Loans For Unemployed In South Africa

Loans for unemployed in South Africa are few and far between. However, a good understanding of the financial landscape enables one to know where to get quick loans at those times when the chips are down, and when an inflow of cash is necessary.

In fact, an unemployed person is the one who needs the loan the most. However, lenders are businesses, and the loans given are usually offered with interests. Furthermore, unpaid loans and interests will reflect negatively on the balance sheets and on the viability of the lenders.

But just because a person does not have a job, that does not necessarily make them a liability to a lender. A person may still have credibility with lenders, business partners, families and friends. Credibility is what qualifies one for loans, not necessarily employment.

Loans For Unemployed In South Africa

Loans for the unemployed in South Africa can be broken down into three major sections;

Secured loans

Cosigner loans

Private lenders

Mobile Phone Operator Loans

The following is a comprehensive breakdown of the loan types listed above.

Secured Loans In South Africa

Secured loans are credit facilities that are backed by some kind of collateral such as a house, a car, or gold jewelry. Secured loans are backed by something physical and quantifiable. It is important to keep in mind that the items used as security for the loans may be taken by the lender if the money is not repaid on time.

Secured loans do not require employment; they are popular among business people or those who are self-employed.

Some lenders who offer secured loans in South Africa include:


Contact the lender via:


Contact this lender via:


Contact this lender:

Standard Bank

Contact this lender:

SA Home Loans

Contact this lender:

Please note that the contact information provided above should lead directly to the Contact Us pages of the various lenders. Intending borrowers can therefore contact the financial institutions and probably talk to customer care agents.

When talking to the customer care agents it is important to go straight to the point, and to say that they want “Secured Loans.” Then tell them what you want to use as collateral. The next step should be to schedule an appointment so that both parties can work out the terms of the loan.

The next type of loan that is open to unemployed people in South Africa is cosigner loans.

Cosigner Loans

Cosigner Loans are similar to secured loans because the borrower presents some form of value. However, instead of the value being an item, this time it is a person. It could be a high net worth person, or just a person with good credit and a steady income.

The person would have to sign some documents; making them a cosigner to the loan. That is quite a weighty requirement; most people will only consider standing as a cosigner to someone they know very well, and who they know what the money is for.

The cosigner is liable to the loan recovery if the original borrower defaults in the payment.

The following are some financial institutions that offer cosigner loans in South Africa:

Rambam Trust

Contact this lender:

Ooba Home Loans

Visit their contact us page

African Bank

Old Mutual


Cosigner loans in South Africa are usually designed to help people pay for a house. That is not to say that the loans cannot be used for other purposes. The first thing to do is to reach out to the lenders listed above, and to specify that the intended loan is a cosigner loan.

Mobile Phone Operator Loans

South African mobile phone operators now operate as mini banks; they offer services like sending and receiving money. They also offer loans without any collateral and without the need for formal employment. That means they are one of the easiest and quickest sources for loans for the unemployed in South Africa.

However, the loans are usually small, and some of these companies require customers to have used their mobile lines for a number of months before they can qualify for loans. That means new customers are usually not allowed to benefit from these credit facilities.

Vodalend (From Vodacom)

Contact this lender:


Contact this lender:

Private Lenders

Private lenders are the last resort of anybody; they are somewhat less organized, and are even given a bad reputation. Some people call them loan sharks. The reason for this terrifying name is that they are somewhat predatory in the way they operate.

Private lenders can charge obscene interest rates; some of them charge as high as 100%. It is therefore not advised that one goes to a private lender for money unless there is no other option. First ask yourself “have I exhausted every other option?” if the answer is yes, then try some of the options below:

ChainPay Loans

Contact this lender:

EZI Finance

Contact this lender:

Crusader Pawn

Contact this lender:

Qwiekfin Loans

Contact this lender:

EC Loans

Contact this lender:


Contact this lender:

Atlas Finance

Contact this lender:

Please ensure you read and understand the terms of the loans; especially the area of the interest rates. While it is possible to get loans from these lenders as an unemployed person, those loans should be taken with caution because when loans are taken wrongly they can damage a person’s finances even more.

Further Reading:


Most lenders shy away from giving loans to the unemployed. In South Africa, it is possible to get these loans by following the guidelines, and the lenders highlighted in this post. However, it is important to have a repayment plan ever before taking any loan. This is because failure to pay the loans will lead to bad credit, which will mean that one is blacklisted; thus unable to access credit facilities in the future.

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