Join thousands of South Africans
* These numbers are accurate as of 30 January 2020. These numbers are combined numbers from the Olico Group who own and operate MoneyShop.
How we work and what we do
Using artificial intelligence, we match the right lending, insurance and investment products to the right people at the right time.
- Your trusted money partner
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How to: Apply for a loan from MoneyShop
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Frequently asked questions
Interest and loan size will vary from provider to provider. Our loans are broadly categorised into:
- Typical terms: 12-72 Months
- Typical interest rate (APR): Between prime and 27.5% per year
- Typical loan sizes: R10,000-R250,000
Short term loans
- Typical terms: 2-6 Months
- Typical interest rate (APR): Between prime 3% and 5% per month (36-60%)
- Typical loan sizes: R1,000-R8,000
If you are shopping for a loan you have 2 options:
- Apply for a personal loan. We will do all the heavy lifting and find the right loan for you.
- Get a free credit report. We do a full analysis of your risk profile and give you detailed information (based on your profile) of which lenders are likely to give you a loan and also what typical loan sizes people like you typically receive.
In order to qualify for a personal loan you will need to have the following:
- A South African ID
- A minimum income of R4,000 per month
- You will also need to pass a credit check.
- You must not be undergoing debt counselling
No, MoneyShop is not a loan provider. We simply find the best loan suited to your profile with SA’s top loan providers. We have partnered with SA’s top insurers and personal loan providers to make your online application process for financial services – such as loans, funeral plans, car and home insurance and hospital cover quick and easy! Best of all, our service is free!
Short answer: Maybe, but it depends on how ‘bad’ the blacklisting is.
Long answer: Technically there is no such thing as a ‘blacklisting’. It is a term that is used to cover a whole range of different negative indicators on your credit report. So lets break those down:
- Missed a few payments / Bounced debit order. Missing a few payments on its own wouldn’t disqualify you from getting a loan. But it would depend on the ‘badness’ of those missed payments. For example, missing one or 2 payments for a month or 2 is not the end of the world and you will probably still be eligible for a loan – all be it at maybe a higher interest rate.
- Going beyond 60-90 days on repayments. If you go heavily into arrears on the bulk of your account payments (especially if you are still in arrears). This could disqualify you from getting access to credit.
- Judgements. A judgement is a where a court has declared you owe money to a company. Like with missed payments, having a judgement on it’s own is not necessarily going to disqualify you from getting a loan. It depends on the ‘badness’ of the judgement. Which usually means if it is a large judgement (say more then R10,000) or a recent judgement (say in the last 2 years) then you are unlikely to get credit. But small and/or old judgements usually will not disqualify you on their own.
- Debt counseling. It is illegal to lend to someone who is going through debt counseling in South Africa. As such, this will disqualify you from getting any more credit.
If you are unsure what you credit profile looks like we highly recommend you get a free credit report now. This is your start to financial fitness.