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.

R60,000 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.

 

R60,000 Loans in South Africa

Life can be unpredictable, and sometimes we need a little financial help to get through rough patches. Fortunately, taking out a loan can provide the financial support you need to move forward. In South Africa, there are many options available for R60,000 loans. However, with so many lenders and loan terms, it can be challenging to navigate the process and find the best deal for you. That’s where we come in. In this article, we’ll be exploring the options for R60,000 loans in South Africa and comparing the various lenders and loan terms available. By the end, you’ll have the information you need to make an informed decision and get the financial support you need to move forward. Let’s dive in!

Types of loans available for R60,000

When it comes to borrowing money, there are various types of loans available in South Africa. The most common include personal loans, payday loans, and debt consolidation loans.

Personal loans are unsecured loans that can be used for a wide range of purposes, such as home repairs, medical bills, or debt consolidation. They usually have fixed interest rates and repayment terms ranging from 12 to 72 months.

Payday loans are a type of short-term loan designed to help you cover unexpected expenses until your next payday. They are usually due in full within a month or less and have high-interest rates and fees.

Debt consolidation loans are designed to help you consolidate multiple debts into a single monthly payment. They can be secured or unsecured, and the interest rates and repayment terms vary depending on the lender.

Eligibility requirements for R60,000 loans

To qualify for a loan, you’ll need to meet certain eligibility requirements. These requirements vary depending on the lender and the type of loan you’re applying for. However, some common requirements include:

  • Being a South African citizen or permanent resident
  • Being at least 18 years old
  • Having a valid South African ID
  • Having a bank account
  • Having a regular income

Keep in mind that each lender may have additional requirements, such as a minimum credit score or a certain level of income. Be sure to check the eligibility requirements for each lender before applying.

Documents required for R60,000 loan application

When applying for a loan, you’ll need to provide certain documents to verify your identity and income. These documents may include:

  • Your South African ID
  • Proof of income, such as payslips or bank statements
  • Proof of residence, such as a utility bill or lease agreement
  • Bank statements for the past three to six months

Each lender may have different document requirements, so be sure to check with them before applying.

How to apply for a R60,000 loan

Once you’ve compared your options and found a lender that meets your needs, it’s time to apply for the loan. Most lenders offer online applications, which can be completed in a matter of minutes.

To apply for a loan, you’ll typically need to provide personal and financial information, such as your name, address, income, and expenses. You’ll also need to provide the required documents to verify your identity and income.

After submitting your application, the lender will review your information and determine whether you qualify for the loan. If approved, you’ll receive the funds in your bank account within a few days.

Managing your R60,000 loan repayments

Once you’ve taken out a loan, it’s essential to manage your repayments responsibly to avoid damaging your credit score and falling into debt. Here are some tips to help you manage your loan repayments:

  • Set up automatic payments to ensure you never miss a payment
  • Create a budget to ensure you can afford the monthly repayments
  • Avoid taking on additional debt while repaying the loan
  • Contact your lender if you’re having trouble making payments to discuss your options

Conclusion and final thoughts

Taking out a R60,000 loan in South Africa can be a helpful solution for getting through a tough time, but it’s essential to compare your options and choose a lender that meets your needs. Be sure to weigh the pros and cons, check the eligibility requirements, and manage your repayments responsibly to avoid damaging your credit score and falling into debt. With the right lender and responsible management, a loan can provide the financial support you need to move forward.

You might also be interested in:

Low APR LoansSalary Advance LoansLoans for Good CreditDebt Consolidation LoansR30,000 LoanLoans for Starting a BusinessMotorbike LoansCo-signed and joint loansProperty bridging loansNew LoanNo Guarantor LoansAuto Refinance LoansR150,000 LoanAsset-based LoansLoans for Building a HouseLoans for bad credit
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.
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.
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.
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.