Do you need cash to sort out an emergency? Emergencies are part of our daily life and we have all found ourselves at that moment where we need cash to take care of emergency bills. Be it medical, utility bills or any other situation where cash is urgently needed. Payday loans are examples of short-term loans that may come in handy in such a crisis.
Payday loans or salary loans are short-term unsecured loans, usually to cover immediate cash needs. These loans cover borrowers through the next paycheck or when their salary is due. These types of loans often attracts by high monthly interest.
How do Payday Loans work?
When compared to other personal loans, payday loans work differently. Different jurisdictions have different regulations on advance loans. In South Africa, these loans are legal and you might need to know how salary loans work before applying for one.
The most important thing to do when you need immediate cash is to compare various loan offers before applying for credit. Different lenders have varied loan terms. Therefore, there is need to assess several options and pick the one that suits your financial needs.
You then need to calculate the estimated repayment amount over 30 days. Remember, different lenders have different rates. Once you settle on a suitable repayment plan, you can proceed with applying for the loan. Payday loans can be applied online or physically by filling out loan forms.
Once an application has been made, the lender needs to approve the credit. They scan through your statements and other submitted documents to establish whether you qualify. If you meet the requirements, the financial service provider will get back to you with an offer.
You can quickly get the amount in your bank account once you agree with the terms and accept the offer. The amount reflects in your account within a day or two after application and approval by the lender.
Repayments can be settled using the same bank account or other funding. They are typically made as a lump sum at a specified period. You can, however, agree with your lender to pay the loan in instalments and agree on a suitable payment time.
What are some of the payday loan requirements?
As mentioned above, advance loans are unsecured loans, therefore, you don't need a lot of paperwork when applying for one. You only need proof of steady income and sometimes no credit report to get a loan. So what are requirements for a salary loan in South Africa?
South African residents need the following when applying for payday loans;
- An ID document
- Proof of Residence
- Proof of income throughout the loan application period
- An active account to receive the funds
Payday loan interest rates
Applicants within South Africa can pay up to 5% per month in interest but there is a catch to it. Payday loans may attract additional administration fees that may cost you an extra cost on top of the interest when repaying the loan.
Best payday loans companies
There are plenty of companies offering payday loans in South Africa. This section combines a list of top salary loan companies in the country. The best payday loans lenders include;
- Southern Finance
- Absa
- MPOWA Finance
- Finance27
- Konga
- Wonga Loans
- Express Finance
- Lime24
- Wanna Loans
Best payday loans in South Africa
Applicants can access different payday loans in South Africa. This section sorts out some of the best salary loans in the country. Here is a list of the best payday loans in South Africa;
- Instant payday loans
- Same-day payday loans
- Cash payday loans
- No credit check payday loans
Payday loans online, benefits
Online payday loans allow applicants to apply for loans at a click of a button through a smartphone on a PC. Funds are deposited into your account depending on your qualifications and approval.
There are many benefits to applying for an advance loan online. Here are some benefits of these advantages of online payday loans:
- They assure privacy and safety
- Online loans are Easy to apply
- They are faster and more convenient
- No paperwork
- Online lenders allow you to get loans for different purposes
- They have no credit checks
What is Online Payday Loan Approval Rate?
Getting an online advance loan is a straightforward and fast process. It's zero paperwork and advanced tracking technology your loan can be approved in a matter of minutes. This also makes the application process easy. It is to get your loan approved quickly by South African online lenders if you have a good credit score.
List of payday loans online in South Africa
- Fasta Loans
- MyLoan
- FinChoice MobiMoney
- Wonga Loans
A good number of established banks also allow you to apply for a payday loan online. It is important to note that these banks are strict and attract low interest when compared to other private lenders.
Are there any payday loans with no paperwork or phone calls?
Some companies make it easier for clients to apply for a payday loan. Some allow you to apply online, through a screen. Other companies allow you to apply for a loan without carrying out any paperwork. Little Loans is one of the companies that do not ask for paperwork when finding you a lender. This can be a great advantage since you can save time by not having to stay in long queues waiting to be assisted with paperwork. Other companies are used to enabling clients to forward their documentation online by attaching a file.
Payday loans without a credit check
No credit check payday loans are normal advance salary loans offered without checking a borrower's credit records. Like any other debt, you are required to service your loan within the agreed period and it will affect your credit score once you default your payments. South Africans easily borrow payday loans online without a credit check.
What is an instant payday loan?
South African financial institutions allow borrowers to access instant payday loans. Unlike other salary loans available in the market, this type of credit allows you to receive the amount as soon as possible, thanks to a quick and straightforward application process.
How to Ask for a 1000 Rand Loan
Most companies offer you the possibility of asking for a 1000 Rand loan online. In an a world that is becoming more and more internet savvy and dependent, companies that do not have a web presence are rare. Large lending companies are not the exception. For this reason, to ask for a loan of 1 000 rands can be super easy.
Where could I apply for R2000 payday loans?
At Kwalaflo, you can get payday loans that reach up to R2000 and get the money on that same day of having being approved. These instant loans are free of hassle. You can find a credit solution online with this company. They provide instant loans, which indeed offer convenient and dynamic solution for financial troubles. You can borrow a minimum of R500 and a maximum of R2000. You will receive it instantly. There is even a loan calculator that you can use to check for possibilities:
-
Imagine that you want to borrow R500. If your next payday is in 7 days, then the interest would be approximately of R6.83, the fees would be of R 153.89, making the total repayment worth R 673.23.
-
Imagine that you need a loan of R900 and in twenty six days if your next payday. Your interest, then, would be of R 45.66, the fee would be of R 222.29, while the total repayment would be of R1,190.46.
Could I apply for payday loans of up to 8000?
Power Loans is a company in South Africa that enables clients to apply for a loan amount of R8000. So, if you need a loan of R8000 and you choose a term loan of 90 days, then you would have R2626.55 for fees and interest. The total to repay would consist of R10626.55. This company allows for affordable loans and specific affordable loans. With the calculator they provide, you will be able to find out your interest fee and get a credit check and get the cash loan you need in no time. There are no hidden costs or catches so that everything is transparent and legit.
Does Express Finance offer payday loans in South Africa?
Express Finance is a company that offers payday loans too. The process for digital signature is quite easy, there are no hidden fees, the application process is fast and they have discounts for rates. You can make use of the calculator provided by Express Finance, but first, you need to let the company know whether you are a normal user or a first time user. Let us see if you are a first time user:
-
Imagine that you would like to borrow R1000 (out of a maximum of R3000). If you get paid on day twenty one, this means that the duration of your repayment would be of twenty five days and the total amount would be due on the twenty first. If you borrow R1000, and the fees and interest total R165.25, then you would have to repay R1165.25.
Are there any new online payday loans?
If you are looking for payday loans online, there are some companies that can help to find the cheapest loan:
-
Boodle
-
Mulah loans
-
RCS loans
-
Wanna loans
-
InstaLoan
-
My Wallet
-
Wonga loans
Wonga, for instance, provides flexible loans that can reach a limit of R4000 by carrying out a fast online application. There are no hidden fees with Wonga. The minimum loan amount is of R500 and the repayment period can be of a maximum of six months. Lime Loans is a great option too for payday loans. They offer flexible loans and terms tailored to your budget.
How are 24/7 payday loans in South Africa?
You can access twenty four hours a day, seven days a week loans. There is an entity called Short term loans 24 that allows clients to get an instant loan 24/7. Among the advantages, you will see that the decision is instant, it does not require paperwork, there are no hidden charges and it is also available on the cell phone. It will show you all the available options in the market. If you are looking for 24/7 loans, you will see that Lime loans offer this possibility.
In conclusion, are there payday loans online in South Africa?
There are plenty of payday loan options for South Africans. While they come with different terms and conditions, it's good to find an advance salary loan that is within your means. Always remember to settle your loan in time to avoid inconveniences. Evaluate the agencies and pick the loan today.
Preguntas Frecuentes
Is the calculator free?
Yes it is
Can I Phone the bank on Fridays?
Yes you can
Are the companies open during the summer?
Yes they are
I want 10000 and by using a sassa card, so can I get it?
Payday loans are granted to people who have regular jobs and income. The idea is that you borrow money and repay it the following month when your salary is accredited into your bank account. This does not work for recepients of SASSA cards. There are other options for beneficiaries of social grants such as yourself, though; please, read our articles to find out more.
I would like to ask, can I apply for an emergency loan and repay after a week all the cost?
In the case you need to apply for an emergency loan and start repaying after a week, for example, you can choose the private financial company, Wonga. With this company, you can obtain a minimum amount of 500 rand and choose a repayment period with a maximum period of six months.
I need to urgently apply for a R8,000 loan. What steps should I take?
If you are looking for a payday loan of about 8,000 rand in an urgent way, you can resort to Power Loans, for example. This South African company offers clients the possibility to obtain up to 8,000 rand with a repayment period of 90 days and with an interest rate of 2626.55 rand approximately.