Payday Loans

Payday loans are short term cash loans which are available to people with bad credit. Payday loans are expensive due to the high interest rates which lenders tend to charge. If you are getting a payday loan it is really important that you pay the money back on time as there can often be expensive penalty fees and charges for late payments. Payday loans are one of the most expensive ways of borrowing money so it is worth exploring all other possibilities first. If you think that you will have trouble paying the loan back it is probably best not to take the loan. Before applying for payday loans make sure that you read the terms and carefully so that you fully understand your financial obligations.

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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

Get Bucks
Get Bucks

Lender5% per monthR500-R40007 days45 daysIdentification

Identification

Initially South African ID number, employment and residential details.

Suitable For

Suitable

For South African residents with all credit backgrounds looking for a solution to a short term cash flow problem

Terms

Terms

You must have a Bank Account and be a South African resident

Restrictions

Restrictions

You must have a Bank Account and be a South African resident

Get Bucks
Get Bucks, Advance Your Payday Now. Get Bucks is a South African registered lender, with one twist - it’s online and it’s fast. When we say it’s all done in an hour, it includes the cash in your account*. We are not about giving you money to buy a house, a boat or even the latest flat screen TV. We're about instant cash to sort out life's little issues. There are no hidden costs! DETAIL INFORMATION >>Services

Services

Payday Loan Lender 


Loan example: Borrow R500 for 7 days, charges= R198.65, Total Repayment= R698.65


Advantages

Advantages

1. Borrow any amount between R500-R4000 

2. Pick how many days you want to borrow the money for, with a maximum term of 45 days. 
3. Once you are happy with everything, complete the rest of the application steps that should not take more than 10 minutes 
4. Get answers quick, usually within the hour 
5. Loans Paid out under 60 minutes!
6. Money debited out of your account on the day you have chosen, making the process a simple one. 
7. Want more answers? Make use of their helpful website with Sype Calls and live chat 8. The loan and all fees, costs and charges are reflected upon application. What you see, is what you get.


Disadvantages

Disadvantages

1. There is an initiation charge for each loan to cover the service delivery promise of being effective and fast 

2. Furthermore, there is an interest rate of 5% per month that is levied against the initial loan amount and fees. 
3. Also included in the repayment is a daily admin rate and collection fee.

SA Payday Loans
SA Payday Loans

BrokerVariesR500 – R15000VariesVariesIdentification

Identification

Initially residential and financial details

Suitable For

Suitable

For individuals looking for a fast cash loan of up to R15000

Terms

Terms

See website for details

Restrictions

Restrictions

Not available if you are self employed

SA Payday Loans
You need a quick and easy loan? Then SA Payday Loans are the right people for you as they will do all the work for you to find the loan which suits you best. The application is easy and you will get an answer on the same day. Benefit from easy repayments, fair conditions, and excellent service and apply now! DETAIL INFORMATION >>Services

Services

Loan Broker


Advantages

Advantages

1.Discreet – no one has to know you applied
2.Same day approval
3.Easy online application


Disadvantages

Disadvantages

Not much information provideid before application

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. Instant decision 24/7
3. 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

If you wish to speak to someone: Contact Us

Compare Payday Loans

Before you apply for a payday loan consider your options and make sure that this is the right type of loan for you.

What are the advantages and disadvantages of payday loans?

There are both advantages and disadvantages to payday loans and both should be considered before making an application for a payday loan. Many members of the public dislike the payday loan business because it is widely believed that payday lenders and brokers take advantage of those who are most in need by charging high levels of interest on relatively small amounts of money.

However, as the payday loan market continues to grow it is becoming clear that more and more people are looking for emergency cash injections. Unfortunately, the global financial crisis has led the banks and more mainstream lending establishments to become increasingly strict regarding whom they lend money to. This means that many people with a poor credit rating need to seek credit elsewhere. There is no doubt that the rates of interest on payday loans are higher than those of standard bank loans. However, there are also very few creditors who can provide loans for people with bad credit in as little as fifteen minutes and in an emergency that is what counts. Just make sure that you are away of the pros and cons of payday loans and that you understand the risks.

Payday loans can provide credit when there are no other options available

Under most circumstances there are probably better options than payday loans. The interest is very high so payday loans really are a very expensive way to borrow. However, if you have no alternative and have exhausted every other possibility then a payday loan may aid you if you need emergency cash quickly. Some companies can lend you the money you need in as little as fifteen minutes so time shouldn't be an issue. Most lenders will perform minimal credit checks but you will find that you will still be able to get the money you need whatever your credit history.

There are some ways to keep your payday loan costs down

Firstly make sure that a payday loan really is what you want and there are no superior options. Payday loans should be used as a last resort and should be treated with caution as they are an expensive way of borrowing money. You should then work out exactly how much you want to borrow and keep it to an absolute minimum. Borrowing more than you need to will only mean that you will pay more interest on the payday loan. In some cases the shorter the length of time that you borrow for the less interest you will have to pay on the loan so this is worth looking into.

Next, compare as many different payday loan companies as you can to help you find a good deal. There are numerous options online so read all of the detail which you can before applying. Work out exactly how much you want to borrow and how much you will have to pay back with the interest and fees. Do this with several companies until you find the cheapest option.

Before doing anything make sure you read the terms and conditions of any pay day loan before you apply as these will outline everything you need to know. Finally make sure that you pay your payday loan back on time. A payday lender may encourage you to let a loan roll over into the next month but it will just cost you more. Pay the payday loan back on time as there will be expensive penalty charges if you don't. The interest rates and other charges for late payments can easily accumulate and you will also damage you credit rating which will be used against you.

Make sure you take into account the following information when choosing a payday loan

Payday loans are expensive so you need to be smart about which one you get. First of all the APR will give you an idea of how expensive your loan is. It is in the interests of payday lenders to lend as much as possible so that you will have to pay more money back. Keep your borrowing to a minimum. Make sure you read the terms and conditions of any payday loan really thoroughly and make sure there are no hidden costs and charges. Pay the loan back on time as there are often expensive penalty charges and you will damage your credit score.

Payday Loans - Latest News News and Charts

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Struggling to make it through until payday but worry about taking out a payday loan because of the recent bad press? Read our payday loans guide for some tips.

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Why a bad credit loan can be right for you

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People who have been refused for a loan can still apply for a bad credit loan

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