Got questions? Good.

Frequently asked questions

Everything we get asked most often — answered plainly. Still need help? Get in touch.

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Applying for a loan

Getting started

How do I apply for a loan?+
Just complete our free online application form. It takes about 5 minutes and asks for your basic personal details, income, bank, and the loan amount you need. Once submitted, your application is matched to the accredited lenders in our panel who best suit your profile.
What do I need to apply?+
You need to be 18 or older, have a valid South African ID (green ID book or smart card), and have an active South African bank account in your name. That’s it — no paperwork or documents need to be uploaded to submit your application.
How fast will I receive my money?+
Many clients receive funds the same day they apply. Once you accept a lender’s offer, funds are transferred directly to your bank account. Timing depends on your bank and the time of day — morning applications typically result in same-day payouts.
How much can I borrow?+
Our lender panel offers loans from R1,000 up to R250,000, with terms from 6 to 60 months. The amount you’ll actually be approved for depends on your income, credit history and each lender’s criteria.
Do I need a good credit score?+
No minimum credit score is required to submit your application. We work with a wide network of lenders who consider a range of financial profiles, so even if you have a poor credit history you may still qualify. Submitting the application itself does not affect your credit score.
Lenders & fees

Who we are, how we’re paid

Is 247 Loans a direct lender?+
No — 247 Loans is a cash loan finder service, not a direct lender. We connect you with accredited lenders in our network who compete for your application. This means you may receive multiple offers, giving you the power to choose the best deal for your situation.
How much does 247 Loans cost me to use?+
Nothing. Our service is 100% free for consumers. We’re paid a small commission by lenders when they successfully match with an applicant — it works like a marketing cost for them. You’ll never be billed by 247 Loans for anything.
Which lenders do you work with?+
Our panel includes leading NCR-accredited South African lenders such as African Bank, Capitec, Nedbank, Standard Bank, RCS, Bayport and Wonga, amongst others. Each lender has its own credit criteria, so being matched with one depends on your profile.
What interest rate (APR) will I pay?+
247 Loans doesn’t set rates — each lender does. Rates vary by amount, term, and your credit profile. As a representative example: a R10,000 loan over 24 months at 27% APR with a R78.90 monthly service fee totals R14,787.05 repayable. Your actual offer will be based on the lender’s assessment.
What if I can’t understand a loan agreement?+
Do not sign anything you don’t fully understand. Insist on a clear explanation of all terms, fees, payment schedules, and what happens if you miss a payment. Under the National Credit Act, your lender is legally required to explain the agreement in plain language.
Safety & compliance

Your data, your rights

Is my personal information safe?+
Yes. All data you submit is protected with 256-bit SSL encryption, and we handle it in full compliance with POPIA (the Protection of Personal Information Act). Your details are only ever shared with the lenders you’ve consented to be matched with. Read our full Privacy Policy.
Will a credit check affect my score?+
Submitting your application through 247 Loans will not affect your credit score. If you accept a specific lender’s offer, that lender may then run a full affordability check, which is standard for any South African credit agreement.
How do I opt out of marketing?+
Every marketing email from 247 Loans contains an unsubscribe link at the bottom. You can also register for the DMA national opt-out database at dmasa.org under the Consumer Protection Act No. 68 of 2008.
What if I want to make a complaint?+
Email us at info@247loans.co.za and we’ll aim to resolve your complaint as quickly as possible. For complaints against a lender directly, you can also contact the National Credit Regulator (NCR) at ncr.org.za.

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