A credit provider is a bank or non-bank institution offering loans or credit to individuals. Alongside the major South African banks, the market includes a number of specialist credit providers focused on personal loans and debt consolidation, all required to register with the National Credit Regulator (NCR).
Terms vary between credit providers: loan amount, interest rate, initiation fee, monthly service fee and term are all set individually following an affordability assessment, as required by the National Credit Act 34 of 2005. That's why the total cost of credit — not a headline "from" rate — is the most reliable figure for comparing what a loan will actually cost you.
Before choosing a provider, it's worth checking the interest rate, the example repayment, the total repayment amount and the terms for early settlement. Any firm offering credit in South Africa should be registered with the NCR — you can verify a provider's registration status on the NCR's website before you apply.
Below is a selection of credit providers active in the South African market.