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Payday Loans
With the cost of living being so steep, and poverty levels steadily rising, the ordinary South African may find themselves on the search for quick cash, such as payday loans. Like the name suggests, these are small loan lent out to individual with the expectation they will repay using their next pay check.
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Properties of this loan
- Online loans up to R4.000
- Term 4 days - 6 months
Loan requirements
- A cellphone number
- SA ID number
- Bank account details
- Most recent proof of income
About company
More information about the company Wonga Finance SA (Pty) Ltd.
Fast information
Properties of this loan
- Online loans up to R3.000
- Term 5 - 37 days
- First 5 days interest free
Loan requirements
- Presence of client ID
- Current account number in an African bank
- Minimum application criteria
About company
More information about the company Wanna Loan Technology (Pty) Ltd
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Properties of this loan
- Online loans up to R250.000
- Term 6 - 84 months
Loan requirements
- A copy of your I.D.
- Your most recent monthly bank statements
- A copy of your most recent pay slip
- Proof of residence (not more than three months old)
About company
More information about the company Bayport Financial Services 2010 (Pty) Ltd.
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Properties of this loan
- Online loans up to R5.000
- Term 1 - 6 months
- Same-day cash
Loan requirements
- The borrower’s age should be in the range of 18 to 65 years
- Users must pass a credit check
- Requires a current email address
- Provision of current phone number and Debit card
- Recent pay slips and Proof of address
About company
More information about the company Cobol Finance
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Properties of this loan
- Online loans up to R4.000
- Term 7 - 56 days
Loan requirements
- The borrower’s age should be in the range of 18 to 65 years
- Users must pass a credit check
- Requires a current email address
- Provision of current contact number (for SMS) and bank details
- Recent pay slips and Proof of address via document
About company
More information about the company GetBucks (Pty) Ltd
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Properties of this loan
- Professional financial advice and tips to improve your score
- Complimentary loan assist service of up to R150,000 cash
Loan requirements
- Be 18 years or older
- Have a valid SA ID or Drivers License
- Have a bank account
About company
More information about the company Credit Gain Services (Pty)
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Properties of this loan
- Online loans up to R150.000
- Term 12 - 60 months
Loan requirements
- Your ID documents
- Proof of residence
About company
More information about the company Transaction Capital Recoveries (Pty) Ltd
Fast information
Properties of this loan
- Online loans up to R1.000
- Term 5 - 40 days
- Easy online application
Loan requirements
- Be prepared to e-mail a copy of your latest greatest bank statement
- ID.
About company
More information about the company PaydayLoans 2.0
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Properties of this loan
- Online loans up to R150.000
- Term 3 months - 6 years
- Easy online application
Loan requirements
- If you are a South African citizen
- Over 18 years of age
- Employed and banked
About company
More information about the company Loans 4 Payday
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Properties of this loan
- Online loans up to R2.000
- Term 7 - 25 days
- Fast online application
Loan requirements
- Have and Identity Document of the Republic of South Africa
- Be over 18 years old
About company
More information about the company Kwalaflo (Pty) Ltd
Fast information
Properties of this loan
- Online loans up to R3.000
- Term 5 - 35 days
- Easy online application
Loan requirements
- A personal bank account, taken out in your own name, active for at least of 3 months
- A contactable e-mail address that you have daily access to
- A permanent job, where you earn a monthly or weekly salary - NOT fortnightly
- Earning a monthly salary of at least R4 000
- At least 18 (eighteen) years of age
- A South African Citizen
- No judgments or defaults
About company
More information about the company PayDay Loans (Pty) Ltd.
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Properties of this loan
- Online loans up to R250.000
- Term 12 - 60 months
- First loan strictly for women
Loan requirements
- Be 18 years or older
- Have a valid SA ID or Drivers License
- Have a bank account
- Be employed and earn R2 000 or more per month
- You will be required to provide proof of income documentation
About company
More information about the company First for Women Insurance Company Limited
Fast information
Properties of this loan
- Online loans up to R2.500
- Term 30 - 60 days
- Online application
Loan requirements
- Age – 18 Years or Above
- South African Citizen
- Must have a Bank Account
- Have a Permanent Employment
About company
More information about the company Fak'Imali Cash Loans Trading as Matotololo Group (Pty) Ltd
Fast information
Properties of this loan
- Online loans up to R150.000
- Term 1 - 60 months
Loan requirements
- You must be between the ages of 18 and more
- Be the SA resident
- Your salary must be paid directly into your bank account
About company
More information about the company SA Home Loans (Pty) Ltd.
Fast information
Properties of this loan
- Online loans up to R250.000
- Term 1 – 84 months
- Fast online application
Loan requirements
- The minimum age to use our service is 18
- Must be a current resident of South Africa
- Need an active South African bank account to allow the money to be transferred to you
- Have to be a current resident of South Africa
About company
More information about the company Virgin Money South Africa (Proprietary) Limited
Fast information
Properties of this loan
- Online loans up to R300.000
- Term 1 - 7 years
Loan requirements
About company
More information about the company Loans Finder
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Properties of this loan
- Online loans up to R40.000
- Term 1 - 24 months
Loan requirements
- You must be between the ages of 18 and more
- Be the SA resident
- Your salary must be paid directly into your bank account
About company
More information about the company HomeChoice (PTY) Ltd
Fast information
Properties of this loan
- Online loans up to R15.000
- Term 6 - 18 months
Loan requirements
- Original SA ID
- 2 months latest payslips
- 3 months latest bank statements
About company
More information about the company Bruma Finance (Pty) Ltd
Fast information
Properties of this loan
- Online loans up to R120.000
- Term 1 - 48 months
- Fast application
Loan requirements
- You need to be a South African citizen and above 18 years of age
- Ability to go to the branch
- You also need to be employed and have a valid bank account
About company
More information about the company Real People Home Improvement Finance, a division of Opco 365 PTY LTD
Fast information
Properties of this loan
- Online loans up to R100.000
- Term 1 - 36 months
Loan requirements
- Original SA ID
- 2 months latest payslips
- 3 months latest bank statements
About company
More information about the company Letsatsi Finance and Loan (Pty) Ltd
Fast information
Properties of this loan
- Online loans up to R200.000
- Term 9 - 60 months
Loan requirements
- ID or a certified copy of your ID
- Three latest pay-slips
- One month’s bank statement
- Proof of residential address
- Affordability assessment
About company
More information about the company Iemas Financial Services (Co-operative) Limited
Fast information
Properties of this loan
- Online loans up to R8.000
- Term 1 - 6 months
Loan requirements
- A bank statement no older than 3 months
- Your 3 most recent payslips
- A copy of your existing loan agreement if you have it
About company
More information about the company Fairmoney (PTY) LTD
Fast information
Properties of this loan
- Online loans up to R200.000
- Term 12 - 72 months
Loan requirements
- A South African ID
- A minimum income of R4,000 per month
- You will also need to pass a credit check
- You must not be undergoing debt counselling
About company
More information about the company Olico
These types of loans are ideal for resolving small cash shortages as you wait for your salary at the end of the month. Hence, they are classified as short term loans and the amount of money borrowed is in relatively small amounts; averaging a fraction of your pay check.
Applying For a Payday Loan Online
You can apply for payday loans online from a wide array of private lenders. However, if you want better terms, it is advisable to apply for the loan from the bank which you receive your pay slips. Regardless of whether you are in debt or have a bad credit history, you can apply for a payday loan provided you are employed and can provide proof of employment.
Irrespective of the lender you go to for a payday loan, you will need to provide:
- Previous payslips
- Bank statements
- Your ID book for identification
- Proof of residence in the form of a utility bill
Fees for Payday Loans South Africa
Every loan comes with a certain set of fees attached to it. These fees include:
- Initiation fees for processing the loan
- Service fees for servicing the loan
- Interest fees charged by the bank lending you money
- VAT fees levied by the government on lenders
Unlike typical loans which you can pay within a few months, payday loans are always due at the end of the month irrespective of the amount borrowed. If you borrow a large sum, the above fees can have a substantial impact on your salary.
Tips on How to Maximize on Your PayDay Loans
- If possible, borrow from the bank that receives your salary. Such a bank will probably provide better rates since you are a valued customers
- Borrow small amounts for minor problems. When taking a payday loan only borrow an amount that will have a minimal effect on your overall salary. When fees get applied on the payday loan, the amount can become substantial and hence you will receive a small portion of your salary at the end of the month.
- Make sure the amount you will repay doesn’t affect other debts. If you have other pending loans that your salary services, it is essential to ensure that the payday repayment doesn’t affect the monthly premium you pay towards those other loans. If you are left without enough money to service either loan, your credit score will be affected.
- Avoid private lenders. Private lenders may be the only option if you have bad credit; however, the interest they charge on payday loans is higher than banks.
Remember quick payday loans are ideally suited for solving small cash problems like utility bills. As such, consumers are advised to borrow small amounts that they can repay comfortably.
Lincoln Ndirangu(LinkedIn)Lincoln Ndirangu is a professional freelance web copywriter based in Nairobi, Kenya. For over 7 years, writing for the web and engaging the online audience has been primary focus and passion.More information...