Frequently Asked Questions
Imibuzo Evame Ukubuzwa | Imibuzo Eqhelekileyo | Gereelde Vrae
Everything you need to know about getting a loan in South Africa
Frequently Asked Questions
Imibuzo Evame Ukubuzwa | Imibuzo Eqhelekileyo | Gereelde Vrae
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Start Your Application →Understanding Loans in South Africa
What is a personal loan?
A personal loan (persoonlike lening, imali ebolekiwe, imali-mboleko) is an unsecured loan that allows you to borrow money for any purpose. Unlike a mortgage or car loan, you don't need to provide collateral. The loan is based on your income and creditworthiness.
How does the application process work?
When you apply through LoanHunters, we act as a broker between you and our partner lenders. We submit your application to the lender most likely to approve you based on your profile. This increases your chances of approval and saves you time from applying to multiple lenders individually.
What affects loan approval?
Lenders consider several factors including your monthly income and employment stability, your existing debt obligations, your credit history and payment record, your affordability to comfortably repay the loan, and whether you're under debt review or administration.
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