Cash Loans

Whether you’re looking for a short-term payday loan for some quick cash, or a longer term personal loan from a bank, we’ve got you covered.

The difference between payday loans and personal loans

The main difference between a payday loan and a personal loan is the repayment time and the maximum loan amount available. Typically payday loans offer a much shorter repayment period with a lower maximum loan amount, whilst personal loans offer a far greater

  • Typical payday loan terms – Maximum loan of R2,000 with Maximum repayment period of 30 days (Wonga)
  • Typical personal loan terms – Maximum loan of R200,000 with Maximum repayment period of 60 months (Nedbank)

Personal Loans

Have you found yourself in a situation where you need some funds? Do you not have a back-up savings account to deal with your financial needs? If you need emergency money for medical bills, home improvement, or some other unexpected expenses then you should consider this kind of loan.  When you look into lenders that offer personal loans, you may find that you can get the cash you need within minutes from filling out the application. Just imagine the peace of mind you will feel knowing that you will not have to worry about coming up with the funds you need for your current financial needs.

Key Considerations

Choosing a reputable lender
 Before you fill out an application for a loan you want to research the different lenders. People who do not do their research may discover that they have come across a scam agency and not a reputable lender. Upon discovery of a reputable lender additional research is necessary to determine which one will offer the best options and interest rates for your financial situation.

Requirements
Once you are satisfied with the lender you have chosen, there are things you will need to be prepared to share with the lender. You will need to fulfil different requirements which vary depending on the lender. You will need to be prepared to show a government issued identification, such as a driver’s license. On occasion some lenders will also require seeing at least one physical bill with your name and home address. This helps show proof of residence.

Additional Items
Additional items that need to be show when applying include income verification and bank information. Online lenders in South Africa need to know that the person that they are considering giving money to has a viable source of income and a current bank account. Furthermore be aware that when you are looking into loans there is a high probability that you will have to pay a high interest rate if you have bad credit. This is due to the risk that the lenders take when providing loans to people without the greatest credit history.

Recommended Personal Lenders in South Africa

Here’s our recommendations for some of the most reputable lenders for personal loans:

  • Udu Loans
  • Nedbank
  • Wesbank

Payday Loans

There are many different types of loans that an individual can get when unexpected expenses arise. One of the most common loans that people look into is payday loans – a fast, instant loan that you can get on the same day of application. This type of loan is much different to a regular bank loan as it is a short term loan.  It is also the ideal option for people who want to get some quick cash to carry them through a short-lived financial issue.

How a payday loan can help you
When you are between pay days and your car breaks down you might find yourself scrambling for financial assistance.

If you have an unexpected medical issue, house repairs, or other unexpected financial need, consider a payday loan. After locating a reputable lender you can go through the process of filling out the application form. Along with filling out the application you need to provide proof of your income.

The income that you provide must be stable and consistent. Income that is not verifiable or consistent in the amount may preclude you from a loan. The lenders will have more confidence in providing you with a loan if they know you are financial able to pay the money back.

What happens when you cannot repay the loan
When you find yourself in a situation where you have received a payday loan but you do not have the money to pay the loan back there are consequences to your actions. The first step that the lenders will take is trying to take the payment out of the bank account that was provided when applying for the loan.

If there is no chance of the money being obtained from the bank account other approaches will be taken. The next thing on the agenda is the placement of phone calls to the borrower who has defaulted on the loan. These calls are made in hopes that an arrangement can be made to have the money repaid. If the calls go unanswered or ignored then further action will be taken. The borrower will get reported to the South African credit bureaus after 30 days of nonpayment.

This will result in a negative charge to your overall credit rating. he next step will be for the debt to be sent to a collection agency and ultimately legal action can be taken. If you take out a loan of this nature and find yourself in a jam, contact the lender and see if alternative arrangements can be made. Many lenders can work with you to help get their money back.

Recommended Payday Lenders in South Africa

We recommend only using a reputable provider who is registered with the National Credit Regulator (NCR) and MFSA to ensure that the lender is regulated and credible. Here’s our top recommendations for payday loans providers in South Africa;

Wonga
Wonga is one of the leading payday and short term loan providers in the World, offering a R3000 maximum loan and 30 day repayment period.Wonga was founded in the UK in late 2006 by two South Africans who realised that the world needed better and more innovative services to help people with their money. Five years later, in 2012, they launched in South Africa. Since starting out, they’ve funded well over two million loans… and counting!
  • Boodle Payday Loans
  • Mpowa Payday Loans
  • Get Bucks Payday Loans