About African Bank
African Bank is a South African retail bank that specialises in personal and consolidation loans. After restructuring in 2014, the bank relaunched with a focus on transparency and responsible lending. African Bank is known for being more accessible to borrowers with varied credit profiles, making it a popular choice for those who may not qualify at the Big Four banks.
Loan Details
- Loan amounts: R2,000 – R250,000
- Loan terms: 7 months to 72 months
- Interest rate: 15% – 24.5% per annum
- Payout time: Within 24 hours
- NCR registration: NCRCP5
Requirements
- South African citizen or permanent resident
- At least 18 years old
- Valid SA ID
- Proof of income (payslip or bank statement)
- Active bank account
Pros and Cons
Pros
- More accessible — accepts wider range of credit profiles
- Transparent fee structure
- Debt consolidation specialists
- Competitive rates from 15%
Cons
- Higher minimum loan (R2,000)
- May require branch visit for larger amounts
