R 500
R 125000
R 250000
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 R1,232.82 PER MONTH. REPAYMENT TERMS CAN RANGE FROM 2 - 72 MONTHS. CREDITUM IS AN ONLINE LOAN COMPARISON TOOL AND NOT A LENDER. INTEREST RATES CHARGED BY THE LENDERS FOUND IN OUR SERVICE CAN START AS LOW AS 20% APR, INCLUDING AN INITIATION AND SERVICE FEE DETERMINED BY THE LENDER. THE INTEREST RATE OFFERED DEPENDS ON THE APPLICANTS' CREDIT SCORE AND OTHER FACTORS AT THE LENDER'S DISCRETION.

Loans for Pensioners

In order to find the best loan for your needs, it is important to compare loans online.

  • Apply in minutes
  • Get offers from multiple lenders
  • Choose the best loan option available

Note: If you are not satisfied with the loan offers, you don’t have to select any of them.

Applying for a loan online – How it works

About 5 minutes

1. Select loan amount

In the calculator, select the loan amount you need.

The minimum amount is R 500 and the maximum amount is R 250 000.

 

2. Fill out contact details

Fill out your email address and your cellphone number.

Keep in mind that you will receive the loan offers through these channels.

 

3. Fill in additional details

The applications are often processed automatically. To achieve this, banks and lenders need some additional details, like your employment status and monthly income.

 

4. Select the best loan offer

Compare the offers & select the best one! If you are not satisfied with the offers, you don't have to do anything. The application expires automatically.

 

Loans for Pensioners in South Africa

As we age, our financial needs change. For pensioners, securing loans can be a challenge due to their age and limited income. Fortunately, in South Africa, there are many loan options available specifically for pensioners. These loans can provide much-needed financial assistance for medical bills, home repairs, and other expenses. But with so many options available, it can be overwhelming to find the right one. That’s where we come in. Our team specializes in finding the lowest loan rates for pensioners in South Africa and simplifying the application process. With our help, you can access the funds you need to improve your quality of life in your golden years. Keep reading to learn more about loans for pensioners in South Africa and how we can assist you in applying for them.

Overview of Loans for Pensioners in South Africa

Pensioner loans are financial products designed for people who have retired and are currently receiving pension payments. These loans can be in the form of personal loans, home loans, or vehicle loans. The main advantage of pensioner loans is that they have lower interest rates compared to regular loans. This is because the lender considers the pensioner’s income and financial stability before approving the loan.

However, it’s important to note that pensioner loans often have stricter eligibility requirements compared to regular loans. Pensioners are typically required to provide proof of their pension income, as well as proof of their ability to repay the loan. Additionally, pensioner loans may have lower maximum loan amounts compared to regular loans.

Types of Loans Available for Pensioners

There are several types of loans available for pensioners in South Africa. Some of the most common types of loans include:

Personal Loans

Personal loans are a popular option for pensioners who need access to funds for unexpected expenses, such as medical bills or home repairs. Personal loans typically have lower interest rates compared to credit cards and other forms of unsecured debt. Additionally, personal loans are often available in smaller loan amounts, making them a great option for pensioners who need access to funds but don’t want to take on a large amount of debt.

Home Loans

Home loans are another option available to pensioners in South Africa. These loans can be used to purchase a new home or to refinance an existing mortgage. Home loans typically have lower interest rates compared to other types of loans, making them a great option for pensioners who want to save money on interest payments.

Vehicle Loans

Vehicle loans are also available to pensioners in South Africa. These loans can be used to purchase a new car or to refinance an existing car loan. Vehicle loans typically have lower interest rates compared to other types of loans, making them a great option for pensioners who want to save money on interest payments.

Eligibility Requirements for Pensioner Loans

To qualify for a pensioner loan, you must meet certain eligibility requirements. These requirements vary depending on the type of loan you are applying for. Generally, pensioner loans have stricter eligibility requirements compared to regular loans. Here are some common eligibility requirements for pensioner loans:

Age

Most pensioner loans have an age requirement. To qualify for a pensioner loan, you must typically be at least 60 years old.

Pension Income

To qualify for a pensioner loan, you must be receiving a regular pension income. You will be required to provide proof of your pension income, such as a bank statement or letter from your pension provider.

Credit Score

Your credit score will also be considered when applying for a pensioner loan. While a low credit score may not necessarily disqualify you from getting a loan, it may result in higher interest rates or stricter eligibility requirements.

Benefits of Pensioner Loans

Pensioner loans have several benefits that make them a great option for retired individuals. Here are some of the main benefits of pensioner loans:

Lower Interest Rates

Pensioner loans typically have lower interest rates compared to regular loans. This is because the lender considers the pensioner’s income and financial stability before approving the loan.

Access to Funds

Pensioner loans provide access to funds that can be used for a variety of purposes, such as medical bills or home repairs.

Smaller Loan Amounts

Pensioner loans are often available in smaller loan amounts, making them a great option for pensioners who need access to funds but don’t want to take on a large amount of debt.

Flexible Repayment Terms

Pensioner loans typically have flexible repayment terms, allowing pensioners to repay the loan over a longer period of time.

Tips for Applying for Pensioner Loans Online

Applying for pensioner loans online is a convenient and easy way to access funds. Here are some tips for applying for pensioner loans online:

Research Lenders

Before applying for a loan online, be sure to research the lender and check their reviews. This will help you avoid scams and ensure that you are working with a reputable lender.

Gather Required Documents

Before applying for a loan online, make sure you have all the required documents, such as proof of pension income and proof of identity.

Compare Rates

Be sure to compare rates from multiple lenders before submitting your application. This will help you find the best loan rates and terms.

Advantages of Applying for Pensioner Loans Online

There are several advantages to applying for pensioner loans online. Here are some of the main advantages:

Convenience

Applying for a loan online is convenient and easy. You can apply from the comfort of your own home and at any time that is convenient for you.

Faster Approval Times

Applying for a loan online typically results in faster approval times compared to traditional loan applications.

Access to a Wide Range of Lenders

Applying for a loan online gives you access to a wide range of lenders, allowing you to find the best loan rates and terms.

Common Misconceptions About Pensioner Loans

There are several common misconceptions about pensioner loans. Here are some of the most common misconceptions:

Pensioners Can’t Get Loans

This is not true. Pensioners can get loans, but they may have stricter eligibility requirements compared to regular loans.

Pensioner Loans are Expensive

Pensioner loans typically have lower interest rates compared to regular loans.

Pensioners Can’t Get Large Loans

While pensioner loans may have lower maximum loan amounts compared to regular loans, pensioners can still get access to funds when they need them.

Conclusion and Final Thoughts

Pensioner loans are a great option for retired individuals who need access to funds for unexpected expenses. With so many loan options available for pensioners in South Africa, it can be overwhelming to find the right one. However, with the help of our team, you can find the lowest loan rates and simplify the application process. Applying for a pensioner loan online is convenient and easy, allowing you to access the funds you need to improve your quality of life in your golden years.

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Lime
Loan amounts
R300–
R5400
Payback period
5 days to 7 weeks
Interest rate
Daily interest rate of 0.1% to 0.16% depending on Tariff Group
Other fees
R69/month + opening cost 16,5% of first R1000 lent + 10% of loan amount over R1000 (+VAT). Limited to lesser of 15% of loan amount (+VAT).
APPLY NOW
Representative example: If you want to borrow R2000 for 30 days, you have to pay back R2428.78. The total cost includes interest, VAT, and a monthly service fee.
MyLoan
Loan amounts
R100–
R250000
Payback period
7 days to 36 months
Interest rate
MyLoan is an online loan broker and not a lender. Interest rates of the loans in the comparison panel can start as low as 20% APR.
Other fees
MyLoan is an online loan broker and not a lender. Other fees depend on the brokered loan.
APPLY NOW
Representative example: a R50 000 loan at an interest rate of 24.5% per annum plus a once-off initiation fee of R1 207.50 (added to the loan amount in this example) and a monthly admin fee of R69.00, over 72 months would have a total cost of R 103 155.57. The maximum annual interest rate including fees is 27.5%. Repayment terms can range from 1 - 72 months. MyLoan is an online loan broker and not a lender. T service is free and we work with NCR licensed lenders in South Africa. Interest rates charged by lenders can start as low as 20% APR, including an initiation and service fee determined by the lender. The interest rate offered depends on the applicants’ credit score and other factors at the lenders’ discretion.
Boodle
Loan amounts
R500–
R8000
Payback period
16 days to 6 months
Interest rate
Daily interest rate of 0.17%
Other fees
Service fee R60 per month + Initiation fee R165 on the loan above R1000 + Insurance premium R4.50 per R1000 per month on the daily balance
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Representative example: The payback time and total costs differ depending on the amounts. Final costs and fees are shown on the next page before agreeing to the loan.
Fasta
Loan amounts
R800–
R8000
Payback period
1 month to 3 months
Interest rate
Monthly interest rate 3%
Other fees
Initiation fee R994 + Service fee R69 + Credit protection fee R48.76
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Representative example: The payback time and total costs differ depending on the amounts. Final costs and fees are shown on the next page before agreeing to the loan.
MPowa
Loan amounts
R500–
R8000
Payback period
16 days to 6 months
Interest rate
Interest of 5% per month, 3% on additional loans during the same calendar year
Other fees
Initiation fee of 16.5% of the capital amount on the 1st R1000 then 10% on each amount over R1000 plus VAT. A service fee of R60 per month plus VAT.
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Representative example: The payback time and total costs differ depending on the amounts. Final costs and fees are shown on the next page before agreeing to the loan.