Top 10
Payday Loans
Best Payday Loans 2018
#1 - NEW Mpowa
MPOWA is the newest online lender offering small, short term loans online. Get same day loans of up to R 2500!

PROS:
  • R2,500 for new customers
  • Apply before 3pm & get cash same day!
  • Instant decision 24/7 & NO paperwork
  • Also available on mobile

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#1 - Boodle
Boodle is one of the more established payday/short-term-loan providers in South Africa, offering loans of up to R 8000 with 41 days to repay!

PROS:
  • R2,500 for new customers, and up to R8,000 for existing customers
  • Instant decision 24/7 & NO paperwork
  • Up to 41 days repayment period
  • Also available on mobile

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#2 - Lime Loans
Lime Loans is SA’s newest online only loan provider offering one of the fastest approval times at just under 5 minutes!

PROS:
  • loans up to R5,000
  • 5 minute loan approval!
  • Instant decision 24/7 & NO paperwork
  • Also available on mobile

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#3 - LoanfinderSA
LoanFinder SA provides online loans to many South Africans – even those who may have a poor credit rating, defaults or garnishee orders that can result from divorce, illness or death!

PROS:
  • tailor-made loans up to R 150 000
  • Serves more than 500 000 applications per year
  • Quick & easy online application

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#4 - SAPersonalLoans
SAPersoanlloans.co.za is a great solution if you’re unsure of which loan provider to go with – they will match your requirements directly with the best loan option for you!

PROS:
  • OVER 234 000 applicants helped
  • NO Application Fees Charged
  • Quick and Easy Approvals
  • Loans up to R15 000

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Best Payday Loans 2018

Online Cash in a Flash

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.

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

All Payday Loan Companies South Africa