Binixo

AmountPeriodWhat you’ll need
Between R300 to R90004 – 65 days1. Name and surname; 2. Phone number; 3. Bankcard number for quick loans SA.

Mazuma Loans

Amount Period What you’ll need
Borrow between R1000 to R200,000 Loans can be repaid in the specified time period to suit you. To apply, you must be 18 years or older

JP Money

AmountPeriodWhat you’ll need
Up to R100,00012-72 monthsEnsure you have the relevant documents. 1. Your latest 3 months bank statements; 2. Your most recent payslip(s) for one month; 3. Your South African green bar-coded Identity Document. 4. Proof of residence for Financial Intelligence Centre Act (FICA)

Who Takes Quick Cash?

Look at the financial literacy survey in 2018 to see who uses quick cash loans in South Africa:Quick Cash Loans Online SA

  • 83.7% said they use quick cash to help pay for a house.
  • 68.8% said they use the money to help pay for a car or other vehicle.
  • 58.6% said they use quick cash loans to help pay for tertiary university education.
  • 5.1% said they want the money to pay for a holiday.
  • 3.6% said they use quick cash for buying gadgets and technology.
  • 0.9% said they want the money to buy clothes and other fashion items.
  • 7.3% responded with “other.

Some people also use quick cash options such as personal loans to help buy groceries. Because the money is available quickly and you can pay it back in 4 days to 6 months, it’s also a useful option if you have unexpected bills.

Even though there are so many different ways to use quick cash loans, it’s not always a good idea. We’ll help you understand the difference later in this post.

Applying for a Loan

You can apply for a quick cash loan in South Africa online.

But you still need to meet the candidate requirements. Lenders ask for some basic information and documents so that they can qualify you for the loan.

Candidate Requirements for Quick Cash Loans in South Africa

Different lenders have different candidate requirements, so you should take a look at them when deciding which one to use. But for the most part, you need:

  1. A South African ID;
  2. A cellphone number;
  3. Bank account details;
  4. Your monthly expenses;
  5. A copy of your most recent payslip or other proof of income.

Usually, you can upload copies of your documents through the lender’s website. You can do this on a computer, but some financial services will also let you send copies from your phone.

Most online quick cash lenders will also ask you to register a user profile before you can apply. You need to give them your:

  • Name and surname;
  • ID number;
  • Home language;
  • Marital status;
  • Email address.

Depending on who you want to apply for a loan from, you may have to provide additional information.

Loan Application Processing

Quick Cash Loans South AfricaOnce you’ve given all the necessary information to the lender, they need to look at everything to decide whether you qualify for a quick cash loan. This is usually very fast because they use computer software to quickly compare your data to their minimum requirements. Some lenders say it only takes them 3 hours to process online loan applications.

It’s very important that you always tell the truth in your application. You also need to make sure that you send the right type of documents. If you send incomplete information or the wrong documents, it will slow down the process.

Here’s the different types of income information lenders ask for:

Payslip Bank Statement
Employed Yes* Yes
Self-Employed No Yes
Unemployed No Yes

*You can only use your payslip if it has your ID number on it. If not, you need to use your bank statement instead.

Data Security

The type of information you need to provide is obviously very personal. You might be worried about how that data is used.

Some online quick cash lenders act as “middlemen,” which means they pass your information to a different company. This makes it more expensive and less safe for you.

Legitimate websites act as direct lenders instead. This way, you don’t pay any extra fees and your data remains safe. No one else ever sees your data. The only time these lenders use your data is to approve your loan and check your credit score.

If your loan is approved, then the lender will use your bank details to deposit the money into your account. As part of the process, a debit order will also be set up for repayments.

Getting Quick Cash

It’s very important that you always pay on time. Legitimate companies will tell you upfront how much your loan will cost. This will depend on how much money you borrow, for how long, and the service fee and interest rate they charge. Websites will give you an estimate before you start applying.

If you fail to pay on time, then you’ll end up paying a lot more. Legitimate lenders will first try to contact you if your bank declines the debit order. Until you’re able to pay, the lender will continue to add service charges and interest to the debt.

After a certain amount of time, the lender may open a lawsuit against you. Your credit score will also drop, making it more difficult to get a loan in the future.

Companies in the South African Market

You can find reviews of companies that provide quick cash loan South Africa on our website. These include payday loans, personal loans, and quick cash loans. Here are some companies that offer Quick Cash in South Africa:

How Quick Cash Helps You

Quick Cash Loan — IPayLoansQuick cash online can help you with a lot of things, but that doesn’t mean you should use it for all of them.

You get the most benefit from quick cash loans online when you use them for good debt, such as:

  1. Paying for a house or apartment;
  2. Paying for a car or other vehicle;
  3. Paying for tertiary studies at a college or university.

Legitimate companies say you should try never use quick cash loans for bad debt, like:

  • Paying for a holiday;
  • Paying for gadgets and tech;
  • Paying for clothing or other fashion items.

It’s okay to use personal loans for things like this. But quick cash loans have higher interest rates, so you should try to only use them for real emergencies.