GoTyme Bank - Affordable personal loans in South Africa

GoTyme Bank Personal Loans are unsecured digital loans offered through GoTyme Bank in partnership with TFG Money. The product is aimed at South African borrowers who need money for personal expenses such as school fees, home improvements, emergency costs or extra breathing room between paydays. Applications are handled online, and both GoTyme Bank customers and non-customers can apply.

Loan Terms

• Loan amount: up to R200,000
• Loan term: repayment terms are flexible and chosen around the borrower’s needs

Borrower Requirements

To apply for a GoTyme Bank Personal Loan, the applicant needs:

• a South African ID;
• a mobile number and email address;
• 3 months’ bank statements;
• to be 18 years or older.

The latest bank statement must show the last 3 salary deposits and can be emailed to loandoc@gotyme.co.za if requested during the application process.

How to Apply and Get the Loan

The application process is fully digital:

• Step 1: check eligibility by answering a few questions.
• Step 2: upload 3 months’ bank statements.
• Step 3: sign the loan documents online.
• Step 4: receive the money after approval.

Existing GoTyme Bank customers can log in to the app, go to Personal Loans and tap Apply Now. Non-customers can start the application through the GoTyme personal-loan page. After approval and mandate setup, the money is paid into the borrower’s account immediately.

Repayment Conditions and Payment Methods

Monthly repayments are deducted through DebiCheck from the borrower’s chosen account. The loan can be tracked in the GoTyme Bank app.

DebiCheck is used to confirm debit-order details before the repayment arrangement is processed. This helps the borrower see and approve the debit-order mandate linked to the loan.

Other Conditions

GoTyme’s general credit terms state that if a loan is granted, it must comply with the National Credit Act where applicable. The borrower must repay the loan, and the interest rate must be disclosed before the borrower accepts the credit offer.

The checked official pages do not publish a standard rollover, extension or loan-top-up rule for GoTyme Personal Loans. They also do not publish a separate early-settlement procedure for this product. Borrowers who want to settle early, change repayment arrangements or cannot pay on time should contact customer care before the debit order fails.

If the borrower does not pay as agreed, the account may fall into arrears. This can lead to extra costs, collection steps and a negative effect on the borrower’s credit profile, depending on the final credit agreement and the rules under the National Credit Act.

Features

• Fully digital application.
• Available to GoTyme Bank customers and non-customers.
• GoTyme customers may qualify for higher loan amounts, especially active app users.
• Paperless signing.
• Immediate payout after approval and mandate setup.
• Repayment through DebiCheck.
• Loan tracking inside the GoTyme Bank app.
• Partnership with TFG Money.

Is GoTyme Bank Legal?

Yes. GoTyme Bank Limited is an authorised financial services provider with FSP 49140 and a registered credit provider with NCRCP 10774. The company registration number shown on the official website is 2015/231510/06.