HomeChoice – online loan South Africa
Cash loans up to R30,000 plus retail credit accounts
Applying does not commit you to a loan agreement.
HomeChoice cash loan in South Africa
HomeChoice is a JSE-listed retail and financial services group based in Cape Town. The HomeChoice Cash Loan offers amounts from R200 to R30,000 over 6 to 24 months. The product is aimed at LSM 4 to 8 customers, with a focus on women in informal employment or with irregular income.
Apply by phone, on the website or through a HomeChoice consultant. The lender accepts SASSA recipients, contract workers and self-employed applicants. Required documents are an ID, three months of bank statements and either a payslip or proof of self-employed income. Approval is usually within 24 hours.
The loan pays into any South African bank account. Repayment is by debit order on the date your income arrives. HomeChoice also offers retail credit on furniture, appliances and homeware, separate from the cash loan. Credit life insurance is included in the monthly cost.
✓ Pros
- Accepts irregular income
- Phone application available
- No need to switch bank account
- Combined cash and retail credit
✗ Cons
- Higher rates than the big banks
- Smaller maximum amount
- Aggressive marketing follow-up
Loan example
A R10,000 loan over 12 months at 30% APR costs around R1,025 per month with R2,300 in interest.
Loan requirements
- ✓ 18+ years old
- ✓ South African ID
- ✓ South African bank account
- ✓ Three months bank statements
- ✓ Payslip or proof of income
Loan features
- Loans from R200 to R30,000
- Term 6 to 24 months
- Accepts SASSA recipients
- Separate retail credit account
Frequently asked questions
24 hours after submitting your application.
The minimum amount at HomeChoice is R200.