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.

R250,000 Loan

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.

 

R250,000 Loans in South Africa

In times of financial need, getting a loan can be a lifesaver. However, with so many lenders and loan options available, it can be overwhelming to know which one to choose. This is especially true when you need a large amount like R250,000. In this article, we’ll be discussing the different types of loans available in South Africa, the interest rates and repayment terms, credit score requirements, comparison of loan providers, application process and requirements, tips for getting approved for a loan, risks and considerations before taking out a loan, alternatives to taking out a loan, and our final thoughts.

Types of loans available

There are various types of loans available in South Africa, and each one has its own benefits and drawbacks. Some of the most common types of loans include personal loans, secured loans, and business loans. Personal loans are unsecured and can be used for any purpose, while secured loans require collateral and are usually used to purchase assets such as a car or house. Business loans are designed specifically for businesses and can be used for things like expansion, inventory, or equipment. When considering a loan, it’s important to determine which type of loan will best suit your needs.

Interest rates and repayment terms

Interest rates and repayment terms are important factors to consider when choosing a loan. The interest rate is the percentage of the loan amount that you will have to pay back in addition to the principal amount. The repayment term is the length of time you have to repay the loan. Generally, the longer the repayment term, the lower the monthly installment but the higher the total interest cost. It’s important to consider the interest rate and repayment term together to determine the total cost of the loan.

Credit score requirements

Your credit score is an important factor that lenders consider when deciding whether to approve your loan application. A credit score is a numerical representation of your creditworthiness, based on your credit history. The higher your credit score, the more likely you are to be approved for a loan and the lower the interest rate you may be offered. If you have a low credit score, you may still be able to get a loan, but you may have to pay a higher interest rate.

Application process and requirements

The application process for a loan varies depending on the lender, but generally, you will need to provide personal and financial information such as your ID, proof of income, bank statements, and proof of address. Some lenders may also require additional documentation such as a credit report or proof of collateral. It’s important to have all the necessary documents ready before applying for a loan to speed up the process.

Tips for getting approved for a loan

To increase your chances of getting approved for a loan, there are several things you can do. Firstly, make sure you have a good credit score by paying your bills on time and reducing your debt. Secondly, have all the necessary documentation ready when applying for a loan. Thirdly, consider applying for a loan with a co-signer or guarantor, as this can improve your chances of approval. Lastly, compare multiple loan providers to find the best deal for your needs.

Risks and considerations before taking out a loan

Taking out a loan comes with risks and considerations that should be taken into account before making a decision. One risk is that you may not be able to repay the loan, which can result in additional fees, damage to your credit score, and legal action. Another consideration is the impact of the loan on your future financial situation. If you’re already struggling to make ends meet, taking out a loan may not be the best option. It’s important to weigh the pros and cons before making a decision.

Alternatives to taking out a loan

If you’re unable or unwilling to take out a loan, there are several alternatives available. One option is to negotiate with your creditors to lower your monthly payments or interest rates. Another option is to sell assets that you no longer need or use. You could also consider earning extra income through a side hustle or freelance work. It’s important to explore all your options before making a decision.

Conclusion and final thoughts

In conclusion, getting a loan in South Africa can be a daunting task, but with the right knowledge and preparation, it can be a smooth process. When considering a loan, it’s important to determine which type of loan will best suit your needs, consider interest rates and repayment terms, pay attention to credit score requirements, compare loan providers, have all the necessary documentation ready, and weigh the risks and considerations before making a decision. Additionally, exploring alternatives to taking out a loan can also be a good option. With these tips in mind, you’ll be well on your way to making an informed decision about your loan needs.

You might also be interested in:

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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).
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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.
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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.