Interest Rates Are Rising Again: What It Means for Your Short-Term Loan

The Reserve Bank raised interest rates on 23 September, just as petrol climbed above R30 a litre, so many households are now paying more for both debt and getting to work. TransUnion’s Q1 2026 report shows consumer credit splitting between bank and non-bank lenders, with growing repayment pressure on credit cards, and Nedbank notes that household savings are below 1%. If you must borrow, compare the full cost (initiation fee, monthly service fee and interest), borrow only what you can repay on your next payday, and confirm the lender is registered with the National Credit Regulator, because unregistered lenders have been reported targeting grant recipients. Use the table below to compare your options before you apply.

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Option	Cost level	Approval	Main risk
Bank personal loan	Generally lower	Stricter, needs a good credit record	Longer commitment; rate changes can raise your instalment
NCR-registered short-term lender	Higher	Easier, small amounts	Fees and interest add up if you roll the loan over
Credit card	Moderate to high if you carry a balance	Depends on your credit record	Easy to fall behind on repayments
Unregistered lender	Often extreme	Very easy	Illegal practices, such as holding your bank card or grant as security

Interest Rates Are Rising Again: What It Means for Your Short-Term Loan

Interest Rates Are Rising Again: What It Means for Your Short-Term Loan

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