Payday Loans South Africa - Find the Best Offers in South Africa
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Payday loans can carry bad connotations because when they’re abused they can lead to serious damage, but for those who use them responsively – they can be immensely valuable in those times when life throws your curveballs.
We’ll break down payday loans to get to the bottom of them and give you the insight that you need to use them effectively. We will also list lenders of payday loans in South Africa.
Payday lenders in South Africa
R500
R8000
1 - 3 moths
0% –5% Monthly
Good to know:
- Possible to get a lower interest rate
- Approval possible in minutes
- Up to 3 months repayment period
R100
R5000
1 - 31 days
5% monthly
Good to know:
- Fast disbursement
- Fully online application
- Has initiation fee
R500
R4000
4 - 34 days
4% monthly
Good to know:
- Up to R8000 for existing customers
- Fully online application
- Has initiation fee
R300
R5400
5 - 37 days
5% Monthly
Good to know:
- Fast loan disbursement
- Only lends to employed people
- Only up to R5400 loan
R500
R50,000
1 - 3 months
0 - 5% monthly
Good to know:
- Must be permanently employed
- Must earn over R5000
- Must not be under debt review
R2000
R150,000
12 - 60 months
N/A
Good to know:
- Up to R150,000
- Flexible repayment
- Easy application
R1000
R8000
2 - 6 months
3 - 5% monthly
Good to know:
- Uses bot for application
- Also offers long-term loans
- Earn a minimum of R4000/month
R500
R4700
7 - 50 days
3,2% monthly
Good to know:
- Fast disbursement
- Lower industry average interest rate
- Up to 50 days repayment period
R100
R10,000
1- 3 months
N/A
Good to know:
- Qualify for higher amount next loan
- Interest rate not announced
- Up to 3 months repayment period
What is a Payday Loan?
Payday loans are short-term loans that are unsecured and have a high interest rate. This type of loan is typically due on your next payday or 30 days. It’s normally for a small amount and is designed to bridge a gap when you have immediate expenses that you aren’t able to fund, but you know that you will be paid shortly.
Interest rates are dependent on your credit history and overall track record, and the money can usually be disbursed during the same day into your bank account – making it a very convenient source of financing when you need quick cash.
It is also possible to apply for an online payday loan for South Africans, which helps hasten the loan application.
What to consider before taking a payday loan?
Taking on a payday loan is a serious decision that requires a number of considerations so that you know that you are making the right move. Some of these include:
- Is the expense you’re looking to cover an emergency and short-term in nature?
Payday loans are not designed to be used as a traditional long-term credit line or to finance an ongoing expense. They are much better suited as a response to emergency expenditure that was unexpected.
- How much money do you really need?
Spend some time figuring out the exact loan amount that you really need, taking into account any other sources of finance you might have. Don’t borrow more than you need at that moment.
- Can you afford to repay the loan?
It’s important to look honestly at your finances and identify whether you will be in a position to pay the loan back. The interest rates charged are high and so it’s important to do the calculations and ensure that you won’t have any issues repaying your debt.
- Do you understand the terms and conditions?
Read the agreement carefully and make sure that you understand the terms of the loan and all the other bits and pieces.
- Are you borrowing from a reputable company?
There are lots of providers that offer payday loans in the market but they are not equally established and trusted. Be sure that you’re going through a brand with a track record and an established customer base which gives you some peace of mind about the reliability of the provider.
How to Apply for a Payday Loan?
Every provider will have a slightly different system, but in general – the steps to apply for a payday loan are as follows:
- Calculate the amount of money you require and when you will be able to pay it back.
- Compare the various providers to find the best deal for your particular situation.
- Fill the loan application with your chosen provider – entering in all the details that are required. You will likely need a copy of your ID, proof of income, banking details, and the like.
- Complete the application form filling in all the relevant information. Be sure to read and understand the terms and conditions before you submit.
- Wait for approval/verification and the funds will be paid into your account.
How does Loando help with payday loans?
Instead of doing lots of research to compare all the different payday loan providers against each other, Loando is a fantastic tool that does it for you. The platform brings together all the various payday loan options available onto one page, allowing you to compare each one according to your needs.
This is completely free and is the fastest and most convenient way to ensure that you’re getting the best deal possible. It can save you lots of money just by automating the research process and giving the peace of mind to know that you’ve made the best decision. It really is a no-brainer.
Frequently Asked Questions
Not necessarily. They are very useful for certain emergencies and when you don’t have any other viable options. However, they should not be relied upon as a constant source of financing, but rather as a tool to use when you need them.
Lenders usually perform a credit check, but it is still possible to get a payday loan. However, your credit score affects the interest rate you are charged. The worse your credit score, the more expensive the payday loan is likely to be.
Yes, payday loans will affect your credit score, especially if you don’t pay them back as per the agreement. This can affect your ability to secure credit in the future.
It depends on the provider and on your customer status but generally, you can borrow up to R8,000 with a payday loan.
Interest rates fluctuate depending on the provider, the amount being borrowed, your credit score, the amount of time, and various other factors. But generally, payday loan interest rates will range between 3-5% per month. This is excluding any administrative or initiation fees that some providers charge.
Can I get a payday loan from Loando?
No, we are not a payday loan provider ourselves. We only assist with comparing the different providers. Once Loando has identified the best deal for your needs, you’ll go through to that specific provider to apply for the loan.
So, there you have it. That should be everything you need to know about payday loans. It’s not something to take lightly, but if you’ve thought about it carefully and you are really in a pinch – this can be a great way to bridge the gap until your next salary comes through. Be sure to follow the steps laid out above and you know that you’ll be looking after yourself and your financial health.
