Black Friday Loans 2024: Everything You Need To Know

How much do you need?

Tell us the details in the online application form below:

Black Friday is one of the most popular shopping events, not just in South Africa but around the world. In 2024, Black Friday will be taking place on Friday, November 29.

If you need extra cash to take advantage of some great deals, you may consider taking out a Black Friday loan, but is it a good idea? Read on to find out.

✅ How Much Do You Need?

APPLY NOW

Table of Contents

Key Takeaways

Black Friday is one of the biggest shopping events in South Africa, and a Black Friday loan can provide the extra cash to spend on great deals available in November 2024.
Beware the risks of Black Friday loans, such as high interest rates, expensive fees, repayment periods that are too long, and high borrowing limits that encourage unnecessary spending.
If you’re tempted to take out a loan for Black Friday shopping, it’s essential to compare how much you save vs. the total cost of the loan.
One of the easiest ways to apply for a Black Friday loan is with a loan broker. You only fill in one application to get offers from many lenders.
Be sure to compare rates and the terms and conditions of your loan to make sure you’re getting a good deal that helps you save.

What Are Black Friday Loans?

A Black Friday loan is money you borrow to spend on Black Friday deals. This is usually a personal loan or a buy-now-pay-later (BNPL) loan. A personal loan is a lump sum that’s deposited in your bank account, while a buy-now-pay-later loan is usually offered at checkout.

In some cases, South African lenders offer a special financial product designed especially for Black Friday. You can also use a credit card for Black Friday shopping, although this is only wise if the credit card has a 0% introductory period.

Black Friday loans can be used for many things, including clothes, furniture, electronics, and holiday gifts. When taking out a Black Friday loan, the idea is to borrow and save on discounts you can’t afford to miss.

History of Black Friday In South Africa

Black Friday is a worldwide shopping event that started in the USA. The day usually falls on the Friday after Thanksgiving to kickstart the Christmas Shopping season in the United States.

In South Africa, Black Friday comes with promotions, specials, discounts, and deals from many retailers. It’s a day when buyers shop and spend more than usual.

According to BusinessTech, Black Friday was first introduced in South Africa by Takealot in 2012.¹ However, African retailer, Checkers, claims to be the first to officially adopt the trend.² Indeed, Google Trends show that the first real interest in Black Friday occurred in November 2014 in South Africa.

Since then, Black Friday has evolved as a nationwide trend for online and brick-and-mortar shoppers. It’s no longer just Black Friday, but Black November, where you have days or weeks to take advantage of discounts on a wide range of products.

Black Friday Vs. Cyber Monday

Cyber Monday is another American tradition that has made its way to South Africa. The day falls on the Monday after Thanksgiving and will take place on November 29, 2024.

Cyber Monday is similar to Black Friday in that you may find many great deals, but this is an e-commerce shopping event, so all sales are only available online.

Black Friday Statistics in South Africa

According to Statistics South Africa, Black Friday has caused an increase in annual retail trade sales since its introduction in 2012. In 2011, November accounted for 8.8% of yearly sales, but by 2019 the figure had risen to 9.6%.³
In a 2021 survey, 48% of South Africans took advantage of Black Friday to purchase a Christmas gift. The most important factors for these consumers were price and speed of delivery.⁴
In 2022, a survey conducted by Debt Rescue indicated that 74% of South Africans were interested in Black Friday. Many consumers were only interested in good deals on necessities like food, toiletries, and clothing, while a small percentage looked for deals on tech and electronics.⁵
In recent years, survey results show that online purchases on Black Friday were increasingly popular over in-store buying.⁶
In 2021, the most popular product categories were clothing, sports accessories, furniture, books, and holiday tickets. The average cart value was R2,651, the average discount was 39%, and shoppers saved R1,673 on average.⁷
Data from Google Trends shows that interest in Black Friday in South Africa first showed a marked increase in 2014. In the last five years, Black Friday’s peak popularity went from 100 in November 2018 to 48 in November 2022. Interest in Black Friday typically starts as early as late October.

What Will Black Friday Look Like in South Africa in 2024?

In recent years, interest in Black Friday may have decreased amongst South Africans, but it’s still making waves as the biggest shopping day or event of the year. Research from Statistics South Africa³ shows that the number of sales in November is significantly higher compared to ordinary days.

In 2024, South Africans are struggling against inflation and the rising cost of living, so it’s expected that shoppers will tone down on spending.

On the other hand, some shoppers may increase spending to take advantage of Black Friday deals, especially on essential items, such as groceries and Christmas gifts. So far, many retailers have already started marketing their Black Friday specials, and it looks like it’s business as usual for this year’s shopping event.

What Are the Risks Associated With Black Friday Loans?

Some Black Friday loans can be high-risk for the following reasons:

High interest rates. You’re likely to get a high interest rate on your loan if your credit score is poor or if you use a credit card or payday loan for Black Friday shopping. High interest rates mean that you’re not saving on great deals. Instead, you spend more and could have trouble paying off the debt.
Expensive fees. It’s possible to get a loan with a low interest rate and high cost because of expensive fees, like initiation fees and early repayment charges. Be sure to read the credit agreement thoroughly and calculate the total cost of the loan to see if the offer is worth it.
Long loan terms. Breaking your purchase into smaller instalments with a loan may be a good idea, but keep in mind that the longer the repayment period, the more interest you pay. For example, if you buy a smartphone at 30% off with a loan, and you take three years to repay the money, the total cost of the phone may end up higher than the original, non-discounted price.
Unnecessary spending. Black Friday specials can be quite attractive, and peer pressure can be intense. Be sure you’re not taking out a loan to sustain a lifestyle you can’t afford. Even if you can afford to repay the money, you don’t have to exhaust your borrowing limit and splurge on things you don’t need. It’s important to buy within your means and minimize the risk of buyer’s regret.

Where Can I Find the Best Deals for Black Friday Shopping?

You can find amazing 2024 Black Friday specials all over South Africa. Here are a few popular retailers to keep an eye on as Black Friday approaches:

Makro. Makro can be your one-stop shop for Black Friday specials, whether you’re looking for top-of-the-range electronics, quality liquor, the best TV specials, or anything in between.
Game. Like Makro, Game stores have an impressive catalogue of clearance items for the whole of November, with amazing deals on gadgets, appliances, and home and baby essentials, plus more.
Checkers. Go to the Checkers website and discover the best Black Friday specials on a range of products, including toys, wines, kitchen appliances, electronics, camping gear, and meat specials.
Takealot. The online retailer has a branded Black Friday sale called the Takealot Blue Dot Sale. This will run for five days and include incredible deals on tech products, appliances, fragrances, luxury beauty products, and toys.
Shoprite. Enjoy and save over four days of shopping, from 24 to 27 November, with up to 50% off on Black Friday deals for groceries, toiletries, appliances, liquor, and more.
Pick n Pay. Pick n Pay is offering three-day early Black Friday house and home savings deals. You don’t have to wait for Black Friday to start saving on your grocery bill.
Boxer. Boxer Superstores already markets itself as a discount supermarket. During Black Friday season, you’re likely to find better deals than usual at the nearest Boxer supermarket, Boxer Liquor store, or Boxer Build store.
HIFI Corp. The electronics and appliance store is running “Black Tag November” where you can get 50% off clearance items. The promotion is available online and in-store and will run throughout November.

There are more Black Friday deals available online or in-store from small and large retailers. The list includes Superbalist, Shein, Vodacom, Woolworths, Dischem, Mr Price, and more.

You can find Black Friday deals for everything from major appliances and electronic devices to fashion items and beauty products.

What to Buy On Black Friday

What’s worth buying on Black Friday? Here are a few suggestions:

Christmas gifts. According to Statista⁴, many South Africans buy Christmas gifts on Black Friday. The top factors to consider when deciding what to buy include price, speed of delivery, quality of the product, and whether the shop has a trusted brand.
Essential items. If you’re feeling the pinch this Black Friday, it’s best to buy only what you need instead of what you want. Your essentials list could include items like school supplies, winter clothing, and groceries.
Big-ticket items. Traditionally, Black Friday is the best time to buy high-dollar electronics like 4K TVs, sound bars, gaming equipment, and the latest smartphones to save big. If your budget is tight, you can save on small appliances like a microwave or an air fryer.
Travel deals. Black Friday marks the start of the holiday season, and you can get a big break with travel deals on local and international flights and holiday packages.

In any case, if you’re getting a loan for Black Friday shopping, the best way to make it count is to hunt for the best bargains. Check prices across many retailers and make sure the ‘special offers’ are genuine.

If you check the price history of a product, you may discover there’s no bargain to be excited about. For example, a special offer for a washing machine might say ‘Now R4500, was R6000,’ but this could be misleading marketing.

The price of the washing machine could have increased in the last few days only to drop again to the original price on Black Friday to make it seem cheaper.

Should You Borrow for Black Friday Shopping?

It’s easy to get sucked into the hype around Black Friday and borrow money recklessly. Here are some tips to help you decide if getting a Black Friday loan is a good idea.

Compare rates

Compare interest rates from different lenders instead of accepting the first offer you get. The rate you get depends on your credit score. If you have a good credit score, you may be a good candidate for the lowest interest rate loans available. Remember, payday loans are best left for financial emergencies because they carry some of the highest interest rates.

If you’re using a credit card, make sure it has an interest-free period. For example, lenders like RCS offer credit and store cards with a 55-day zero-interest introductory period. You save money by repaying the loan before the promotional period expires to avoid high interest rates.

Calculate the potential savings

Compare the total cost of the loan, including interest and fees, with how much you’ll save on bargains and discounts on Black Friday.

The total cost of the loan needs to be significantly lower than your savings for your Black Friday purchase to make sense. Otherwise, it’s not worth taking out a loan to save R100 or nothing at all.

Take out a short-term loan

Borrowing for long periods makes your loan more expensive because interest is charged daily or monthly. It’s better to take out a short-term loan with a low interest rate that you pay back as quickly as possible.

Small, short-term loans sometimes offer the advantage of easy approval and fast payout. A 0% credit card also works if you pay it off in a few weeks, but avoid payday loans with their excessively high APR.

Make sure you can repay your loan

Black Friday offers can be incredibly exciting, but even if it’s a good deal, always make sure you can afford the loan. Failure to make repayments on time can damage your credit score and result in expensive late fees and additional costs that cancel the savings you made on Black Friday purchases.

Consider other alternatives

Before you take out a loan for Black Friday shopping, try out other ways to get the cash you need or to make your holiday shopping more affordable. You can get an interest-free loan from family and friends, generate income with a side hustle, or wait and save for the next Black Friday or sales event.

Where to Find Loans for Black Friday In South Africa

The easiest way to find a Black Friday loan is to apply with an online loan broker. For example, when you apply with Arcadia Finance, you only fill in a single application and immediately receive free, no-obligation loan quotes.

Compare these offers to help you make an informed decision before committing. With Black Friday around the corner, applying for a loan online ensures quick processing, so you don’t get left behind in the holiday shopping rush.

¹BusinessTech, Takealot.com prepares for record volumes for its annual Blue Dot Sale. (Read here ).

²Sabinet African Journals, The advent of Black Friday in South Africa. (Read here.)

³Department of Statistics, South Africa, Black Friday and shifts in consumer behaviour. (Read here).

⁴Statista. Percentage of consumers that purchased a Christmas gift during Black Friday promotions in South Africa in 2021. (Read here.)

⁵BusinessTech. The bleak truth about Black Friday in South Africa. (Read here.)

⁶PwC South Africa. Survey of South African consumers intentions to spend. (Read here.)

⁷Picodi. https://www.picodi.com/za/inspirations/black-friday. (Read here.)

Our Research Expert

Gracie Makowe

Gracie Makowe is a full-time personal finance writer with 10 years of experience and a Bachelor of Commerce in Financial Management from UNISA. Learn more.