The fire damaged half of the first floor of a semi-detached house in Dagnall Park.
The blaze started just after midnight, at 12.06am today (Wednesday).
Firefighters from Croydon, Woodside, and Norbury fire stations arrived quickly, with four fire engines and around 25 firefighters.
They worked to control the fire and rescue the women trapped on a first-floor balcony.
The firefighters used a ladder to bring them down safely.
The women were taken to the hospital by London Ambulance Service crews. The fire was under control by 1.25am.
The cause of the fire is still being investigated.
A London Fire Brigade spokesperson said: “Firefighters recommend that you have a look at our online Home Fire Safety Checker to make sure there are no hidden hazards in your home.
“The online tool will ask you a series of questions that will help us work out the level of risk in your home, or the home of someone you care for.
“It only takes a few minutes to get tailored advice to keep yourself and loved ones safe from fire.”