Upstart offers a highly accessible personal loan with attractive features. You can apply for amounts between R18,500 to R926,000, and enjoy APRs ranging from 6.70% to 35.99%. Loan terms extend from 36 to 60 months, providing flexible repayment options for various financial needs. The application is entirely online, and funds may be disbursed quickly, making it convenient for urgent requirements.

Step-by-Step Application Guide

1. Check your credit score to see if you qualify.
2. Visit the loan provider’s website and complete the prequalification form.
3. Review your personalised loan offer, including rates and terms.
4. Provide necessary documentation and submit your application.
5. Once approved, accept the loan and receive funds in your bank account.

The Pros

One of the primary advantages is the broad eligibility range—even those with fair or limited credit scores are considered. Approval decisions are swift, and funds can often be delivered in as little as one business day, which is ideal for emergencies.

The transparent application process and clear breakdown of terms also foster trust and peace of mind. Flexible loan amounts and repayment periods accommodate a variety of financial situations.

The Cons

Borrowers with very poor credit may still face high interest rates of up to 35.99% APR. There’s also an origination fee, which can impact how much you receive upfront.

Additionally, not all applicants may qualify for the lowest rates, and there’s no guarantee of approval based solely on credit score. Always assess your repayment capacity before applying.

Our Verdict

Upstart stands out as an excellent option for those needing flexible personal loans with competitive rates in South Africa. The ease of application, fast turnaround, and inclusive criteria make it appealing for many, especially individuals seeking quick financial relief or debt consolidation. However, carefully compare offers and terms to ensure you select the best solution for your circumstances.