Applying for a personal loan: Online or in-branch?

These days we all want convenience. That’s why so many people use the Avo SuperShop for one-stop shopping for takeaways, groceries, toys, games, movies and lots more. You can access most products or services online these days, including applying for your South African identity card. Why should things be any different when it comes to applying for a personal loan?

Using the Nedbank Money app or Online Banking and your Nedbank ID, you can apply instantly for a personal loan and be approved in minutes. Whether you need cash for upgrading your home, unexpected expenses, or to pay for something that is meaningful to you or your family, a personal loan could be the right solution.

Applying for a personal loan online

If you’re not a Nedbank client yet, register for a Nedbank ID and use those credentials to log in to apply for a personal loan online.

If you are a Nedbank client, log in online or access the Money app on your phone and navigate to the Borrow section. Select Personal Loan and follow the steps as it asks for your information. If you have to interrupt the application process, you can save it and continue later.

We’ll need information like your name, address, banking details, income and expenses, so that we can get a clear picture of your financial standing. It’s important to be as exact as possible with your income and expenses for your application to be approved.

You’ll also upload certified documents here – they need to be in PDF, no larger than 10MB per file – like your identity document or card, payslip, proof of address and, if you are not a Nedbank client, bank statements from your current bank.

It takes only a few minutes to complete the information section in the online application, after which, if you qualify, you’ll be offered a personal loan amount based on your income, expenses and your credit score. You can borrow the full amount or choose a smaller loan.

You’ll also be asked to confirm credit life insurance or to upload your proof of insurance. If you choose to take Nedbank credit life insurance for the loan amount, the cost will be added to the monthly payment on your loan.


There is also an option online to apply via a call-me-back form


Nedbank’s systems can detect whether you have other personal loans with registered financial services providers, and we might offer you a consolidation loan during your personal loan application. Essentially, we will offer you the amount you need to pay off those other personal loans as well as the amount you need now, depending on affordability, so that you have only one monthly loan payment to make.

Once you’ve reviewed your contract online, you will be asked to sign the personal loan contract digitally. You will receive Approve-It messages from us throughout this process, to keep the transaction safe and secure.

Once your loan application has been approved by the personal loans team, your money will be paid into the account that you specified in the application process.

Applying for a personal loan in a branch

It’s just as easy to apply for a personal loan in-branch. Take your barcoded identity document or card, proof of address, your latest payslip and, if you don’t bank with Nedbank, your past 3 months’ bank statements.

Let the branch host know that you are there to apply for a personal loan, and they will guide you to a personal loans professional to help you make the application. Even in the branch, the application is done online, so you can sit back and relax while your details are captured on the system. This is also your opportunity to ask any questions you have about your loan.

When you apply in-branch, approval times and processing of payments depend on the time it takes for the loans team to verify and assess your application. It usually takes only a few minutes to approve a loan if your details are captured accurately and your credit score is in good standing. You can also set up a debit order while you’re in the branch to make sure your loan payment is made automatically every month.

Is it better to apply online or in the bank for a personal loan?

This is entirely a matter of personal preference. If you’re digitally savvy and comfortable applying online, you can do so at any time of the day or night, saving yourself time and effort. If you prefer a human interaction with a consultant who can guide you through the information you need and the documents to submit, you can apply during banking hours at any Nedbank branch.

There is also an option online to apply via a call-me-back form. You will be asked to complete 6 questions, after which a call-centre professional will call you back to do the application over the phone with you, and you can email the necessary documents.

Handy tools like these calculators can help you make an informed decision about the size of the loan you can afford.


Did you know that if you take out a personal loan and open a Nedbank Savvy Plus or Savvy Bundle Account, you can get R200 a month cash back for the duration of your loan? For an affordable loan tailored to your circumstances and value-added extras like cash back, choose the bank that’s best for your money.

Learn more about applying for a personal loan from Nedbank.