Myloan.co.za
Loan Comparison · 66 reviews
#23
Rank
5.6/10
Our Score
Pros & Cons
Advantages
- ✓ Wide term range from 1 day to 180 days gives you genuine flexibility
- ✓ R500 minimum means it works for small, specific needs without over-borrowing
- ✓ Comparison model lets you see multiple offers without multiple hard credit enquiries
- ✓ 35% per annum is at the lower end for short-term lending in South Africa
Disadvantages
- ✗ Ranked 23rd out of 37 providers we reviewed, so it's firmly mid-table
- ✗ No first loan free offer, which several competitors do provide
- ✗ Only 51 customer reviews collected, making it hard to build a confident picture
- ✗ Trust score of 5.6 out of 10 suggests inconsistent borrower experiences
- ✗ You're not borrowing directly from Myloan, so your actual experience depends on whichever lender you're matched with
About Myloan.co.za
If you need a few thousand rand fast and you've been searching around, Myloan.co.za probably showed up somewhere. It's a loan comparison platform operating in South Africa's short-term lending space, connecting borrowers with credit providers for amounts between R500 and R9,000. Terms run from a single day up to 180 days, which is more flexible than most lenders in this bracket.
That said, flexible doesn't automatically mean good. We looked at the rates, the customer feedback we collected, and how the platform actually performs before putting a number on it. There are better options out there if you qualify for them.
We gave Myloan.co.za a score of 5.6 out of 10, ranking it 23rd out of 37 providers we analysed. Decent for an emergency, but don't stop shopping.
How Does Myloan.co.za Work?
1. Fill in the online application form with your personal details, income information, and how much you want to borrow. The form takes about five to ten minutes.
2. Myloan.co.za matches your profile against available lenders in their network and presents you with offers.
3. You review the loan offers and choose the one that fits your situation. Read the full cost breakdown before accepting anything.
4. Accept an offer and submit your supporting documents, usually ID, bank statements, and proof of income.
5. Once approved, the lender transfers the funds directly to your bank account. Timing depends on the individual lender, but same-day or next-business-day payout is common for morning approvals.
Requirements
- Must be 18 years or older with a valid South African ID
- Proof of a regular income, whether salaried or self-employed
- 3 months of bank statements from your primary account
- A South African bank account that accepts electronic transfers
- Active South African mobile number and email address
- Proof of residence not older than 3 months
Who Is Myloan.co.za Best For?
Myloan.co.za suits someone who needs between R500 and R9,000 quickly and wants to see multiple offers in one place rather than applying to lenders one by one. It works best for people with some credit history, a stable income, and a specific short-term need like covering a car repair, a medical bill, or bridging a gap before payday.
Is Myloan.co.za Safe & Legit?
As a comparison platform, Myloan.co.za connects borrowers with registered credit providers who are required to comply with the National Credit Act. The NCA gives you rights around affordability assessments, clear cost disclosure, and access to debt counselling if you get into trouble. You should still verify that any lender you're matched with holds a current NCR registration number before you sign anything. Don't skip that step.
Registered Credit Provider (NCR)
Our Full Review
Let's be honest about what Myloan.co.za is. It's not a lender. It's a matchmaker. You come in with your details, it shows you what's available, and you pick. That model has real value if you're short on time and don't want to fill in ten separate applications. But it also means your experience isn't really about Myloan, it's about whoever ends up holding your loan.
The advertised rate is 35% per annum. That's actually reasonable for this category. On a loan of R5,000 over 90 days at 35% annually, you're looking at interest of roughly R430, bringing your total repayment to around R5,430 before any initiation fees or service charges. Those additional costs vary by lender, so always ask for the total cost of credit in rands, not just the rate.
The term range is one of the better features here. One day to 180 days is broader than most short-term lenders offer. If you only need R1,500 to cover something for two weeks, you're not being forced into a 90-day product with three times the interest.
So what do customers actually say? Based on the 51 reviews we collected, sentiment is mixed. A common theme is that the comparison process works but that some users felt unclear about which lender they ended up with or found the final terms different from what they expected at the start. Not a disaster, but enough to keep the trust score at 5.6.
Application is online and reasonably quick. Payout depends on the matched lender, but most same-day approvals before noon result in funds arriving the same day or by the next morning.
The verdict? Myloan.co.za is a functional, middle-of-the-road option. If you've already checked the lenders ranked above it on our list and didn't qualify, it's worth a try. But it shouldn't be your first stop.
User Reviews (66)
Average rating: 4.3/5
Given wrong amount o...
Given wrong amount of money.. Was surprised to see u have reached the loan amount of R500. But thnks anyway
It was a 8/10 experi...
It was a 8/10 experience very helpful even though I can't go through other platforms
Wow I've never been so impressed by the service I got from Shane, he was able to assist me very well without any problems when I didn't answer he was there to guide me through out
Wow I've never been so impressed by the service I got from Shane, he was able to assist me very well without any problems when I didn't answer he was there to guide me through out. May God bless you with many more blessings Shane and very change ❤️❤️❤️
I ve n appreciate my...
I ve n appreciate myoan I woukd ike to use your service you rendered once again 🙏🙏🙏
The experience was q...
The experience was quick and convenient and very professional I rate the services 10 of 10🤞🏻
It's as good as I th...
It's as good as I thought it would be honestly am happy about u service
I wanted loan that i can pay for three months
I wanted loan that i can pay for three months. Still i received a smaller amount than i expected.
You're the best and ...
You're the best and know are the rock star ✨
It was more convenie...
It was more convenient and am happy to choose you
Good company with pa...
Good company with passion and I appreciated the way you help very quick and more special the FASTA ,I hope we will work together for the long time big ups
The service is excel...
The service is excellent and convenient, and it helps a lot when you are left with little to no options on a quick loan
You give me a small ...
You give me a small amount of loan that I didn't even I app**** for
It's fast n good ser...
It's fast n good service Can you please help me because lastime i have made mistake through the loan
You guys are the bes...
You guys are the best and thank you for solving my problems I'm just waiting for the money to reflect now thank you so much keep up your good work
Never thought I'll get a loan,but you helped me
Never thought I'll get a loan,but you helped me.thank you guys
I've been took a loa...
I've been took a loan and I'm done to pay it
Possible identity theft
My loan sent me an email to say I app**** for a loan on the 4th of December. I never did. It is scaring me.Is this *****? I haven't received any response. Sent numerous mails.
I was speechless and...
I was speechless and suprised cause i know that i was having financial difficulties and i go through because of My loan,,
I have a very good experience with my loan
I have a very good experience with my loan. Co. Za
I am 100% satisfied ...
I am 100% satisfied with Bantu's service..he's doing great job so understanding, calm , honest and explained everything to me...I am happy with his service
Showing 20 of 66 reviews
Contact Myloan.co.za
Website: https://MyLoan.co.za
MyLoan helps South Africans find and compare the best online loans. Connect with trusted, licensed lenders to meet your temporary cash needs quickly, safely, and for free. Fulfill your dreams or overcome challenges with our service.
Frequently Asked Questions
How much can I borrow from Myloan.co.za?
You can borrow between R500 and R9,000. The amount you're actually approved for depends on your income, credit profile, and the lenders available in their network at the time you apply.
What interest rate does Myloan.co.za charge?
The advertised rate is 35% per annum. That's at the lower end for South African short-term lending, though you'll also want to check for initiation fees and monthly service fees, which can affect the total cost meaningfully. Always ask for the total repayment amount in rands.
How fast does Myloan.co.za pay out?
Payout speed depends on the lender you're matched with, not Myloan itself. Most lenders in this space pay out on the same day for applications approved before midday on a business day, or by the next morning otherwise.
Is Myloan.co.za registered with the NCR?
Myloan.co.za operates as a comparison platform. The individual lenders you're matched through should hold NCR registration under the National Credit Act. Always confirm the NCR registration number of the actual lender before you sign a loan agreement.
Can I get a Myloan.co.za loan with bad credit?
Possibly. Because Myloan connects you to multiple lenders, some of those lenders may be more flexible on credit history than others. That said, very poor credit will reduce your options and may result in higher rates or lower approved amounts. Don't expect a guaranteed approval if your credit record is seriously impaired.
What documents do I need?
You'll typically need a valid South African ID, your three most recent bank statements, proof of income, proof of residence not older than three months, and an active South African bank account. Having these ready before you start speeds things up.