Payday Loans - Cash Loans

A payday loan is a short term loan that is best used to cover urgent financial expenses like paying a bill, paying for repairs to your home or car or you might just need some extra cash before your pay check comes through. Whatever the reason, an application can be competed in minutes because they are designed to be a fast and easy way to get a cash advance, often on the sameday. These types of loans are paid back in full plus interest on your next payday and are not the answer to any long term financial difficulties. You can be eligible for a payday loan even with a poor credit history although the exact amount you can borrow might depend on your credit score. With payday loans becoming such a popular financial product there are many loan providers out there.

If you wish to speak to someone: Contact Us

COMPANYTYPE

TYPE

Lender / Broker

APR

APR

The term annual percentage rate describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate

LOAN AMOUNT

LOAN AMOUNT

Amount you can borrow

MIN TERM

MIN TERM

Minimum borrowing period

MAX TERM

MAX TERM

Maximum borrowing period

ID REQUIRED

ID REQUIRED

Identification required to apply

SUITABLE

SUITABLE

Applicants the loan is suitable for

TERMS

TERMS

Terms and conditions of loan

RESTRICTIONS

RESTRICTIONS

Restrictions regarding potential borrowers

MORE INFO

Wonga
Wonga

Lender60% per annum; 5% per month or 0.164% per dayR100 - R20001 day30 daysIdentification

Identification

South African ID Number; cell phone (to receive a PIN)

Suitable For

Suitable

For those seeking a short term financial solution to a short term cashflow problem

Terms

Terms

South African ID number,over 18 years, employed and a bank account in your name

Restrictions

Restrictions

You must be employed and have a South African ID number in order to qualify. You must be over 18 years old and have a bank account in your name

Wonga
Applying for a Wonga loan could not be simpler. There’s no laborious paperwork to be done, documents to fax, or wating around in a telephone queue, because our unique service is 100% online from start to finish. Just use the sliders on the home page to work out how much money you need to borrow and for how long. You will know the full cost straight away and once you're happy with the terms, just click “apply”. Please make sure that you read the terms and conditions thoroughly to ensure that you fully understand your financial obligations DETAIL INFORMATION >>Services

Services

Short term credit provider


Advantages

Advantages

1. Quick and easy application
2. No documents required
3. Instant decision 24/7
4. No hidden charges


Disadvantages

Disadvantages

1. Our service has an annual interest rate of 60%, in line with the regulations set out in the NCA, But remember a Wonga loan is only for between one day and a month – so actually you’re paying just 0.164% interest a day 

2. Wonga.com doesn’t believe in hitting you with ongoing and multiple charges, like most traditional lenders, but interest and service fees will continue to mount on your balance if you do not repay your loan on your chosen date. You can repay your loan early though, and you might even be able to save some money that way.. 
3. The Service fee we charge is R50 per month plus 14% VAT, as prescribed by the NCA

Debt Lab Payday Loan
Debt Lab Payday Loan

BrokerVaries on lenderR 0 - 15 0001 month6 monthsIdentification

Identification

1. Latest Payslip
2. ID

Suitable For

Suitable

For those seeking a short term solution to a cash problem

Terms

Terms

You must be employed and have an ID number and email address

Restrictions

Restrictions

1. You must have an email address
2. You must have an ID number
3. You must have employment details

Debt Lab Payday Loan
DebtLab is dedicated to bringing you the following quality financial services. We have the ability and knowledge to negotiate with many renowned lenders on your behalf to find the best deal for you, and secure quick and hassle free loan approvals. Our skilled team of call centre agents process all applications within 24 hours and treat your information as highly confidential. Please make sure that you read the terms and conditions thoroughly to ensure that you fully understand your financial obligations. Click here for more information on this loan. DETAIL INFORMATION >>Services

Services

1. Personal Loans
2. Pay Day Loans
3. Life Insurance
4. Debt Counselling
5. Study and Book Loans
6. Insurance Quotes


Advantages

Advantages

1. Possible to roll the loan term over to 6 months.
2. Quick and easy way to get funds


Disadvantages

Disadvantages

1. Initial amount that is loaned is small (up to R400), but subsequent loan amounts increase with a good repayment record (up to R15 000).
2. Payday loans are not a long term solution to debt problems.

financesPORTAL
financesPORTAL

BrokerVariesUp to R150000VariesVariesIdentification

Identification

Initially residential and financial details

Suitable For

Suitable

For individuals looking for a fast cash loan of up to R150000

Terms

Terms

You must have been employed for 6 months and have a South African ID number

Restrictions

Restrictions

1. You must have a South African ID number 

2. You are required to have been permanently employed for at least 6 months

financesPORTAL
financesPORTAL have tailored a quick and easy lending brokerage service that initially only requires you filling out an application form that takes less than three minutes to complete. Once you have filled out their form, financesPORTAL match you with a lender who will lend you up to R15000. Apply online today and get a no obligation quote for a loan with financesPORTAL. Please make sure that you read the terms and conditions thoroughly to ensure that you fully understand your financial obligations. Click here for more information on this loan. DETAIL INFORMATION >>Services

Services

1. Loan broker


Advantages

Advantages

1. Quick and easy form - takes less than 3 minutes to complete! 

2. Get PreQualified from an agen that contacts you 
3. Get a loan of up to R150000


Disadvantages

Disadvantages

1. Until you fill out the quick application form it is difficult to obtain any detail of the types of loan financesPORTAL has to offer you.

Boodle
Boodle

Broker0.17% per dayR100-R25001 day35 daysIdentification

Identification

You must have your SA ID number and you will need your banking details if you want to complete the super quick app.

Suitable For

Suitable

For individuals with average to good credit ratings, with a South African ID number and looking for a short term loan

Terms

Terms

You have to have a valid email address and cell phone number so that we can keep in touch throughout the process.

Restrictions

Restrictions

You need to be a South African citizen, have your own bank account in which your salary is deposited monthly, have a regular income and be over 21. You must also have been employed for at least 6 months. If you have a bad credit rating your chances in qualifying are slimmer.

Boodle
We know that in life, things happen – nasty things, happy things… expensive things. That’s where we come in! At Boodle, we want to help you out of any short-term financial problems. It’s not only because we’re nice people, it’s just what we do. So, if you need a cash loan quickly, you’ve come to the right place. Boodle is all about safe and convenient short-term loans in a blink! DETAIL INFORMATION >>Services

Services

1. Short term loan broker, providing loans by either Boodle or matching you with a Boodle Credit Provider


Advantages

Advantages

1. Once approved, your Boodle Loan could be paid directly into your bank account within 60 seconds – that's if it’s a weekday between 8:00 and 15:00. 

2. If it’s after 15:00 on a weekday, you will have Boodle in your bank by breakfast (that’s if you eat breakfast at 8:00). On weekends or public holidays, your Boodle will be paid out early the very next working day.
3. Fully automated, paperless and ONLINE 
4, If your Boodle Loan was declined due to affordability, we may offer you the opportunity to ‘appeal’ and possibly change our mind - this is a manual process 
5. Boodle have gone to great lengths and done our best to make sure that our platform is safe and secure! And when it comes to how we use your personal info, it’s all very official,we won’t share your details with anyone trying to sell insurance, cellphone contracts, etc. 
6. Taking out a Boodle Loan and repaying it on time (as we know you will) has a positive impact on your Credit History. 
7. Boodle are reasonable and will sometimes be able to arrange loan extensions


Disadvantages

Disadvantages

1. If you have a bad credit rating your chances at having your Boodle Loan approved are slim. However, don’t let this put you off. You may be too harsh on yourself for one and your Credit Profile may not be in the state you think it is! 

2. You cannot apply for a Boodle Loan on someone's behalf 
3. If you do not repay your Boodle Loan back on time your Credit Profile will be negatively affected and your Boodle Rating will also be badly impacted 
4. If you have been declined you need to wait at least 30 days from your first application date before you reapply for a Boodle Loan. 
5. You need to have been employed for at least 6 months in order to qualify 
6. You cannot apply for a Boodle Loan using a joing bank account
7. Your Boodle Loan is your loan amount plus interest and fees. The interest and fees on your Boodle Loan are calculated based on the requirements of the National Credit Act. 

Here are the facts: 

1. Service Fee: R50 per month plus VAT.
2. Initiation Fee: 
- Loans under R1000: 15% plus VAT
- Loans over R1000: 

R150 plus 10% on any value above R1000 plus VAT

If you wish to speak to someone: Contact Us

Compare Payday Loans and Cash Loans

Payday loans have been heavily criticised but can a payday loan ever be the right solution?

The truth about Payday Loans

Payday loans are everywhere these days and the industry is booming but what is a payday loans?

Payday loans are small loans where no credit checks are required. This means that whatever your financial history you are likely to be approved. Payday loans have short terms and must be paid back quickly, usually on your next payday, hence the name.

Payday loans are a fast way of getting emergency money. You can apply, get approved and have the money in your account often on the sameday. Some lenders can even get the money to you in as little as 15 minutes! They are designed to help you cover your expenses until your next paycheque.

Why are Payday Loans so popular?

An increasing amount of people are turning to payday loans to help them make ends meet. Payday loans can help you cover an unforeseen expense such as household bills, home repairs and buying essentials like petrol, food and travel.

With no credit checks the loans are very accessible. The only requirements are usually that you are over 18 and have a South African bank account. The application process is easy and fast and can take only a few minutes to complete. You can get the money you want from the comfort of your own home either online or with some companies via text.

Are Payday Loans as bad as they say?

Payday loans can be very costly and are a more expensive than other methods of borrowing. This is because the interest rates are very high as these are unsecured loans which can be given to people with bad credit ratings. However, they are designed for short term borrowing so if you do decide to take one out you need to be responsible and pay back the amount plus the interest as soon as possible.

If you miss payments you can quickly fall into a debt problem. This is because the fees and charges that come with late payments can be expensive and can easily accumulate. Not only can you fall into debt but you also risk damaging your credit score which will be used against you.

Remember that payday loans are for short term borrowing and should never be used to solve any long term financial difficulties you might have.

Is a Payday Loan right for you?

Payday loans can be a good solution for quickly and easily borrowing cash during an emergency if you don’t have other financial options such as credit cards or savings account.

Treat payday loans as a last resort.

Finding a Payday Loan

As payday loans are so popular there are many lenders vying for your business. It is definitely worth taking the time to research the market to see what is on offer. You can use the table above to find the right payday loan for you.

It is important that you read the small print on a payday loan and understand how the loan works. Also look at what happens if you miss payments.

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