Cash loans come in all shapes and sizes, and our partners quote cash loans as a solution for every life event. Choose the best loan option available on MyLoan - with no obligations or hidden costs.
Representative example: a R50 000 loan at an interest rate of 24.5% per annum plus a once-off initiation fee of R1 207.50 (added to the loan amount in this example) and a monthly admin fee of R69.00, over 72 months would have a total cost of R 103 155.57.
The maximum annual interest rate including fees is 27.5%. Repayment terms can range from 1 - 72 months.
MyLoan is an online loan broker and not a lender. Our service is free and we work with NCR licensed lenders in South Africa. Interest rates charged by lenders can start as low as 20% APR, including an initiation and service fee determined by the lender. The interest rate offered depends on the applicants’ credit score and other factors at the lenders’ discretion.
What is a Cash Loan?
Simply put, a cash loan is a form of borrowing that quotes immediate funding to cover urgent financial needs like medical loans. Unlike traditional loans, cash loans are typically short-term, meaning they must be repaid relatively quickly.
Various Types of Cash Loans
There are many different types of loans. Personal loans are the most common cash loan due to their flexibility. The loan amount goes up to R250.000, and the repayment periods can range from six months to seven years. Personal loans can also be classified according to purpose, and some of the popular ones are dental loans, medical loans, and holiday and travel loans. Other types of cash loans could be the following:
This type of loan is typically a small, short-term and unsecured loan designed to cover emergency expenses until the borrower’s next payday. They are known for their fast disbursement but with high-interest rates.
This loan generally has a repayment period of less than a year. Short-term loans can help address temporary financial burdens and typically come with higher interest rates due to the short repayment term.
This loan type is characterised by their quick approval and disbursement, often within a day. While convenient, they usually have higher interest rates.
These loans are often unsecured and must be paid back within a year. You can borrow a small amount of money down to R500.
With these loans, you borrow a specific amount of money and pay it back with interest in monthly payments - installments. This type of loan is known for its fixed repayment schedule and is typically used for significant purchases.
The Benefits and Downsides of Cash Loans
There will always be both benefits and downsides to taking out a loan. Therefore, comparing loan quotes, repayment terms, and interest rates is vital before deciding on a lender and a loan quote.
- Quick access to funds
- No collateral needed
- AFlexible use of funds
- Simplified application process
- Typically high-interest rates
- Short repayment terms
- Potential debt cycle and fees
How to Apply for a Cash Loan
Many registered credit providers quote cash loans in South Africa. MyLoan partners with only National Credit Regulator National Credit Regulator NCR-certified lenders and has done the work on your behalf. We have integrated and automated the process of receiving personalised loan quotes from lenders. To apply for a loan, you only need to complete the online loan application and select the best loan for you.
Fill in the Loan Application
Fill in the loan application. The form only takes a few minutes to complete, and once you submit it, we will forward it to multiple lenders most inclined to lend to you.
See Loan Quotes
Cash loan providers that see your application and are willing to provide the cash you need will instantly provide you with a preliminary loan quote. You will see the details of your loan, such as how much you qualify for and your expected interest rate. After you accept a quote, the lender will contact you directly to finalise the process.
Get the Money
Once you choose and accept one of the quotes, you finalise the application by submitting additional details and required documents like proof of residence. The lender then deposits the funds in your bank account.
Remember to have all the required documents close by so that applying for a loan online is as smooth as possible.
Frequently Asked Questions (FAQS)
Is a Cash Loan Safe?
As mentioned, MyLoan only partners with trustworthy lenders, and we prioritise the security and privacy of customer information. However, a cash loan is unsecured, which means that borrowers do not need to provide collateral to secure the loan. This accessibility makes them particularly attractive to individuals facing urgent financial situations or unexpected expenses. Some borrowers also pursue the options of mashonisa loans. Find a Mashonisa on Whatsapp.
How Can I Get a Loan Without Documents?
Getting a loan without traditional documents like credit reports is challenging but not impossible. Some lenders offer ‘no-doc’ loans where they rely on your stated income. However, they might require proof of income in other forms, such as bank statements. The typical documents required from the lenders are the following: Valid South African ID, proof of residence not older than three months, one month’s payslip and up to three months recent bank statement.
How Can I Get a Loan in 1 Hour?
Many online lenders specialise in providing fast funding and aim to process loan applications promptly - and some lenders even promise application approval within hours. But the exact timing may vary depending on the lender’s policies. If you want a cash loan quickly, you can help speed up the process by providing all the correct details and required documents needed to process your loan application. Once the lender has these on hand, they will work to process your application abruptly.
Can I Get a Cash Loan as Unemployed?
It is possible to obtain a cash loan even if you’re unemployed, but it is more challenging. Some lenders quote loans to unemployed individuals if they provide evidence of an alternative source of regular income. This income can come from welfare benefits, rental income, or investments. However, these loans will have higher interest rates and stricter terms due to the increased risk to the lender. Be sure this is possible by checking up on your lender, and always ensure you understand these terms and have a plan for repayment to avoid further financial distress.