U
Loans
Unsecured Loan
A loan that doesn't need collateral — no car, house, or anything to pledge. Approval is all about your income, credit score, and whether the bank thinks you can repay. The catch: way higher interest because it's riskier for them.
Usage Examples
"Thandi applied for an unsecured personal loan at FNB. No car, no house, so she couldn't use collateral. But her salary from Woolworths was stable, so they gave her R15,000 at 16%. Higher than secured loans but she could manage it."
"Mpho got a Capitec personal loan for R10,000 unsecured. His credit score was decent and his job was sorted, so they approved it. Interest was 18% — not cheap, but way better than the 35% a mashonisa wanted."
"Zanele needed R8,000 for her daughter's school fees. Standard Bank offered her an unsecured personal loan. No security needed, just proof of income and a credit check. Approved in 24 hours."