Personal Loan Calculator
Calculate monthly payments, total interest, and compare loan offers including fees
// True Cost
The advertised rate isn't the full picture. Add initiation fees, monthly service fees, and credit life insurance. The true cost can be 20-30% higher than interest alone.
// SA Regulations
In SA, the National Credit Act caps interest rates. Personal loans max: repo rate + 21% (unsecured). Initiation fees are capped at R1,207.50 + 10% of amount above R1,000.
// Shorter Terms
A shorter loan term means higher monthly payments but dramatically less interest. A 24-month term at 15% costs far less in total than 60 months at the same rate.
// Compare Offers
Always compare the total cost of credit (TCC), not just the monthly payment or interest rate. A lower rate with high fees can cost more than a higher rate with no fees.