers. However, the final loan approval still depends on a hard credit inquiry, and the offered interest rates may be higher than those for secured loans, especially for applicants with lower credit scores.

Home Loans

A pre-approved home loan provides potential buyers with an estimated loan amount based on their income, credit score, and existing debt obligations. This can give buyers a clear budget range before house hunting and make them more appealing to sellers, as it demonstrates financial readiness. Many South African banks offer home loan pre-approvals, which typically remain valid for 60 to 90 days. 

While pre-approval speeds up the mortgage process, it is not a final guarantee of funding, as the lender will conduct further checks before granting full approval, including a valuation of the property being purchased which would not have been known upfront. Borrowers need to maintain their financial stability, as any significant changes in employment, income, or credit standing can affect the final decision.

Credit Cards

A pre-approved credit card offer means a lender has reviewed a consumer’s financial profile and identified them as a potential candidate for a credit card. These offers are typically based on soft credit checks and are sent to individuals with a qualifying credit history. Pre-approved credit cards may come with lower interest rates, higher credit limits, and exclusive rewards compared to standard offers. 

However, while pre-approval increases the chances of acceptance, it is not a guarantee, as the lender conducts a hard credit inquiry upon formal application. Borrowers should review terms carefully, as some pre-approved cards may include annual fees, promotional rates, or variable interest terms that could affect long-term costs.

What Are the Benefits of a Pre-Approved Loan?

A pre-approved loan offers several advantages that can make borrowing simpler, faster, and less stressful. Unlike traditional loans, where approval is uncertain, pre-approval gives you a clearer idea of your borrowing power and potential loan costs. Here are the key benefits:

• Higher Approval Chances: If a lender pre-approves you, it means you are highly likely to get the loan upon application. This reduces uncertainty and makes it easier to plan your finances.
• No Impact on Your Credit Score When Searching: You can check for pre-approved loan offers without leaving a mark on your credit report. This allows you to compare options without affecting your creditworthiness.
• More Transparent Loan Costs: Pre-approved loans often come with a fixed annual percentage rate (APR), giving you a clear understanding of the total borrowing cost. In contrast, loans without pre-approval typically display a representative APR, which only applies to some of applicants, meaning you may end up with a different rate.
• Saves Time and Protects Your Credit Score: Without pre-approval, you might need to apply multiple times to find a lender willing to approve you. Each application lowers your credit score and may make lenders see you as a higher risk. Pre-approval reduces the need for multiple applications, minimising credit score damage.
• Fewer Applications Mean Less Risk: While applying for any loan will slightly lower your credit score, a pre-approved loan means you only need to apply once, reducing unnecessary credit checks and the risk of multiple rejections.
  

Opting for a pre-approved loan can simplify borrowing, improve approval chances, and help protect your credit score, making it a smarter option for many borrowers.

Who Can Apply for a 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

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Based on your responses, you will receive a variety of personalised offers from up to 19 lenders.

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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 19 reputable banks and lenders. By completing 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.

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Pre-Approved Loan Providers in South Africa

Pre-approved loans provide South African consumers with a streamlined path to access credit, offering clarity on borrowing capacity and simplifying the loan application process. Several major financial institutions in South Africa offer pre-approved loan services, each tailored to meet diverse financial needs.

Conclusion

Pre-approved loans offer a convenient and efficient way to access credit, helping borrowers plan their finances with greater certainty. While they simplify the borrowing process and provide a clear estimate of loan eligibility, they do not guarantee final approval. Understanding the types of pre-approved loans, the application process, and the potential risks ensures that borrowers make informed financial decisions. Whether applying for a personal loan, home loan, or credit card, comparing lenders and reviewing terms carefully can help secure the best offer while maintaining financial stability.