Hoopla Loans

AmountPeriodWhat you’ll need
From R100 to R250,000Over 2 to 60 monthsTo be eligible to apply for payday advance loans through our website, you must meet the following criteria: 1. Over 18 years of age; 2. SA resident and citizen; 3. In permanent employment; 4. Earn a monthly income of R5,000 or more; 5. Not currently under debt review; 6. Agree to a credit check; 7. What are Payday Loans?

MoneyMouse Loans

AmountPeriodWhat you’ll need
From R500 to R8000 for new customersfrom 1 to 6 monthsYou should be permanently employed for at least 3 months, have an active bank account and not be placed under debt review, sequestration or administration.

PaydayLoans 2.0

AmountPeriodWhat you’ll need
Up to R1000 for new customers, and increase the size next month depending on your capacity to repay the loan within 40-days.40 daysYour latest greatest bank statement, ID, Bank account details

LittleLoans

AmountPeriodWhat you’ll need
From R500 to R8000 for new customers30 daysYou need to be a South African citizen, Over 21 & have a regular income

Express Finance

AmountPeriodWhat you’ll need
Up to R 3000 for new customers34 daysA cellphone number, SA ID number, Bank account details, Most recent proof of income

EasyPayday Loans

AmountPeriodWhat you’ll need
Up to R 1000 for new customers30 daysA cellphone number, SA ID number, Bank account details, Most recent proof of income

Unionloans

AmountPeriodWhat you’ll need
Up to R 3000 for new customers120 daysA cellphone number, SA ID number, Bank account details, Most recent proof of income

Powerloans

AmountPeriodWhat you’ll need
Up to R 8000 for new customers180 daysYour latest payslip, 3 months bank statements, a copy of your ID, Bank account details, Most recent proof of income

Lime Loans

AmountPeriodWhat you’ll need
Up to R 1754 for new customers35 daysYou must have an Identity Document of the Republic of South Africa, be over 18 years old, have a South African bank account and access to the internet

Wannaloan

AmountPeriodWhat you’ll need
Up to R 3000 for new customers37 days1. A cellphone number, 2. SA ID number, 3. Bank account details, 4. Most recent proof of income

Wonga

AmountPeriodWhat you’ll need
Up to R4000 for new customers, up to R8000 for existing customers6 month1. A cellphone number, 2. SA ID number, 3. Bank account details, 4. Most recent proof of income

What is a payday loan in South Africa?

A payday loan in South Africa is a short-term small loan that is given to you in cases when you really need it, especially when in an emergency. The duration of the loan is usually between one or four weeks (and should be repaid no later than six months later) resulting in a direct debit on your next payday. It’s important to know that your payday loan will naturally include interest, at around 5% per month, as well as other additional fees.

Why are payday loans so popular?

Many people opt for a payday loan in South Africa because it’s generally much easier to acquire than a regular long-term loan. It’s also a quick solution to a pressing issue. Payday Loans or Quick Cash loans helps those people who need a small amount of money to cover an expense or expenses.

Additionally, you don’t need any collateral in order to be approved for a payday loan in South Africa, in some companies they don’t even run a credit check.

Who takes a payday loan?

Most clients who take payday loan are those who have sudden emergencies or urgencies that require more money than expected and can’t be postponed till the next payday. Perhaps someone who has a medical emergency, or someone who needs extra cash to pay for school fees or to fix their car, for example.

How can you apply for a payday loan in South Africa?

Candidate requirements:

In order to qualify for a payday loan in South Africa, you would need to:

  • Be a South African citizen with a South African ID book
  • Have three month’s worth of employment payslips
  • Present the last three month’s worth of bank statements
  • Be over the age of 18

Who can assist you in payday loans online?

There are a lot of independent lending companies as well as banks that offer payday loan service in South Africa. Before applying, however, it’s important to read their rules and guidelines and take note of their interest rates and fees. This will help you to choose the best option that fits you.

Here are some companies that offer payday loans in South Africa:
  • Wonga
  • Little Loans
  • Wanna Loan
  • Express Finance
  • LIME Loans
  • MoneyMouse Loans
  • Easy Pay Day and other
And here are banks in South Africa that offer the same service:
  • First National Bank
  • Capitec
  • ABSA
  • NCR and other
What is the maximum amount of money you can get in a payday loan?

As far as payday loans go, you can only receive a maximum amount of R8000-00.

An example of a payday loan:

If you request for example R2000-00 for three weeks, there will be 3% interest rate as well as the other fees involved, such as the initiation fee (around R200 – R300), service fee (around R40-00) and VAT (around R40-00).

With this example, you would be paying back a rough estimate total of around R2380-00 on your R2000-00 loan.

How is the loan application process?

In general, most companies follow the same rules and standards when it comes to applying for a payday loan in South Africa. The process goes as follows:

  • Submit an online application
  • Your application will be reviewed by the company and either pre-approved or rejected
  • If your application is pre-approved, you will be asked to upload the relevant documents (payslips, bank statements, a copy of your ID)
  • Once your documents are received, they will be reviewed once again
  • If it is approved, your payday loan will be transferred to you
The importance of data security

Online Payday Loans South Africa — IPayLoans.co.zaNB: When it comes to entering sensitive data online, you should make sure that the company or the bank you’re doing an application with for a payday loan, is encrypted.

There are different kinds of data security, such as end-to-end, which has the ability for no one to have access to your sensitive data such as bank information, not even the company conducting your payday loan.

Another example would be 128-BIT SSL Encryption, which means that your data is 100% percent safe online.

NB: Remember to research this before filling in any application forms that require your private data.

How do you repay your payday loan?

All payday loans in South Africa are repaid via direct debit. This means that on the agreed upon payback day (usually the day in which you get paid), the amount due will be taken from your account in full. Repayment is usually a once-off payment, it is not done in installments.

If you don’t have sufficient funds in your bank to repay your payday loan, your lender will take further steps to resolve the matter. This means the lender will make contact with you to discuss the situation and possibly come up with an alternative solution. As with most lending services, there is a downside if you do not make your payment on time it will lead to ongoing interest and service charges.

If you fail to pay back your payday loan, your debt will be passed onto an external debt collector, which will result in further fees.

By failing to make the repayment, you risk having bad credit on file for years to come, which will affect any future loans you may apply for.

Financial tips for saving in the future

Having the option of a payday loan is, of course, a lifesaver because you get it when you need it most. We also encourage you to take further steps to secure yourself financially in the future.

Here are small ways that you can incorporate saving into your daily life:

  •      Cut down on big, unnecessary expenses

For example, while having DSTV may seem like a necessity or something that cheers you all day. But it is an expense that is unnecessary during times of financial stress. Another example, you could opt for working out at home or running outside as opposed to paying for a gym membership. Cutting unnecessary expenses will help you save and probably be able to pay back your loan or pay for other necessities.

  •      Monetize on the things that you can offer others

Perhaps you have a parking space available to you, or a room in your apartment/house that you aren’t using.  You can rent it out and it will contribute to a decent amount of money to pay for groceries and other necessities.

  •      Part-time work

Do you have any hobbies or skills that you’re really good at? Perhaps you can make jewelry, or you are great at writing, graphic design, or website design? Use these skills in your free time to make some extra cash.

That concludes our comprehensive guide on taking out a payday loan in South Africa — a relatively easy and pain-free process for those who really need it.

For further information on companies that can assist you in receiving a payday loan, we have verified and trusted reviews to guide you in the process. The review guide helps you to make the best possible decision when it comes to your finances.