Guiding consumers since 2009

Personal Loans

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A personal loan can be used for a variety of things, such as paying school fees or to pay for home renovations. These loans are best suited for people who need instant access to money.

As it is an unsecured loan, the interest rate on a personal loan is generally higher than the interest rate on a secured loan, such as vehicle finance. The loan repayment will be carried out over a set agreed timeframe, with applicable interest and fees included in the installments.

Only get a personal loan if you know you can make the repayments. If you are looking at a personal loan because you are struggling to pay off other debts, then debt consolidation or debt management might be more suitable.

If you have any questions about personal loans, ask our expert.

Guides

The guide below helps explain personal loans. If you still have questions after reading the guide, ask our loans expert or you can also visit our FAQ page.

Featured Check the interest before you take a loan

Justmoney takes a look at what influences the interest rate on a personal loan, the difference between secured and unsecured loans, and its impact on the interest rate.

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Penalties for paying off your personal loan early

When you receive an inheritance or win the lottery, you might consider paying off the personal loan you took out to consolidate your debt. But you may quickly find out you will have to pay more because of early settlement penalties.