TymeBank loan: who qualifies, how the app application works and what it costs

Does TymeBank offer a personal loan?

Yes, but under a new name. TymeBank's website now redirects to GoTyme Bank, and GoTyme lists Personal Loans under its Credit menu, next to GrantAdvance. The bank says it has partnered with TFG Money so that personal loans are open to everyone, not only GoTyme account holders. Existing customers, especially active app users, may qualify for higher amounts.

That is also where a lot of search confusion comes from. MoreTyme, the product most people connect with TymeBank credit, is a buy-now-pay-later plan, not a loan. The bank's own MoreTyme page describes it as "not credit" and "not a lay-by". The three products work differently, and the table below separates them.

Who qualifies for a TymeBank personal loan?

The bank's loan page lists four requirements: a South African ID, a mobile number and email address, three months of bank statements, and an age of 18 or older. For the statements it asks for the latest one showing your last three salary deposits. Affordability is then checked from those statements, the page says, and the NCR registration of the bank itself is shown at the foot of the page as NCRCP 10774.

There is no published minimum salary on that page, so I will not guess one. What the lender must do is assess affordability before granting credit, as the National Credit Act requires. If your deposits are irregular, or most of your pay leaves the account within days, expect a smaller offer or a decline. Cash income that never touches a bank account is hard for any lender to verify.

How does the TymeBank loan application work on a cellphone?

It is built around the app. A GoTyme customer logs in, opens Personal Loans and taps Apply Now. Someone who banks elsewhere starts the application through the bank's website instead. The bank describes four steps: answer a few eligibility questions, upload three months of bank statements, sign online, and receive the money.

The bank says the funds are paid into your account straight away once the loan is approved and your repayment mandate is in place. The monthly instalment is then taken by DebiCheck from the account you choose, so you will usually get a request on your banking app to approve the debit. Approve only after you have read the instalment, the term and the total you will repay in the agreement the bank emails you.

What does a TymeBank loan cost?

GoTyme's loan page promotes a low-cost loan but does not print a rate, a term or a loan amount, so any percentage you see quoted elsewhere is not from the bank's page. The rate is therefore set for you when you apply. What the law does fix is the ceiling: for an unsecured loan the maximum is the repo rate plus 21%, which is 28.25% while repo sits at 7.25%. You can follow the moving parts in our prime rate guide.

To see what that means in rands, take R10 000 over 12 months at the 28.25% ceiling. The instalment is about R966 and you repay about R11 595. At 20% it is about R926 a month and R11 116 in total. These are my own sums, before the initiation and monthly service fees that the quote will add. Compare the full amount you repay, not only the instalment, and do not sign anything until the quote shows all fees in rands.

How is MoreTyme different from a loan?

MoreTyme splits a purchase at a partner store into three equal payments: one third at the till, one third after 30 days and the last third after 60 days. GoTyme says there is no interest, activation fee or monthly fee if you pay on time, and it is available at more than 3 000 partner stores. If a payment is missed, a late fee and interest may apply.

It still depends on your record. The bank's terms say a MoreTyme limit is set from your behaviour on the account, your balance, your use of other GoTyme products and the outcome of any credit checks. You need a biometrically verified current account in good standing, be 18 or older and be a South African citizen or permanent resident.

Is GrantAdvance a cash loan for SASSA recipients?

GrantAdvance lets a grant recipient whose grant is paid into a GoTyme current account request up to R1 000 early, between the 15th and 29th of the month. The bank says no interest or fees are charged on the advance, and the full amount is taken from your next grant payment. Limits depend on the grant: up to R1 000 for old age and disability, up to R150 per dependent for child support, and up to R500 for a foster child.

Borrowing against a grant this way means the next payment arrives short, so plan for that month. SASSA itself does not lend, and our SASSA grant loans guide explains how to spot unlawful deductions and fake loan offers.

How can you check a lender before you apply?

Look for the credit provider number. GoTyme shows its NCRCP number on its site, and any lender should do the same. Our guide to checking NCR registration walks through the NCR's register step by step. If you want to compare other registered providers, start with the lender directory.