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All the offers you see on ClearScore are tailored to your credit score and financial circumstances.

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How do personal loan applications work?

Are you a first-time borrower? Here’s our quick guide on what to expect on your loan application.

Signing a loan application

See what you qualify for on ClearScore

All the offers you see on ClearScore are tailored to your credit score and financial circumstances.

See my offers

If you’re new to borrowing, a loan application might seem intimidating. But we’re here to help make this process as easy as possible. Here’s our guide on how to apply for a loan and what to expect.

1. Determine what you need

Unlike a home loan or vehicle finance, which are both linked to assets, a personal loan can be used for anything you choose. It can assist you during an emergency or help you get out of a tricky financial situation. Some of the most popular reasons for taking out a personal loan include debt consolidation, paying off medical bills, funding a start-up business idea, or home renovations.

Before applying, you should determine how much you need and how long you will be able to pay it off. Knowing this will prevent you from overcommitting, or taking out a loan you can’t afford.

2. Look at your options

You should shop around at different lenders to find out what’s the best deal for you. Each lender has different offers based on, among other things, the amount, term, and interest rates.

On ClearScore, we offer a range of credit products, including short- and long-term loans from the leading lenders in South Africa. These are personalised to a user’s credit score and financial situation.

Want to see your options? Log in or sign up to find out more about your personalised offers.

3. Find out how much you qualify for

Once you’ve found the right offer, you have to fill in a short online form that will take no longer than 10 minutes. Here, you will in your personal details, including your income and expenses. This will calculate the amount you qualify for.

Use our affordability calculator to determine how much you could pay towards a new loan.

4. Complete the application

If you’re happy with the offer and loan amount, you can complete your application. This will either be done online or through a call-back. This may be a slightly lengthier process. Remember to have your ID, payslips, and bank statements on hand to speed up the process.

5. Get your funds

Once approved, you could receive funds within 24 to 48 hours – it’s as simple as that.

Remember to make your repayments on time to avoid damaging your credit score.

Still worried about your application? Read our guide on 5 ways to increase your chances for approval.


Isabelle is a freelance finance writer and journalist in Cape Town. She helps make managing your personal finances calm, clear and easy to understand.