Sanlam Personal Loans offer South Africans the flexibility to borrow from R5,000 to R350,000 with terms of 12 to 84 months. The interest rate is fixed based on your credit profile, ranging between 16% and 28%. Notably, approved applicants could access funds within 24 hours, once all documents are provided. There are also added benefits like earning up to 10% of the loan amount back in Wealth Bonus rewards and an annual competition to win a dream car for loan clients.

How to Apply: Step by Step

1. Choose your loan amount in R1,000 increments, between R5,000 and R350,000.
2. Select your repayment term from 12 to 84 months.
3. Provide proof of South African ID and address, and three months’ payslips or bank statements.
4. Complete the application online or via an expert.
5. Wait for approval and funds could be paid out within 24 hours.

Pros of Sanlam Personal Loans

One major advantage is the highly flexible repayment periods, accommodating various financial needs by allowing up to 84 months to pay off the loan.

Additionally, the Wealth Bonus rewards are a unique feature that lets you earn up to 10% of your loan value, making the offer more appealing for responsible borrowers.

Having no collateral requirements and a fixed interest rate provide both peace of mind and predictability for your monthly budgeting.

Cons to Consider

Interest rates could be high, particularly for those with lower credit scores, with maximum APRs going up to 27.29%.

The initiation fee and monthly admin fee (R1,207.50 and R69, respectively) add to the total cost of the loan.

Verdict

Sanlam Personal Loans are recommended for those seeking larger borrowing amounts, long repayment flexibility, and added reward incentives. However, always review your credit status and evaluate total costs before deciding.