Ease of Use
GetBucks is the latest payday loan provider to hit the South African market. Unlike Wonga and Boodle, GetBucks promises to give you up to R 4000 right from the get-go – that’s quite a substantial increase from the normal R 2500 we came to expect as the industry standard. With sites live across Botswana, Zimbabwe and Kenya it looks like GetBucks aims high to become Africa’s prefered payday loan provider – but has it come to late to claim top honours locally?
GetBucks presents itself as a lot more “serious” than Wonga or Boodle. The home page features the standard slider to easily select your preferred loan amount as well as your payback date. GetBucks offer a much larger initial loan amount as well as a longer repayment period at 45 days.
Below the slider, there are a host of contact details in case you need to get in touch – unfortunately when we trialed the Live Support it didn’t work.
There’s also an informational video which promises “money in your account within the hour”.
GetBucks is a registered Credit Provider with the NCR and also subscribes to the general code of good credit practice as indicated by the National Credit Act.
GetBucks Costs & Charges
GetBucks is the only payday loan provider to provide loans of up to R 4000 for new customers. With this, they also allow for a longer repayment window of up to 45 days. Whilst this sounds great, the additional 13 days will add to your interest charge, so just make sure you understand the impact this has on your repayments. Also, since GetBucks charges the service fee on a daily rate there is this additional cost to take into account.
GetBucks also has a higher minimum loan amount of R 500 – if you need smaller amounts you should try Wonga or Boodle.
Overall, the repayments for a standard 31 day loan for different amounts is shown below. We found that GetBucks is on average 10% – 20% more expensive than the other payday provider in SA – for example, a R 500 loan would cost you R 120 more at GetBucks:
|Amount||Total Fees||Total Repayment|
|R 500.00||R 270.00||R 770.00|
|R 1000.00||R 295.48||R 1295.48|
|R 2000.00||R 466.25||R 2466.25|
|R 2500.00||R 551.64||R 3051.64|
How Much Can I Borrow
GetBucks offers the highest initial loan amount, with up to R 4000 in cash for first time customers.
GetBucks Application Process
We were slightly surprised when hitting the “Apply” button took us to a page requesting an account log in – unless GetBucks receives a substantial amount of repeat clients, we find this somewhat sub-optimal.
After confirming to be a new user, we were prompted to submit our email and password and were immediately given access to the “Members Area”. The lack of a confirmatory email asking us to prove that this was indeed my email raised some concerns…
After hitting “Proceed”, we finally arrived at the application process we would have expected to see from the beginning. From here on, the total application time was a little over 8 minutes, but please take your time to make sure you understand the impact of charges and interest rate that come with selecting your repayment date.
As with all payday loan applications, you will need your SA ID, bank account and cellphone details. A valid email is also a further requirement.
GetBucks Review – Final Verdict
Whilst GetBucks is great for individuals requiring higher payday loans and longer payback periods, we found that the substantially higher charges at lower amounts are making GetBucks uncompetitive against the likes of Wonga or Boodle.
Great if you need a loan of more than R 2.5k – if not, you’re better off with one our other payday loan providers.
Ease of Use