You can save time and money by using a loan comparison service like MyLoan South Africa. MyLoan.co.za offers a quick way for South Africans to get offers from multiple lenders all at once, with just one application.

You can then compare these offers to decide which option works for you. Discover more about how it works with our in-depth MyLoan personal loans review.

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WHO IS MyLoan?

MyLoan South Africa is an independent financial services group that connects consumers with financial products. It’s owned by the Avica Group (Leads Clinic) and based in Finland. This online loan broker has partnered with top South African banks and lenders to help you find and compare the best loans available on the market.

KEY FEATURES

• Loan amounts from R100 to R350,000.
• Loan terms from two to 72 months (7 years).
• Personalized interest rates based on your credit score.
• Loan offers vary based on the lender.

REPRESENTATIVE EXAMPLE

Estimated repayments for a loan of R30,000 over 36 months (3 years) at the maximum interest rate plus fees (27.5% APR) would be R1232.82 monthly. 

The estimated total cost of your loan would then be R44,381.52. Keep in mind that this is the maximum interest rate. If your credit score is healthier, you’ll likely get a lower interest rate, which reduces the total cost of the loan.

PROS

✔️ The service is 100% free to use.

✔️ Compare multiple pre-approved offers at once.

✔️ Wide range of lenders and loan types available.

✔️ You can choose to accept or decline loan offers.

CONS

❌ The company is not a direct lender and can’t guarantee approval.

WHY WE LIKE IT

MyLoan only partners with NCR-certified lenders. Legitimate lenders must register with the National Credit Regulator and adhere to its regulations. As a borrower, it’s safer to deal with reputable and registered credit providers that practice responsible lending practices. 

SUMMARY

MyLoan offers a free, safe, and convenient environment where South Africans can find and compare loans in one place.

MYLOAN IS BEST FOR YOU IF YOU:

• Are interested in finding the right loan with just one application.
• Want to compare multiple loans at the same time.
• Are looking for a loan-finding service that can accommodate borrowers with a wide range of needs and qualifications.

Full MyLoan South Africa Review

Learn more details about this lender before applying.

Pros Explained

No fees to use the service

You can access this free loan finding and comparison service anytime, anywhere. So, there’s no cost barrier to applying. The company earns commission from lender partners when you apply via the online platform.

Get multiple loan offers with one application

The biggest advantage of using this service is that you can reach out to different lenders for quotes with a single application. Once you receive digital offers from up to 10 or 11 banks, you can easily compare personal loan rates and terms on your phone. 

MyLoan has partnered with many popular, top South African lenders. The list includes:

• African Bank
• Lime Loans
• Wonga
• Mpowa Finance
• RCS
• FASTA
• Sunshine Loans
• Finchoice
• Unifi Loans
• Sanlam
• And more

These are all registered and legitimate credit providers with the appropriate moneylending licences. 

Wide range of lending options

Since MyLoan has a lot of lending partners, this gives you access to a wide range of loan options. The credit provider partners offer loans of almost any size, with loan amounts ranging from as low as R100 up to R3 50,000 and repayment periods of 2-72 months. 

Some of the lending partners also welcome borrowers from various credit score categories, including bad credit borrowers or borrowers who are still building credit.

Loan offers are non-binding

When you get loan offers, it’s up to you to decide whether to decline or accept a particular offer. MyLoan works to find you the best available offer, but there’s no obligation to take out a loan if you feel it doesn’t suit your needs. Therefore, there’s no risk to borrowers.

Cons Explained 

MyLoan is not a direct lender

One thing to keep in mind is that MyLoan is not a credit provider, so you can’t get money from it. Instead, it’s an online service that connects you, the borrower, to various lenders. The company cannot guarantee approval or promise that you’ll get offers if you don’t qualify.

How Does MyLoan Work?

When you apply, MyLoan contacts banks and other lenders on your behalf to get loan offers that match your profile. You’ll likely get many offers if you’re a low-risk borrower with a healthy credit score and a good track record. 

There’s no one-size-fits-all answer when it comes to the details of the loan offers. It all depends on the lenders, especially where the interest rate is concerned. MyLoan cannot promise you in advance what the interest rate will be. 

You’ll find all the relevant details in the loan offers you receive. It’s important to compare offers carefully before you sign any loan agreement so you know what you’re getting into. For example, besides differences in interest rates, some lenders allow early repayments while others penalize you for this. 

If your application is not successful, you can reapply after 30 days. Hopefully, your situation as a borrower will have changed for the better.

What Types of Loans Are Available?

MyLoan’s current partners offer a wide range of loans, including:

• Personal loans
• Debt consolidation loans
• Payday loans
• Short term loans
• Solar loans
• Mashonisa loan alternatives
• Urgent cash loans

Get Debt Solutions Through MyLoan

MyLoan has also partnered with South African companies like DebtBusters and Finwell Legal Services. DebtBusters offers a range of debt solutions, including the following:

• Debt Consolidation – Combine multiple debts into one and unlock a more affordable repayment.
• Debt Counselling – If you’re stressed by debt, you can undergo debt review and get the support you need to rearrange repayments and save money.
• Credit Monitoring – Know what’s happening with your credit report and score at all times.

DebtBusters also offers debt management, debt settlement, and debt solutions for the workplace. 

Similarly, Finwell Legal Services is a debt mediation/negotiation company offering services like debt review cancellation. Finwell advertises that its debt mediation services don’t affect your credit score negatively.

Is MyLoan a Safe and Trusted Option?

Yes, MyLoan South Africa is a legitimate financial service company recognized in the fintech world. It’s not a lender, but a free comparison platform that helps people find the right loan option. 

According to the company, all the links it provides are safe to follow when it’s time to finalize your online application on the lender’s site. In addition, the service advertises that security is an important factor in its mission to find the best available loan offers for applicants. 

How to Apply for a Loan With MyLoan

Getting a loan involves three simple steps and only takes 5-8 minutes. You should be able to qualify if you meet general requirements, although some lenders may require more documentation than others.

What You Need to Qualify

• Be over 18 years old.
• Have a valid South African ID.
• Provide proof of income (latest payslips and bank statements).
• Your current employment should have lasted for more than 3 months.
• Your loan should not be more than 8 or 10 times larger than your monthly income, depending on the lender.

MyLoan Application Process 

Step 1: Get loan offers. Simply fill out the application form to get a list of available loan offers in seconds.

Step 2: Choose a loan offer. Once you compare loan offers, go ahead and choose the best option for you.

Step 3: Get money in your bank account. When you accept an offer, the chosen lender will communicate the next steps to finalize your application. Once this is done, you’ll get the money in your bank account.

MyLoan Contact Details

📌 Address. MyLoan.co.za / Avica Group 7th Floor, Mandela Rhodes Place, Corner Wale Street and Burg Street, Cape Town, 8000.

📌 Email. customersupport@MyLoan.co.za

Other Companies Like MyLoan

There are a few alternatives to consider if you’re looking for companies that offer the same service:

• Arcadia Finance. This company helps you search for loans from different banks and lenders. You only need to submit a single application to get multiple offers. (Read Review)
• Fincheck. This is a financial comparisons website where you can apply in under two minutes to get multiple offers. (Read Review)
• Moneyshop. This is a loan matchmaking service that helps South Africans find the right loan at the right time. (Read Review)

» EXPLORE MORE LENDERS

Frequently Asked Questions

Watch Video: How to Compare Personal Loans

Our Research Expert

Gracie Makowe

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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.