MyLoan South Africa: How It Works, and Alternatives
MyLoan is one of the more visible loan comparison brands in South Africa. Here's what it actually is, based on its own published information, and how our own panel compares for people searching for alternatives.
Compare our own lendersWhat MyLoan actually is
By its own description, MyLoan is an online loan comparison tool rather than a lender — it states plainly that it is "not a credit provider" and that it "only work[s] with NCR-registered credit providers in South Africa." In that respect, its business model is structurally similar to ours: connect applicants to registered lenders, rather than lend directly.
MyLoan's own published information lists several loan categories, including personal loans, consolidation loans, short-term loans, payday loans, solar loans, mashonisa (informal lender) alternatives, and general cash loans. It states loan amounts ranging from R500 up to R500,000, over terms from 6 to 72 months, with lender interest rates described as ranging from roughly 11% up to a maximum of 28% per year. That's a considerably wider amount and term range than most of our own 14 lenders cover, weighted more toward the kind of multi-year, larger personal loan that only Creditum on our panel closely resembles.
How the application process typically works
Based on MyLoan's own published description, applying works broadly as you'd expect from a comparison platform: you submit one application detailing the amount and product you want along with your personal and income information, and that single submission is checked against multiple lender lenders' criteria at once, rather than you completing a separate form for each one. MyLoan's representative example — a R30,000 loan over 36 months at roughly R1,360 a month — illustrates the kind of medium-to-large, multi-year personal loan its model is generally built around, distinct from the smaller, days-to-weeks lending that makes up most of our own panel.
As with any comparison platform, it's worth being clear that MyLoan itself isn't the credit provider — whichever lender lender you're ultimately matched with is, and that's the entity whose NCR registration, rates, and terms actually govern your loan agreement.
How it compares to Lendable Marketplace's panel
The structural similarity is real — both MyLoan and Lendable Marketplace connect applicants to registered lenders rather than lending directly ourselves, and both are monetised through referral relationships rather than charging consumers a fee. The difference is mainly in scope and depth: MyLoan's published model spans a very wide range of South African credit products in one place, while our panel is a curated, smaller group of 14 lenders we've researched individually — some direct lenders with published NCR numbers, others matching services — concentrated more heavily in shorter-term, smaller-amount lending.
Neither structure is inherently better; they're suited to different needs. If your priority is comparing across a very broad range of South African credit products, including larger personal loans and consolidation products, MyLoan's stated scope covers that territory more directly than our panel does. If you're specifically looking for a smaller, shorter-notice amount and want to see individual lender facts (NCR numbers where published, exact amount ranges, and honest panel-fit notes) side by side, that's what this site is built around — including for the larger, longer-term amounts where MyLoan's scope overlaps with ours:
Our lenders closest to MyLoan's larger-amount territory
For amounts and terms closer to a traditional personal loan, these lenders overlap most with the kind of borrowing MyLoan's representative example describes.
Century
Creditum
Crezu
What to check regardless of which comparison site you use
Whichever comparison service you use, the same due diligence applies. Confirm the actual lender you're matched with is NCR-registered by checking their number at ncr.org.za. Read the full pre-agreement quotation before signing anything — a comparison site's headline rate range is indicative, not a guarantee of what you personally will be offered. And remember that the comparison service itself, whether that's MyLoan or Lendable Marketplace, isn't the credit provider — the entity you sign a credit agreement with is.
Frequently asked questions
Is MyLoan a lender?
No. By its own description, MyLoan is an online loan comparison tool, not a credit provider — it states it only works with NCR-registered credit providers and connects applicants to them, rather than lending directly itself.
What loan amounts does MyLoan cover?
Based on its own published information, MyLoan lists loans from R500 up to R500,000, over terms from 6 to 72 months, with lender interest rates from roughly 11% to 28% per year — a wider amount range than most of our panel, weighted toward personal-loan-sized borrowing rather than small short-term amounts.
Is MyLoan a lender of Lendable Marketplace?
No. MyLoan is not one of our 14 lenders, and we don't receive or pay referral fees related to MyLoan. This guide is independent editorial content comparing MyLoan's publicly stated model to our own panel, not a paid placement.
Should I use MyLoan or Lendable Marketplace?
They serve overlapping but not identical needs. If you specifically want a longer-term, larger personal loan compared across banks, MyLoan's stated model is built for that. If you're after a smaller, shorter-notice amount, our panel — including direct lenders like Century and Creditbar — is more concentrated in that range. Either way, always confirm current rates and terms directly with the provider you end up matched with.
Related guides
More on borrowing in South Africa, from the same series.
Does Capitec Offer Payday Loans?
What Capitec actually offers instead of a payday loan, and where to look if you need a smaller, shorter-term amount.
Other SA Lenders, ComparedCash Converters Payday Loans & Alternatives
What Cash Converters offers, a compliance concern worth knowing about, and how our panel compares.
Other SA Lenders, ComparedHippo Loans: How It Works & Alternatives
What Hippo is, how its comparison model works, and how our panel compares.
Or browse all 19 borrowing guides, compare our full lender panel, or read how we make money and who we are.