TymeBank – online loan South Africa
Digital bank loans up to R250,000 with no monthly fees
Applying does not commit you to a loan agreement.
TymeBank personal loan in South Africa
TymeBank is a fully digital South African bank with over 9 million customers. It launched personal loans in 2022 for clients with active EveryDay or TymeBank accounts. Amounts go from R1,000 to R250,000 with terms from 6 to 72 months.
The application runs on the TymeBank app. You need a salary or regular income credited to a TymeBank account, or to upload three months of statements from another bank. Decisions are usually automated and take less than 10 minutes for existing clients. Payout is same day to a TymeBank account.
The bank does not charge an early settlement fee. Credit life insurance is compulsory and the premium is built into the monthly cost. TymeBank rates depend on your credit profile. Clients with a high credit score and stable income often get rates below 20% APR, lower than most short-term lenders.
✓ Pros
- No monthly account fees
- App approval in minutes for existing clients
- No early settlement penalty
- Free Pick n Pay banking kiosks
✗ Cons
- Must open a TymeBank account first
- No physical branches
- Limited loan history for new clients
Loan example
A R50,000 loan over 36 months at 20% APR has a monthly repayment of around R1,860 with total interest of R16,950.
Loan requirements
- ✓ 18+ years old
- ✓ South African ID
- ✓ TymeBank account
- ✓ Proof of regular monthly income
- ✓ Three months bank statements if banking elsewhere
Loan features
- Loans from R1,000 to R250,000
- Term 6 to 72 months
- Fully app-based
- No early settlement fees
Frequently asked questions
24 hours after submitting your application.
The minimum amount at TymeBank is R1,000.