Long Term loans

Long Term Personal Loans South Africa

Sep 11, 2023
Long Term Personal Loans South Africa

If you have sudden purchases to make or want to consolidate all your pending debts, you may have some emergencies for instant funds. If any situations match, long-term personal loans in South Africa at CoreLoans are a solution for you.

These loans are safe and secured with a hefty monthly repayment facility, and your loan approval is confirmed in minutes only. You will cope with our most reliable lenders in your province with no physical visit, banking formalities and no paperwork activities.

How long is a long-term personal loan?

Every loan has a specific time duration, which very often depends on the lender to lender, but as far as long-term personal loans are concerned. They are available from a few months to years if you take out a large loan of up to R10,000+.

Personal loans with a tenure period of 3 years or less are commonly known as short-term loans. Such loans with more than three years are commonly considered long-term loans that don’t require to be paid back as soon as possible.

You have enough time to pay your loan with a fixed amount without breaking your payment chain. Interest rates for such loans are generally higher than traditional loans, so missing loan payments despite getting long duration may push you towards extra charges.

Am I eligible for a long-term loan in South Africa?

Yes, regarding an eligibility criterion for long-term loans in South Africa, you have to arrange some basic requirements for that.

General requirements:

  • Age: Your minimum age is required to be 18.
  • Your permanent Citizenship: Make sure you have permanent citizenship of South Africa.
  • Income: You need an income source while applying for loans.
  • A bank account: You need a bank account to receive funds.
  • Contact Details: Your valid mobile phone number, residence address, and email are required.

Is a long-term loan cheaper than a short-term loan?

Long-term loans can be cheaper than short-term loans sometimes, but only sometimes. You pay off your loan over some time with small monthly repayments. The repayment process continues long, and interest rates are already associated with such loans.

So, these loans make you pay interest charges on each payment you make on the due date. Thus, short-term and long-term loans fall under the same category in paying high-interest rates.

The only difference is that you can pay back long-term loans compared to short-term loans. As far as short-term loans are concerned, they are paid back on your next payday arrival.

What are the pros and cons of long-term personal loans?

Long-term personal loans come with pros and cons, so you should learn about them before applying.


  • Easy to access: You can get access very easily online.
  • Fewer requirements: You have to manage some basic requirements.
  • No collateral: You don’t need any valuables for applying and getting funds.
  • Lengthy payment: You can pay off your loan for an extended period.
  • Bad credit approval: You can apply for funds with your bad credit now.
  • Available 24/7: You can apply for loans whenever you need cash.


  • High-interest rates: You pay high-interest rates while making repayments.
  • A debt load: You can be trapped if you miss your loan payment.
  • Your confidential details are on risk: Someone else holds your account details.

How do I apply for a long-term personal loan in South Africa?

Applying for long-term loans in South Africa is simple and requires you to go nowhere. You can complete the overall process in a few easy steps.

Get approval in minutes:

  • 1) Fill out the application form: You must complete a simple online application with some of your primary bank account details and income.
  • 2) Get approval: To get approval, you must maintain your patience and get a loan contract as soon as approved. You have to sign it after reading all the terms and conditions.
  • 3) Receive money: After this short application process online, you can get your money in your bank account.

What can I use a long-term loan for?

Long-term loans can be used for anything because they come with no restrictions, unlike other traditional loans used for a specific purpose only. Generally, borrowers meet with unexpected household expenses at their cash shortage.

These types of expenses are natural, but they seem unnatural when no money is left to fix them. Some examples of such expenses make you helpless almost before your next payday.

Uses of long-term loans:

  • Repair household appliances: You can repair your household appliances by using such online funds.
  • Pay rent: Such funds can help you pay your rent if your payday is away.
  • Medical bills: You can pay for medical bills as well.
  • Travelling costs: You can pay for your unexpected travelling costs.
  • Utility bills and groceries: You can also use the money to pay utility bills and buy groceries.

Can I get a long-term loan with bad credit?

Yes, your bad credit stops you from getting approval for long-term loans, or it can be any financial services. Borrowers always need help to get loans during their financial crisis due to their low credit score.

But one of the exciting things is you can still get approval for these funds with your bad credit from some online lenders. The main concern is not your bad credit to these lenders; your repayment ability matters the most.

Long Term Personal Loans South Africa- Some FAQ’s

Do long-term loans have higher interest rates?

Yes, as long as your loan term is, you must pay off your loan with high-interest rates.

Can I pay back a long-term personal loan early?

Yes, you can pay off your long-term personal loan before its due date arrival, but make sure of any prepayment penalty before doing that.

Will my credit score increase when I apply for a long-term loan with you?

If you pay long-term loans on time with us, you will undoubtedly positively affect your credit score.

Will my credit rating be negatively affected by a loan application?

No, your credit score will not adversely affect the application process because online lenders conduct soft rather than hard credit checks.

Apply for Long Term Personal Loans

Applying does NOT affect your credit score!

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