MyLoan review: how it works and alternatives
MyLoan is a free loan comparison service, not a lender. Here is what it offers, how it works, and similar providers you can compare.
Compare similar providersWhat MyLoan offers
MyLoan (myloan.co.za) is an online loan comparison service. It says it is “not a credit provider”. You fill in one form and MyLoan asks partner lenders for offers.
The lender you choose gives you the loan and signs the agreement with you. MyLoan says it only works with NCR-registered credit providers.
MyLoan says the service is free. It earns a fee from its partners, not from you.
| Company | Avica Group (company number 3125532-1), 50 Long Street, Cape Town |
|---|---|
| NCR registration | None. MyLoan is a comparison service, not a credit provider. Check the NCR number of the lender you choose. |
| Products | Compares personal loans, consolidation loans, short-term loans, payday loans, solar loans and cash loans |
| Amounts | R500 – R500,000 |
| Terms | 6 – 72 months |
| Costs as published | Free to use. Lenders set the rate. MyLoan says rates start “as low as 11%”, up to 28% a year. |
| MyLoan's example | R30,000 over 36 months at 28% a year costs about R1,360 a month. This includes an initiation fee and monthly service fees. |
| Speed (their words) | “Get loan offers in seconds” |
What MyLoan asks for
- You must be 18 or older.
- Lenders may ask for your ID, proof of income and proof of employment.
- Give correct salary and employment details, as lenders check them.
From MyLoan’s own website, checked October 2026.
How MyLoan works
- Choose the amount and loan type, then fill in one online form.
- MyLoan sends your details to its partner lenders and collects offers.
- Compare the offers. MyLoan says the rate and terms are shown after you get an offer.
- If you accept one, you finish the application with that lender and sign its agreement.
MyLoan’s terms say it may also share your details with “affiliated partners” for marketing. If you are declined, MyLoan says you can reapply 30 days after your first application.
MyLoan and Lendable Marketplace
MyLoan is not a provider we link to directly.
However, two of our partners, Arcadia Finance and Creditum, say they forward applications to Myloan.co.za. If you apply through either of them, your details may reach MyLoan and its lenders. We may earn a commission when you apply through Arcadia Finance or Creditum.
If you have already applied on MyLoan, applying through Arcadia Finance or Creditum may reach the same lenders. Choose one route rather than all three.
Providers similar to MyLoan
These loan-matching services cover similar amounts and terms. Arcadia Finance and Creditum say they forward applications to Myloan.co.za. Crezu and MoneyHello work with their own lender networks.
We may earn a commission if you apply through these links. It doesn't change what you pay. How we make money.
How to choose
- Check the provider's NCR number on the NCR register. A loan-matching service must tell you which lender you'll sign with.
- Compare the total amount you will repay, in rand, not only the interest rate.
- On short-term loans, a first loan may cost at most 5% interest a month. Later short-term loans in the same year are capped at 3%.
- The initiation fee is capped at R165 plus 10% of the amount above R1,000, up to R1,050. It can never be more than 15% of the loan. The service fee is capped at R60 a month. VAT is added to both. See our responsible lending page.
- Apply to one or two providers at a time. Many applications in a short period can hurt your credit score.
- Already struggling with repayments? Talk to a registered debt counsellor before you borrow more.
MyLoan — frequently asked questions
Is MyLoan a lender?
No. MyLoan says it is "an online loan comparison tool and not a credit provider". The lender you choose gives you the loan. Check that lender's NCR number before you sign.
How much can I borrow through MyLoan?
MyLoan lists loans from R500 to R500,000, over 6 to 72 months. The lender decides how much you qualify for after an affordability check.
Does MyLoan charge a fee?
MyLoan says its service is free to use. It earns a fee from its partners. Lenders charge interest, an initiation fee and a monthly service fee.
Is MyLoan linked to Lendable Marketplace?
Not directly. We don't link to MyLoan. But two of our partners, Arcadia Finance and Creditum, say they forward applications to Myloan.co.za. We may earn a commission if you apply through them.
What if MyLoan declines me?
MyLoan says you can reapply 30 days after your first application. Check your credit report in the meantime. Avoid sending many applications at once.
Sources
- MyLoan homepage
- MyLoan FAQ
- MyLoan terms
- Arcadia Finance privacy policy (names Myloan.co.za)
- Creditum terms of use (names Myloan.co.za)
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