MyLoan

MyLoan, online loan comparison service for the South African market

MyLoan is a digital loan comparison tool aimed at consumers in South Africa. The platform allows users to submit a single application and receive pre-approved loan offers from various credit providers, with the goal of helping users compare alternatives before deciding. The company presents itself as an independent service, free from lender influence, and states that its compensation comes from commissions on loans that are actually disbursed.

Loan products and types compared

The comparison catalogue covers several credit categories:

• Payday loans
• Personal loans
• Debt consolidation loans
• Solar loans
• Short term loans
• Mashonisa loans
• Cash loans

The website also organises quick links by specific amounts, from 500 to 250,000 rand.

How the comparison process works

The service is structured in three steps. First, the user completes the comparison form and receives a list of available offers. Then, they compare those offers and choose the one that suits them best. Finally, they finalise the application with the chosen provider and receive the requested money. According to the company, the process usually takes seconds and the offers are non-binding, so the applicant remains in control at all times.

Amounts, terms and reference conditions

The platform states that it allows users to apply for up to 500,000 rand, with a range of amounts starting at 500 rand. The published representative example indicates that a loan of 30,000 rand over 36 months, with a maximum annual interest rate of 28%, would mean an estimated monthly repayment of 1,360 rand, including an initiation fee and monthly service fees. The company adds that rates charged by providers may start as low as 11% and that repayment terms range from 6 to 72 months.

Partner providers and business model

MyLoan works exclusively with credit providers registered with South Africa's National Credit Regulator (NCR). The company defines itself as a comparison service and not as a lender. Its service is free for the applicant and is funded through commissions from disbursed loans, a model that, according to its presentation, guarantees neutrality towards lenders. For providers interested in joining its partner panel, the company provides a specific contact email.

Editorial content and resources for applicants

The site maintains a blog with articles focused on applying for credit and analysing providers. Topics published include recommendations before applying for a loan, reviews of lenders such as African Bank and Bayport, the use of loans during Black Friday, the benefits of personal loan borrowing, and guides on how to apply for temporary or personal loans with providers such as Capitec Bank and FNB.

Corporate structure and location

MyLoan operates under Avica Group and its registered address is 50 Long Street, Cape Town, 8000, South Africa. The company serves its users via customersupport@myloan.co.za.

Location and contact

50 Long Street, Cape Town 8000, South Africa · Email: customersupport@myloan.co.za