Compare and decide on one of the 4 borrowing options presented
Simple and quick
Online loan 0,01%
Flexible loan
Quick Cash Now!
Explore details about the lenders
Address: Cape Town 8001, V&A Waterfront, Spaces, Dock Road Junction
Phone number: 71 868 5388
E-mail: support@lendplus.co.za
Max APR: 60%
Term: 62 days - 1 year
Loan of 4000 R for 3 months, commission 1243 R, total amount 5243 R, annual percentage rate APR 60%.
Address: -
Phone number: -
E-mail: info@dengoo.co.za
Max APR: 58.4%
Term: 62 days - 1 year
Loan of 1000 R for 3 months, commission 103.33 R, total amount 1103.33 R, annual percentage rate APR 58.4%.
Address: C505, Bridgewater 3, Century City, Cape Town, 7441
Phone number: 010 442 6722
E-mail: support@lime24.co.za
Max APR: 74.9%
Term: 62 days - 1 year
Loan of 4000 R for 3 months, commission 808.48 R, total amount 4808.48 R, annual percentage rate APR 74.9%.
Address: South Africa
Phone number: -
E-mail: info@soscredit.co.za
Max APR: 74.9%
Term: 3 months - 1 year
Loan of 4000 R for 3 months, commission 808.48 R, total amount 4808.48 R, annual percentage rate APR 74.9%.
Payday Loans in South Africa
Payday loans are a quick and accessible solution for South Africans needing immediate cash. These short-term loans are designed to help with urgent expenses until your next paycheck arrives. Below is a guide to understanding payday loans, including the application process, interest rates, and potential fees.
How to Apply for a Payday Loan
- Choose a lender: Select a trusted payday loan provider from our comparison list. Pay close attention to loan amounts, repayment terms, and interest rates.
- Submit your application: Complete an online form directly on the lender’s website. You’ll need to provide personal details and your banking information.
- Approval: Once your application is reviewed and approved, the lender will provide you with the loan terms and a contract to sign.
- Receive money: Receive money in your bank account.
Receiving Your Payday Loan
Upon approval, the funds are typically deposited into your bank account within hours or the next business day. To avoid any delays, ensure all necessary documents are submitted correctly.
Annual Percentage Rate (APR) and Repayment Period
Payday loans generally have repayment terms from 62 day to 12 months.
The maximum Annual Percentage Rate (APR) for personal loans, including payday loans, is 75%. APR represents the total cost of borrowing, including both interest and fees, expressed as an annual rate. This cap is designed to protect borrowers from excessive costs, especially for short-term loans like payday loans, which often carry higher interest rates.
When considering a loan, it’s essential to understand the APR, as it gives a clearer picture of the true cost over time, helping you compare different loan offers effectively.
Additional Fees and Costs
Payday loans often come with extra fees that can increase the total cost:
- Processing fees: Some lenders may charge an upfront fee to process your loan, which is added to your total repayment amount.
- Late fees: If you miss a payment or cannot repay on time, additional charges may apply.
- Prepayment penalties: Although rare with payday loans, some lenders may charge a fee if you repay your loan early.
Always read the fine print and calculate the total cost of borrowing before taking out a payday loan.
