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Momentum Personal Loans

Take the right loan at the right time for the right reason.


Being able to access affordable credit in the short term shouldn’t compromise your long-term financial goals. It should be done responsibly and be a positive step in your financial wellness.

We know that people who are financially well have a financial adviser and a financial plan. They know what their long-term financial goals are, what they need to achieve these goals, and how to address certain financial risks. They also have budgets and understand how to manage their money so that they have enough for their life’s journey.

We also know that life happens, not always according to plan – which is why it’s so important to be able to absorb financial shocks or have access to some money.

With African Bank as our partner, you can borrow money responsibly so that you can really #OwnYourLoan.

What is a personal loan?

A personal loan is an unsecured loan, meaning your assets, such as your car and home, cannot be sold if you don’t pay your debt. Repayments are fixed monthly instalments over the term of your loan.

A credit provider takes on a higher risk with unsecured loans and the interest rate is therefore usually higher than the interest charged on a secured loan, like a home loan. Because our loans have fixed interest rates, the monthly instalment amount doesn’t change when the prime interest rate changes. You know exactly what your repayment will be, so you can budget with confidence.

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What is a consolidation loan?

With a consolidation loan, your existing personal loans will be combined into one unsecured loan. You will pay one instalment instead of paying each credit provider. Paying off your debt is simplified - consolidation loans offer longer repayment terms which means your monthly instalment and administration fees will be lower, helping you to save.

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To qualify for a loan, you must:

  • be between 18 and 70 years old,
  • earn a minimum salary of R2 000 which must be paid into a valid bank account, and
  • be a South African citizen.

Loan term ranges from 12 - 72 months. Interest rate maximum (Annual Percentage Rate): 27.75%. Insurance rate: from 5.04% - 5.40%. All prices include VAT. Example: R20 000 borrowed for 12 months. Once-off initiation fee (capitalised): R1 207,50. Monthly admin fee: R69,00. Representative APR: 26%. Representative insurance rate: 5.04%. Monthly instalment amount: R2 147,32. Total loan repayment amount: R25 767,87.

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