Expect to get your money more quickly with an unsecured loan than with a secured loan, which may require additional documents such as proof of title for a car. Borrowers with excellent credit scores (720 to 850 FICO) may qualify for rates as low as those on secured loans.

What is the maximum you can borrow on an unsecured loan?

£25,000
Personal Loans – Personal loans, also known as unsecured loans, are loans where your borrowing is based on your personal credit rating. You can borrow up to £25,000 and the maximum amount of time for repaying the loan is 10 years.

What are the terms of an unsecured personal loan?

When completing your application, you’ll also need to list how much you want to borrow and choose your loan term. Unsecured personal loans offer varying amounts, usually between $1,000 and $50,000. Loan terms usually vary between one and seven years.

What do I need to get an unsecured personal loan?

Typically, to get an unsecured personal loan you’ll need to meet a range of eligibility criteria set by the lenders. Proof of income such as pay stubs or bank account statements. Proof of employment. Good credit — FICO score of 680 or higher — and be able to provide proof that you can pay off the loan. Proof of identity. At least 18 years of age.

What are fees for unsecured loans in South Africa?

For more information regarding fees click on “View fees & additional info +” for each product or contact the provider. Unsecured loans offer an option to take care of personal expenses that may take us unexpectedly. South African lenders offer a variety of loan options that could help you to meet these expenses.

Are there high interest rates on unsecured personal loans?

But because unsecured personal loans don’t require collateral, interest rates can be high and dependent on the quality of your credit. For these reasons, it’s important to think about your needs and credit profile when assessing if an unsecured loan is right for you.