Frequently Asked Questions

If you do not find your answer below, you are welcome to visit our contact page and leave us a message and we will aim to get back to you promptly


How do I apply for a LoanHut loan?

Compare all loan options from the panel of lenders displayed on our site and select the option that best suits your requirements. When you click on your chosen lender, you will be diverted directly to their website where you will be required to complete their application form. On most occasions you may be able to get a lending decision within minutes without the need for any paperwork. If approved, the lender will contact you directly to make arrangements to have your funds transferred to you. Once you have received your loan you will need to start repayment (as per your loan agreement.)

How much may I ask for or borrow?

The amount you qualify for really depends on your criteria. Your circumstances may affect the lender's choice, but each loan ranges from R1,000 - R200,000.

What can the loan be used for?

There are no restrictions on what you can use your loan for, however, we encourage you to only take out a loan for the sake of emergencies and essentials.

When can I expect the loan money in my bank account?

Once your loan has been approved and you have accepted it, the funds should be in your bank account from as little as a few hours to a few days, depending on the lenders terms.

What is qualifying criteria for a LoanHut loan?

Should you meet the following criteria, you should be eligible for a loan:

  • You are 18 or older
  • You are employed full-time
  • You earn a minimum of R1,000 per month
  • You have no serious defaults on your credit profile

In most cases it is essential that you have a bank account that can accept debit orders, and that our lenders are able to prove your identity and employment.

Can I apply for more than one LoanHut loan?

Applying for more than one loan may put you at risk of not being able to repay your debt and it is for this reason that we advise against this. Lenders will require you to pay off your existing loan before they will be willing to approve another one for you. It is important that you only borrow an amount that you can afford to payback.

Do you use a credit referencing agency, or credit scoring?

Our lenders will assess all applications in a number of ways. This usually includes checking your credit profile with fraud prevention companies or agencies.Our lenders will also assess whether you have the ability to repay your loan before making a decision to approve your application.

What causes your APR to be high?

It is good practice for all brokers and lenders to disclose the annual percentage rate (APR) when advertising credit products. Short-term loans are usually provided for a period of three to eighteen months,however the APR is calculated and based on a fixed amount of interest that needs to be paid annually.

How soon will I need to repay the loan?

Terms and conditions may vary depending on the lender, as well as your circumstances. Typically, small loan amounts will require a payment 28 days after you receive the money into your account, while larger amounts could be repaid over a longer period. While it may be possible in some instances to extend a repayment period, we urge you to consider the risks in doing this as a short-term loan is designed to be repaid over a short period.

How do I repay the actual loan?

Payment is taken automatically from your bank account on a pre-agreed date via a debit order arrangement that you will have agreed with the lender. Any late or non-payments towards your loan will incur penalty charges and additional interest.

Are my credentials and information secure when applying for an online loan?

Some lenders use CPA (continuous payment authority) to retrieve payment. This means that you authorise the lender to withdraw the funds from your bank account. They can also make multiple attempts to withdraw the money if it is not available. If you want to cancel your CPA, you can do this by contacting the lender or by contacting your bank and requesting a cancellation.

Is the information I submit when applying for a loan secure?

Yes, rest assured your information and personal details are kept safe and confidential when applying directly on a lender’s site. We only deal with reputable lenders who are licensed by the National Credit Regulator (NCR) and who abide by data protection laws. It must be noted that LoanHut only provides a loan comparison service and is not a lender, and therefore does not hold any of your personal information.

I can’t make a payment, what do I do?

Before applying for a loan, it isvery importantto make sure you are able to repay the agreed amount on the agreed date. If you find that your circumstances have changed and are unable to make the repayment, it is imperative that you contact the lender directly and promptly, in order to discuss ways in which they can help you. If you know that you are likely to experience any financial difficulties or if feel your debt situation is getting worse, we strongly recommend that you do not take out any additional loans. Contact your loan provider and let them know about your situation immediately.

Does LoanHut charge any fees?

No, as a loan broker, we do not charge you any fees whatsoever to use our services. However, some lenders on our panel may charge an admin fee to set up your loan. Further information regarding fees can be found on the lender’s website.

Representative example: As an example, if you borrow R15,000 over 15 months at a fixed rate of 28% per annum and a fee of R68.40 per month and initiation fee of R1,197 this would result in a representative rate of 68% APR (fixed). The total amount repayable would be R22,717.

Please note: we are NOT a lender - we are a loan broker working with the most reputable direct lenders in the market place to find you a loan. Our FREE service compares a wide range of lenders quickly, and finds you a lender that may be willing to lend to you today. Some lenders or brokers on our panel may charge you a fee to process your application.

Rates from 20% APR to 112% APR - we provide a no obligation loan searching service, your APR will be based on your personal circumstances. Loan repayment terms from 3 to 60 months.