R350 000 loan – compare the offers before you commit to one.
See what R350 000 costs over three, five and six years.
- Up to R350 000
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10 000+ South Africans have used Swiftbanker to find the right loan.
Where R350 000 sits
The top end of unsecured lending
R350 000 is the point where borrowing stops being a convenience and starts behaving like a long-term commitment. It is the amount South Africans reach for when they consolidate a spread of expensive debt, finish a house, replace a vehicle outright or put working capital into a business that is finally moving.
It is also the point where the National Credit Act changes its mind about you. Anything above R250 000 is a large agreement, and that classification brings a different settlement rule, a heavier disclosure obligation on the lender and, in practice, a far more thorough affordability assessment than a smaller loan attracts.
The third thing that changes is scale. At R10 000 a careless decision costs a few hundred rand. At R350 000, choosing seventy-two months instead of thirty-six adds roughly R200 000 to what you finally hand back, and nothing about the loan itself has changed.
Tool · Repayment calculator
What R350 000 costs over different terms
Set the amount to R350 000 and move the term slider. The instalment falls as the term stretches and the total repayable climbs sharply behind it. At this size the gap between a three-year and a six-year term is measured in hundreds of thousands of rand, so it is worth seeing both figures before you decide.
Each bar = one month paid
The calculation follows the annuity principle and is indicative only. Your own rate is set by the lender after an affordability assessment of your income, expenses and credit record, as the National Credit Act requires.
The essentials
Six things to know before you borrow R350 000
The short version of this page, for anyone who needs to weigh the decision today rather than read for half an hour.
R350 000 is a large agreement under the National Credit Act
That classification changes the settlement rules and the paperwork you are entitled to receive.
The term is the biggest cost lever you control
At 27,5% APR the same R350 000 costs about R518 000 over thirty-six months and roughly R718 000 over seventy-two.
Credit life cover is the fee that matters at this size
Capped at R4,50 per R1 000 outstanding, it starts near R1 575 a month on R350 000.
The initiation fee barely registers here
It is capped at R1 207,50 including VAT whether you borrow ten thousand rand or three hundred and fifty.
Early settlement is not automatically free on a large agreement
A lender may add a termination charge of up to three months' interest unless you give notice.
One free application reaches several lenders at once
Our partner Myloan.co.za matches your profile against NCR-licensed lenders, so you compare real offers rather than advertised rates.
Worth knowing
Six facts that decide what R350 000 costs
The rules that apply specifically at the top of the personal lending market.
- Fact 01
Above R250 000 it is a large agreement
The Act's top tier of credit
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The National Credit Act sorts agreements by size: small up to R15 000, intermediate up to R250 000 and large above that. A R350 000 loan sits in the last group, which is the tier with the strictest disclosure duties and its own settlement rule.
- Fact 02
Interest is capped by formula, not by appetite
Tied to the Reserve Bank's repo rate
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For unsecured credit the maximum rate is the repo rate plus twenty-one percentage points, recalculated whenever the Reserve Bank moves. No registered lender may exceed it, which is why the offers you receive cluster in a fairly narrow band.
- Fact 03
Credit life cover is the real monthly extra
Up to R4,50 per R1 000 outstanding
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On a R350 000 balance the maximum premium works out to about R1 575 in the first month, falling as the capital reduces. Over a five-year term that is a substantial sum, and you may substitute your own qualifying policy.
- Fact 04
The initiation fee is almost an afterthought
Capped at R1 207,50 including VAT
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On a small loan the once-off initiation fee dominates the cost. At R350 000 it is roughly a third of one percent of what you borrow, so it should never be the thing that decides which offer you accept.
- Fact 05
Security can cut the rate substantially
An asset changes the pricing
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Lending against a vehicle, a bond or a fixed deposit is cheaper than lending against a payslip, because the lender's downside is covered. The trade-off is real: default and the asset itself is at risk, not only your credit record.
- Fact 06
Affordability is tested against prescribed norms
Not simply your stated budget
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Registered lenders must calculate your discretionary income using minimum living expense figures set in regulation, then check that the instalment fits what is left. Understating your expenses does not help, because the norms apply regardless.
What it costs
The real price of R350 000
01Interest is most of the bill
Interest is most of the bill at this size, and the number of months you keep the loan multiplies everything else that sits on top of it.
Interest is most of the bill at this size, and the number of months you keep the loan multiplies everything else that sits on top of it.
02Three charges on every quotation
Three charges appear on almost every quotation.
Three charges appear on almost every quotation. The initiation fee is a once-off charge for setting up the agreement, capped at R1 207,50 including VAT, which on R350 000 is barely a third of a percent. The monthly service fee is limited to R69 including VAT, adding just under R5 000 across a six-year term. Credit life cover, where the lender requires it, may not exceed R4,50 per R1 000 outstanding each month, which starts at about R1 575 on a R350 000 balance and falls as the capital comes down.
03Interest dwarfs all three
Interest is the item that dwarfs all three.
Interest is the item that dwarfs all three. For unsecured credit the ceiling is set by a formula linked to the Reserve Bank's repo rate rather than by the lender's appetite, and in our comparison offers land somewhere between roughly 20% and 27,5% APR including fees, depending on your credit profile.
04R350 000 at 27,5% APR
Put together at 27,5% APR, R350 000 costs about R14 380 a month over thirty-six months and roughly R518 000 in total.
Put together at 27,5% APR, R350 000 costs about R14 380 a month over thirty-six months and roughly R518 000 in total. Stretch it to sixty months and the instalment drops to around R10 790 while the total climbs to about R647 000. Over seventy-two months you pay near R9 970 a month and roughly R718 000 in all. Same loan, same lender, two hundred thousand rand of difference.
Why people borrow this much
Four uses for R350 000, four different risks
Almost every R350 000 application falls into one of four purposes, and each of them carries its own trap. Click through and weigh them on the same five points.
Consolidating debt
Consolidation is the most common reason South Africans borrow at this level, and it is the one where the arithmetic can genuinely work. Someone carrying two store accounts, a credit card, a personal loan and a vehicle balance is paying four different rates, four sets of monthly fees and four debit orders landing on four different dates. Rolling all of it into a single agreement replaces that with one instalment, one rate and one date, and where the new rate is meaningfully below the weighted average of what you pay now, the total cost falls with it. The trap is just as well documented. Consolidating over a longer term lowers the monthly figure while quietly raising the total, and the relief only lasts if the settled accounts are closed rather than quietly used again. Ask every existing credit provider for a written settlement quote, insist that the new loan pays those accounts out directly, and confirm afterwards that each one is reported to the bureaus as settled and closed.
Step by step
From decision to payout
A loan this size moves through six stages, and almost all of the money you save is saved in the first three. Here is what happens at each one.
Work out the exact amount
Start with arithmetic rather than a round number.
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Write down what the project or the debt actually costs, subtract what you already have, and borrow the difference. R350 000 is a headline figure, not a budget. Every unnecessary rand carries interest for the whole term, and on a five-year loan that surcharge compounds into real money you never needed.
Read your own credit record
See what the lender will see before it sees it.
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Every registered bureau owes you one free report a year, and checking your own never affects your score. Settled accounts still showing a balance and old defaults that were paid are common errors at this level, and correcting them before you apply can move the rate you are quoted.
Choose the term deliberately
Decide the number of months before you apply.
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Use the calculator above to find the shortest term your salary genuinely absorbs, then apply for that. Letting the lender propose the term almost always produces a longer one, because a smaller instalment is easier to sell and considerably more profitable across the life of the agreement.
Apply once, not five times
One application, several lenders, one footprint.
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Our partner Myloan.co.za matches your details against the criteria of several NCR-licensed lenders from a single free application. Applying separately leaves a cluster of enquiries on your record within weeks, and at this loan size a cluster reads as financial pressure whatever caused it.
Compare the quotations properly
Read the totals, not the monthly figures.
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Each offer arrives as a pre-agreement quotation setting out the rate, the fees, the credit life premium, the term and the total repayable. It stays binding on the lender for five business days, so use that window to line the offers up side by side rather than signing the same afternoon.
Sign, receive payout and set the debit order
Then protect the agreement from month one.
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Payout usually lands within a day or two of signing. Set the debit order just after your salary date, keep a buffer in the account and diarise a reminder two days ahead. One returned debit order adds penalty charges and a bureau mark within twenty-four hours.
Tool · Affordability
Can your budget carry an instalment this size?
Enter your household income and costs to see roughly how much unsecured credit your budget could support. A registered lender runs a comparable test under the National Credit Act before granting R350 000, using prescribed minimum living expense figures rather than your own estimate.
Likelihood of approval
The estimate is indicative only and is not an offer. Every lender performs its own affordability assessment of your income, expenses and credit record before granting credit, and the figure it reaches may differ from this one.
The amount explained
R350 000.
Large unsecured credit, usually repaid over three to six years.
R350 000 is at or near the ceiling of what South African lenders will advance without security. Below it there is a broad market of credit providers competing for ordinary applicants. At and above it the field narrows quickly to banks and the larger registered lenders, and the questions become noticeably harder: not only whether you can afford the instalment today, but whether you can still afford it in three years.
What makes the amount worth understanding on its own terms is the legal boundary that runs just below it. Anything over R250 000 is a large agreement under the National Credit Act, which brings stricter disclosure duties for the lender and, unlike smaller loans, the possibility of an early termination charge if you settle without notice. Everyone quotes the rule that South Africans may settle credit early without penalty. That rule is written for small and intermediate agreements, and a R350 000 loan is neither.
Compare routes
Three ways to raise R350 000
The same R350 000 costs very different amounts depending on where it comes from and what stands behind it. These are the three routes most South African borrowers end up choosing between.
| Product | Typical rate | Term | Speed | Best for | CTA |
|---|---|---|---|---|---|
| Unsecured personal loanNothing pledged, fixed instalmentsFastest | About 20% – 27,5% APR | Usually 36 – 72 months | One to three working days | Anyone without an asset to pledge | See loan offers |
| Secured loan against an assetA vehicle, bond or fixed depositLowest rate | Materially below unsecured pricing | Often 60 – 72 months | Days to weeks, valuation depending | Owners of a paid-up asset | See loan offers |
| Bond re-advance or further loanDrawn against a registered bondCheapest | Close to the prime lending rate | The remaining life of the bond | Several weeks in most cases | Homeowners with paid-down equity | See loan offers |
Figures are typical market ranges rather than offers. Your rate, fees and term depend on the lender, on the security available and on your credit profile.
Before you apply
What lenders assess and what you must bring
Two separate things decide a R350 000 application: whether your finances carry the instalment for years, and whether your paperwork proves it. Prepare both columns and the process takes days rather than weeks.
What the lender assesses
The five factors behind approval and the rate you are quoted.
- Verified income over timeStable, not just sufficient
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At this size lenders want income that has held steady for a while, visible as regular deposits on your statements. A recent job change is not fatal, but it will usually mean a longer look at your history.
- Total existing commitmentsEvery account counts against you
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Bonds, vehicle finance, cards, store accounts and other loans are all subtracted from your income before affordability is calculated. On a R350 000 request, one large existing instalment can close the gap entirely.
- Credit record and scoreThe last two years matter most
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A judgment, a recent default or an active debt review will stop an application of this size almost immediately. Lenders take considerably more comfort from a long clean record here than they do on a small loan.
- Discretionary incomeCalculated on prescribed norms
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Regulation sets minimum monthly living expense figures that lenders must apply when working out what is genuinely left over. Your own tighter budget cannot be substituted for them, however carefully you keep it.
- Purpose and security offeredWhat the money is doing
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You are not obliged to justify the loan, but naming a coherent purpose helps, and offering security changes the pricing entirely. Consolidation applications are often assessed against the accounts being settled.
What you must supply
The documents every NCR-licensed lender will ask for at this size.
- South African identity documentSmart card or green book
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Identity must be verified before any credit agreement is concluded, and the money may only be paid into an account held in your own name. A clear copy on your phone is usually enough to start.
- Proof of incomePayslips, usually three months
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Salaried applicants supply recent payslips. Self-employed applicants normally provide six months of business statements together with a recent set of financials or an assessment from the tax authority.
- Three months of bank statementsStamped or digitally verified
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Statements confirm the income and show how the account is run. Most platforms now let you link the account digitally, which is faster and avoids the delays that come with uploading scanned documents.
- Proof of residenceNot older than three months
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A municipal account, utility bill or signed lease in your name confirms where you live. Where everything is in a partner's name, an affidavit together with their bill is normally accepted without difficulty.
- Documents for any securityOnly if you are pledging an asset
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Pledging a vehicle, a property or a fixed deposit means registration papers, a valuation or the deposit certificate, plus proof that the asset is paid up and insured where the lender requires it.
The vocabulary
Words on a R350 000 quotation
The terms a South African lender will put in front of you at this size, written in plain language.
- Large agreement
- The National Credit Act's category for credit agreements above R250 000, which includes a R350 000 loan. The classification matters because a large agreement carries heavier disclosure duties and its own early settlement rule.
- Unsecured credit
- Credit granted without any asset standing behind it. Nothing is pledged as security, so the lender prices the loan on your income and payment record instead, which is why the rate sits well above bond or vehicle finance.
- Initiation fee
- A once-off charge for setting up the agreement, capped at R1 207,50 including VAT. On a loan of this size it is a minor item, but it may be added to what you borrow and then carries interest for the whole term.
- Service fee
- The monthly administration charge for running the account, limited by regulation to R69 including VAT. Across a seventy-two month term it adds close to R5 000 to what you repay, whatever the size of the loan.
- Credit life cover
- Insurance that settles the outstanding balance if you die, become disabled or lose your income. The premium on unsecured credit is capped at R4,50 per R1 000 outstanding, and you may supply your own qualifying policy.
- Early termination charge
- An amount a lender may add when a large agreement is settled early, limited to the interest that would have run for up to three months. Giving written notice of your intention to settle reduces or removes it.
- Discretionary income
- What remains of your income after tax, prescribed minimum living expenses and existing debt instalments have been deducted. This figure, not your gross salary, determines the instalment a registered lender may grant you.
- Pre-agreement quotation
- The written document setting out the rate, the term, every fee and the total repayable before you commit. It stays binding on the lender for five business days, which is your window to compare offers properly.
- Settlement quote
- A written statement of what you owe to close the agreement on a given date, including capital, accrued interest, fees and any termination charge. Always request one before paying a loan of this size off early.
If a quotation uses a term that is not on this list, ask the lender to explain it in writing before you sign anything.
Your protection
What the National Credit Act gives you at this size
Credit may not be granted without an affordability test
Every registered lender must assess whether you can carry the repayments before it grants credit, using your income, prescribed minimum living expenses and existing commitments. Skipping that step is reckless lending, and a court may suspend or set the agreement aside entirely.
Every cost must be quoted before you sign
The lender must hand you a pre-agreement statement and quotation showing the interest rate, the initiation fee, the service fee, any insurance premium and the total repayable. The quotation stays binding on the lender for five business days.
Fees and interest are capped by regulation
The initiation fee is limited to R1 207,50 including VAT, the monthly service fee to R69, and credit life cover on unsecured credit to R4,50 for every R1 000 outstanding. Interest is capped by a formula linked to the repo rate.
Early settlement is allowed, but read the rule
You may settle at any time. Because R350 000 is a large agreement, the lender may add a termination charge of up to three months' interest, so give written notice of your intention to settle and ask for the amount in writing first.
Complaints have a free and independent route
If a lender breaks the rules you can take the matter to the National Credit Regulator or the Credit Ombud without paying anything. Registered lenders know this, which is one practical reason to stay inside the regulated market.
Both sides
Borrowing R350 000 unsecured: the trade-off
An unsecured loan at this size buys speed and keeps your assets out of it. You pay for both in the rate. Weigh the two columns before you decide.
Advantages
- No asset is at risk.
Nothing is registered against your home or your vehicle, so a difficult year threatens your credit record rather than the roof over your head.
- Days rather than weeks.
There is no valuation, no bond registration and no conveyancer, so money can be in your account within a couple of working days of acceptance.
- A fixed instalment and a known end date.
The loan amortises to zero on a date you can circle in a diary, which makes it far easier to budget around than a revolving facility.
- You may spend it on anything.
No lender dictates what the money does, which matters when a project spans several suppliers or when consolidation involves half a dozen accounts.
Disadvantages
- The rate is far above secured lending.
Pricing sits roughly between 20% and 27,5% APR, where money drawn against a registered bond is priced near the prime lending rate instead.
- Interest dominates the total.
At 27,5% over sixty months you repay close to R647 000 on R350 000, and almost R300 000 of that is interest rather than capital.
- Approval is genuinely harder.
A thin credit record, a recent default or an existing large instalment will end an application at this size that a smaller request would have survived.
- Early settlement may carry a charge.
Because a R350 000 loan is a large agreement, a termination charge of up to three months' interest can apply unless you give the lender notice.
Two approaches
Take the full R350 000, or borrow in stages?
Applicants who qualify for the maximum often assume they should take it. Sometimes that is right, and sometimes a smaller loan now with a second one later costs considerably less.
One agreement, one set of fees
Borrowing the whole amount in one agreement means a single initiation fee, a single service fee and one debit order to protect. It suits a project with a known total, a consolidation that must clear every account at once, or a purchase where part-payment achieves nothing at all in practice.
- One fee instead of two initiation charges and two accounts.
- Certainty that the full amount is available when needed.
- Simpler to budget, with one instalment and one date.
- Costly if a large part of it sits unused for months.
Interest only on what you use
Taking R200 000 now and applying again later means you pay interest only on the money you are actually using at the time. It suits a phased renovation or a business growing in steps, and repaying the first loan cleanly usually improves the terms you are offered on the second one.
- Cheaper because idle capital never accrues interest.
- Flexible when the total cost is still an estimate.
- Proof of repayment that strengthens the next application.
- Risky if your circumstances change before stage two.
Tool · Rate stress test
Could your budget absorb a rate rise?
South African lending rates move with the repo rate, and an instalment that fits comfortably today can strain a household after two increases. On a loan of this size a single percentage point is worth real money, so set the amount, the rate and the monthly figure that would start to hurt, and see what happens.
An indicative calculation rather than a quotation. Test your own budget against a two percentage point increase combined with a temporary drop in income, and treat the result as a planning tool only.
Your situation
R350 000 when your circumstances are not standard
Not every applicant arrives with a long payslip history and a spotless record. Here is what realistically applies at this size if your situation sits outside the textbook case.
01You are self-employed
Provable business income can carry a loan this size.
1 min
Lenders are not closed to business owners, but the burden of proof is heavier at R350 000. Expect to supply six months of business bank statements, recent financials and often a tax assessment, and expect the assessor to average your income rather than take the best month. Banking everything through the business account, keeping personal drawings regular and filing tax returns on time are what turn an awkward application into a straightforward one.
02Your credit record is impaired
Defaults weigh far more heavily at this amount.
1 min
A default that a lender might overlook on a R10 000 request is usually decisive on R350 000, because the exposure is thirty-five times larger. Realistic options are to offer security, to apply with a co-applicant whose record is clean, or to borrow a smaller amount now and rebuild. Six months of flawless repayment on a modest loan changes a profile more than any explanation you can write.
03You already have a bond
Check what a re-advance costs before applying.
1 min
If you have paid a bond down, the equity you have built may be available as a re-advance or further loan at a rate near prime, which is roughly a third of unsecured pricing. On R350 000 across five years that difference is enormous. The costs are time, a possible valuation and the fact that the debt is secured against your home, so weigh urgency against price honestly.
04You are applying with someone else
Two incomes help, and both records count.
1 min
A co-applicant combines two incomes in the affordability calculation, which frequently lifts a marginal R350 000 application into approval. Both credit records are assessed, so a weak second record can hurt rather than help. Both of you are jointly and severally liable for the whole debt, meaning the lender may pursue either party for the full balance, so agree in writing beforehand who pays what.
05You are under debt review
New credit is not available during review.
1 min
While a debt review is active you may not take on new credit, and any lender offering you R350 000 is either unregistered or has not checked. That restriction exists to protect the arrangement you are already in. If your circumstances have genuinely improved, speak to your debt counsellor about completing the process and obtaining a clearance certificate, after which normal applications become possible again.
Improve your offer
Eight ways to pay less for R350 000
At this size a single percentage point is worth tens of thousands of rand across the term. None of these steps cost anything, and together they change what lenders are willing to put in front of you.
Read your credit report before anyone else does
Pull your free annual report from each bureau and dispute every error well before a lender pulls it.
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You are entitled to one free report per bureau each year, and checking your own never affects your score. Settled accounts still showing a balance and paid defaults left on file are common, and on a R350 000 application those errors are expensive rather than merely irritating.
Borrow what the project costs, not the maximum
Qualifying for R350 000 is not a reason to take it, because every idle rand carries interest for years.
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Interest applies to the full balance for the whole term, so R50 000 you did not need costs meaningful money by the end. Price the project properly, subtract what you already have, and apply for the difference rather than for the round figure the calculator happens to allow.
Choose the shortest term your salary genuinely absorbs
The term is the single biggest cost lever you control, and lenders will rarely propose the short one.
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At 27,5% APR, R350 000 costs roughly R518 000 over thirty-six months and about R718 000 over seventy-two. Pick the shortest period your budget carries with a little room to spare, and if the instalment feels tight, reduce the amount instead of extending the term.
Offer security if you have an asset available
A paid-up vehicle, a bond with equity or a fixed deposit moves you into much cheaper pricing.
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Secured lending is priced far below unsecured credit because the lender's downside is covered. The trade-off is genuine, since default puts the asset itself at risk rather than only your record, so offer security only where the repayment plan is solid.
Apply once through a single comparison
Several separate applications in a short window leave a trail of enquiries that unsettles every lender.
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Each formal application is recorded at the bureaus, and a cluster within a few weeks reads as financial pressure whatever the reason. One comparison application through our partner reaches several NCR-licensed lenders while leaving a far smaller footprint on your credit record.
Settle or close one existing account first
Clearing a store card or small facility frees disposable income and improves the affordability result directly.
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Lenders subtract every existing commitment from your income before deciding what you can carry. On a request this size, two modest accounts can consume exactly the room you need, so settling and formally closing one often achieves more than waiting for a raise.
Compare the credit life premium, not only the rate
Cover can be required at this size, but the lender's own policy is not, and the premium is substantial.
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Credit life is capped at R4,50 per R1 000 outstanding, which starts near R1 575 a month on R350 000. Submitting a qualifying policy of your own removes that premium from the instalment for the whole term, which is real money across five years.
Ask what an early settlement would actually cost
A large agreement can carry a termination charge, and the answer belongs in writing before you sign.
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On agreements above R250 000 a lender may add up to three months' interest when you settle early, reduced by the notice you give. Ask each lender to state its position in the quotation, because the difference between two otherwise similar offers can be considerable.
The one rule
At this size, the term costs more than the rate
Borrowers spend hours hunting for a lower interest rate and then accept whatever term is offered. On R350 000 that is the wrong way round. Moving from seventy-two months to thirty-six saves roughly R200 000, which no realistic rate negotiation will ever match. Work out the shortest term your salary can genuinely carry, ask for that, and put anything left over into settling the agreement early rather than into borrowing again.
Setting it straight
Five things people believe about large loans
Some of the confident advice that circulates about borrowing this much is simply wrong, and at R350 000 believing it is expensive. Here is what the rules and ordinary lender practice actually say.
You can always settle early without a penalty
The rule everyone quotes has limits.
Large agreements are the exception.
Above R250 000 a lender may add an early termination charge of up to three months' interest. Written notice of your intention to settle reduces or removes it, so give it.
The advertised rate is the rate you will get
The number on the website looks fixed.
Rates are set per applicant after assessment.
Advertised rates describe the best case rather than an offer. Your income, your record and the term you request all move the final number, which is why the same request returns different totals.
A lower instalment means a cheaper loan
The monthly figure is what people compare.
A low instalment usually means a longer term.
Spreading R350 000 over seventy-two months instead of thirty-six cuts the monthly payment sharply and adds about R200 000 to the total. Compare the total repayable first.
Only a bank will lend an amount this large
Big money feels like bank territory.
Registered non-bank lenders compete here too.
Several NCR-licensed credit providers write loans at this level and often decide faster than a bank. The fee ceilings and the affordability rules apply to all of them equally.
Comparing offers damages your credit score
Looking around feels like applying around.
One comparison means one enquiry.
Requesting offers through Swiftbanker is free and non-binding, and our partner handles the matching. A credit agreement appears on your record only once you accept an offer and conclude it.
Be careful here
Six warning signs worth taking seriously
Most of what goes wrong with a loan of this size is visible before the money moves. These six signals reliably precede an expensive few years.
- A lender that asks for a fee before paying anything out. Registered credit providers deduct their charges from the loan, never in advance.
- Guaranteed approval for R350 000 with no checks at all. Every registered lender is legally obliged to assess affordability, so the promise itself is the warning.
- No NCRCP number anywhere on the website or the paperwork. If the registration cannot be verified on the public register, walk away from it.
- A quotation that omits the credit life premium. At this size the cover is a significant monthly item and it belongs in the total repayable.
- Pressure to sign the same day. Your quotation stays binding for five business days precisely so that you can compare it against others.
- Borrowing R350 000 to service existing debt you cannot afford. That is over-indebtedness rather than a cash flow gap, and free debt counselling addresses it properly.
Jacob Hartmann
R350 000 is the top of the unsecured market, and approvals there are rare and strict. Jacob has reviewed the income and record requirements described on this page.
FAQ
R350 000 loan questions, answered
The questions South Africans ask most often before taking on a loan of this size, answered plainly and without jargon.
What does a R350 000 loan cost in total?
At 27,5% APR including fees, roughly R518 000 over thirty-six months, about R647 000 over sixty and near R718 000 over seventy-two. Rates from NCR-licensed lenders start around 20%, so a good offer costs meaningfully less than the maximum.
What income do I need to borrow R350 000?
There is no fixed threshold. The lender calculates your discretionary income after tax, prescribed living expenses and existing debt, then checks whether the instalment fits. On a five-year term at 27,5% that instalment is roughly R10 800 a month.
How long does approval take at this size?
Usually one to three working days. The application takes minutes, but a loan of this size attracts a closer look at your statements and your record, and payout follows within a day or two of you accepting an offer.
Can I repay a R350 000 loan early?
Yes, at any time. Because it is a large agreement, the lender may add a termination charge of up to three months' interest, so give written notice of your intention to settle and ask for a settlement quote before you pay.
Is a secured loan cheaper than an unsecured one?
Almost always, because the lender's risk is covered by the asset. Money drawn against a registered bond is priced near prime, which is far below unsecured pricing, but default then puts the asset itself at risk rather than only your record.
What fees will I actually pay?
An initiation fee of up to R1 207,50 including VAT, a monthly service fee capped at R69, and credit life cover of no more than R4,50 per R1 000 outstanding. Every one of them must appear in the quotation before you sign.
Can I get R350 000 with a bad credit record?
It is difficult. A default or judgment weighs far more heavily at this amount than on a small loan. Offering security, applying with a co-applicant or borrowing less now and rebuilding your record are the realistic alternatives.
Does comparing offers affect my credit score?
No. Requesting offers through Swiftbanker is free and non-binding, and the matching runs through our partner Myloan.co.za. A credit agreement appears on your record only once you accept an offer and conclude it with the lender.
About Swiftbanker
Independent, free, and not a lender
Swiftbanker is an independent comparison service for the South African credit market, and using it costs you nothing. We do not lend money and we take no part in the credit decision. When you apply, your details go to our partner Myloan.co.za, a leading South African loan marketplace, which matches your profile against multiple NCR-licensed lenders and brings their offers back to you in one place.
Lenders pay us a commission on loans that are actually paid out. You never pay us, and the commission does not change the rate you are quoted. It is simply what keeps a comparison service free for the people using it. Our incentive is straightforward enough: the better the offers you see, the more likely you are to find credit that genuinely fits your budget.
Everything on this page is general information rather than financial advice. Verify any lender against the National Credit Regulator's register, read the pre-agreement quotation in full, and only sign an agreement you are confident you can repay on the terms in front of you.
Other amounts
Looking for a different amount?
Each amount has its own guide with worked examples of the instalment, the total cost and what lenders look for at that level.
Up to R8 000: R500 · R1 000 · R1 500 · R2 000 · R3 000 · R4 000 · R5 000 · R6 000 · R8 000.
R10 000 to R80 000: R10 000 · R15 000 · R20 000 · R25 000 · R30 000 · R40 000 · R50 000 · R60 000 · R70 000 · R80 000.
R100 000 to R350 000: R100 000 · R150 000 · R200 000 · R250 000 · R300 000.
In short
A loan of R350 000 is large unsecured credit, close to the ceiling of what South African lenders will advance without security. Because it sits above R250 000 it is a large agreement under the National Credit Act, which brings stricter disclosure duties and one consequence most borrowers do not expect: early settlement may carry a termination charge of up to three months' interest unless you give written notice first.
The cost is dominated by two numbers. Interest runs between roughly 20% and 27,5% APR depending on your profile, and the term decides how long it runs for. At the top of that range R350 000 costs about R518 000 over thirty-six months and roughly R718 000 over seventy-two, a difference of some R200 000 on an identical loan. The fees matter less than people think, with one exception: credit life cover, capped at R4,50 per R1 000 outstanding, starts near R1 575 a month at this balance.
So the sensible moves are clear enough. Borrow what the project genuinely costs rather than the maximum you qualify for, choose the shortest term your salary can carry, and check whether security or a bond re-advance would price better. One free, non-binding application through Swiftbanker reaches several NCR-licensed lenders via our partner Myloan.co.za, which keeps your enquiry footprint small while giving you real offers to compare on the total repayable.
Ready when you are
Compare R350 000 loan offers now
One free application, offers from multiple NCR-licensed lenders, and no obligation to accept any of them. See what you qualify for in a few minutes.
The application is free and non-binding, and you receive offers from multiple NCR-licensed lenders.