Best Pay Day Loans Reviews

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Min AmountR 5 000R 100R 500
Max AmountR 20 000R 2 500 for New
R 8 000 for Existing
R 4 000 for New
R 8 000 for Existing
Repayment Period210 days32 days45 days
Interest Charge0.17% per day0.17% per day0.16% per day
Time To Payout 24 hours24 - 48hrs24 hours
Repayment Method Direct DebitDirect DebitDirect Debit (except Bidvest or Postbank)
Payout Method Direct DepositDirect DepositDirect Deposit (except Bidvest or Postbank)
Arrangement Fee Loans under R1000: 15% plus VAT
Loans over R1000: R150 plus 10% on any value above R1000
Loans under R1000: R 150 + VAT
Service FeeR 50 per monthR 1.64 per day + VAT
Late Payment Penaltymin R 85 per month
Age Requirements22 yrs18 yrs18 yrs
Credit Check RequiredYesYesYes
Apply by phoneYesNoNo
You Will NeedSA ID, Cell and Bank AccountSA ID, Email, Cell and Bank AccountSA ID, Email, Cell and Bank Account

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Instant Cash Loans

Instant cash loans – or so called pay day loans – have taken SA by storm with 1000’s of South Africans turning to easily accessible instant cash loans to cover excess Christmas expenditure. But are instant cash loans worth it?

Payday Loans South Africa

Sometimes life does not work out as planned and you find yourself sort a couple of bucks just before the end of the month and the long awaited pay check. What if someone could lend you the cash – hassle free and without long term commitments – just when you need it?

The above is your typical sales pitch of payday loan agents. Whilst an accepted way of borrowing in the UK, payday loans in South Africa are still fairly new and have received some bad press in the past. Whilst there are certainly some less than trust worthy operators, Top10Reviews has had a look at the top payday loans in South Africa to ensure that you can make an informed decision when researching your short borrowing options.

What Are Payday Loans

A payday loan is a short term loan, repayable within 30 days and generally for amounts of less than R 2500. They are normally approved very quickly and do not require any collateral – in fact all you need is an SA ID and bank account and 5 minutes to fill out the online application form. If approved, the money will be in your bank account within 24 hours of application.

Since payday loans are designed as short term borrowing solutions, the interest and charges on them can be quite pricey. However, like with all loan and borrowing services, they do serve a purpose and can help to tide you over between pay checks.

When is a Payday Loan right for me?

Like with all easily available credit, payday loans are open to be abused and land the borrower in trouble if the repayments can’t be met. Whilst providers like Wonga and Boodle review all applicants carefully in order to ensure they will be able to repay the loan, it is essentially the borrowers responsibility to ensure he’s not taking on more than he can cover.

The ideal scenario for payday loans is to fund unexpected additional expenditure where non-payment carries severe penalties. For example, if your phone bill is much bigger than you had expected, you could find you're left with a choice of defaulting on the debt, being charged for going beyond your overdraft limit or taking out short-term borrowing.

As long as you are confident you can afford to repay it the next month, a payday loan is preferable to failing to pay and adding a black mark to your credit record.

How do I apply for a Payday loan?

A large benefit of pay day loans is that they are extremely easy and convenient to apply for. Generally, the biggest challenge is to find a provider that you trust – a step that we’ve already helped you with.

After that, all you need is you ID and bank account information – Wonga and Boodle both make the application process extremely easy and will inform you within 24hours about whether you’ve been approved.

If succesful, the money is immediately transferred into your account. You set the repayment date during your application process and the repayment happens automatically via debit order on the selected date. It is crucial that you have the funds available in your account – otherwise there will be penalties and potential marks against your credit record.

How much does a Payday Loan cost?

We have only selected Payday loan providers that are based in South Africa and that are 100% transparent with their costs and fees.

Typically, you will have to pay 3 expenses – the actual interest, which is calculated daily, an initial arrangement fee as well as a monthly service fee.

One of the reasons payday loans - or instant cash loans as they are also know - are so notorious is that the annual percentage rate (APR) you pay - the interest over one year - is huge. However, since these loans never run for a year the actual cost of getting the funds is not as prohibitive as the APR suggests. For example, the interest portion on a R 1000 loan over 30 days is in the region of R 200.

What are the best Payday Loan providers in South Africa?

Whilst the payday loan industry is still fairly new in South Africa, the recent entry of Wonga has transformed the local industry and ensured that South Africans have access to a world-class and trusted payday loan provider.

Wonga has issued more than 5 million loans in the UK since 2007 and are widely regarded as the market leaders.

In addition to Wonga, there is Boodle which is the local challenger brand to the larger competitor.

We know that loans and borrowing is always a tricky decision – hopefully you will find the above payday loans comparison and our payday loans reviews helpful in finding the best solution.

And remember: Payday loans are meant to bridge the gap until payday; they shouldn't be used as a long-term solution.

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