Need an easy loan? Be smart - apply for a loan through MyLoan to get quotes from many lenders. Choose the best loan option available - 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.
Securing a loan can sometimes be a daunting task. However, several financial institutions and alternative lending platforms quote easy access to funding through online applications like MyLoan. We specialise in providing loans with flexible requirements, making them suitable for individuals with low credit scores or limited financial histories.
Different Types of Easy Loans
There is an excellent list of loans that can be more manageable. All of these loans have in common that they are typically short term with a fast application process and fast approval times:
Short term cash advances are repaid within the next paycheck, with quick approval but high interest rates.
Borrowing a specific amount of money for various needs, often with lenient eligibility criteria and immediate access to funds.
Rapidly processed loans for urgent financial needs with shorter application processes and faster approval times.
An accessible loan with smaller amounts, suitable for individuals with limited income or credit history, typically used for short term expenses or emergencies.
It is a convenient and accessible loan obtained entirely online, featuring streamlined applications, quick approval, and flexible repayment options.
Short term loans
Designed for quick access to funds and is typically repaid within a few months to a year. They quote flexibility and are available from various lenders.
Which Banks Quote Instant Loans?
Several banks recognise the growing demand for quick access to funds and have streamlined their loan application and approval processes to provide instant loans. The following two banks quote instant loans, providing a convenient and expedited lending experience:
Known for its flexible and personalised approach, African Bank quotes a range of personal loans. Find a personal loan in Midrand. These funds can be utilised to cover many expenses, from funding education to executing home renovations. With repayment terms extending up to 72 months, African Bank provides a cushion for borrowers, allowing for a convenient repayment timeline.
Another highly reputable financial institution is Capitec Bank, which is particularly acclaimed for its customisable credit solutions. Quoting a flexible loan tenure of up to 84 months and competitive interest rates, Capitec enables borrowers to shape their loans in alignment with their financial capabilities. This personalisation caters to various financial needs, making Capitec a preferred choice for an easily accessible loan.
How do I Apply for a Loan?
Applying for a loan is quick and easy. But how do you know that Capitec Bank or African Bank is the best lender for you? That’s where MyLoan comes in. We help you compare top loan options from all the different NCR-certified lenders so that you can get the best deal. When you apply with MyLoan, you only have to submit one application by filling out our simple form. We then forward your application to several lenders, including Wonga, Capitec Bank and African Bank. If you qualify, the lenders will get in touch with a quote. Next, compare these quotes and decide which is best for you.
Typically, when comparing lender quotes, we recommend looking at factors such as the interest rate and the total cost of the loan. These are the factors that determine if you can afford the loan. Consider factors like the loan term, which affects the size of your repayments. The longer your loan term, the more affordable your repayments will be, but you pay more interest in the long run. Once you determine which option is right for you, you accept the quote and get your money!
Start now, fill in our loan application. The form only takes a few minutes to complete, and once you submit it, MyLoan will do the rest for you.
Other Ways to Obtain Easy Funding
Alternative methods to secure easy funding exist besides traditional banking institutions and online lending platforms. The South African government has established various initiatives for citizens seeking extra funding, including the Small Enterprise Finance Agency (SEFA) and the National Youth Development Agency (NYDA). These two initiatives have been taken to support entrepreneurs and small businesses financially. Both programs may quote loans or grants to eligible individuals or companies, presenting additional avenues for easy funding.
The Social Security Agency (SASSA) also provides financial assistance to vulnerable individuals and families in South Africa. Since 2005 the National Agency has submitted and distributed social grants. SASSA quotes various grants to help alleviate poverty and meet basic needs. These grants are free but still have an application process and some requirements. While SASSA grants primarily consist of non-repayable funds, there are instances where individuals may require loans to address pressing financial needs. In these instances, taking out a loan may be the more suitable option, provided it is higher in amount, and you can get a lump sum amount abruptly like a SASSA loan.
Frequently Asked Questions (FAQS)
What is an Emergency Cash Loan?
Emergency cash loans are designed to provide swift financial relief in urgent situations. These loans are typically disbursed quickly, enabling borrowers to address unforeseen expenses promptly. While various financial institutions quote emergency cash loans, it is essential to carefully evaluate the terms and interest rates before proceeding.
Where Can I Borrow Money from Urgently?
Several financial institutions and online lending platforms quote instant loans, including banks like African Bank and Capitec Bank. Additionally, online lenders such as Wonga provide quick access to funds through their streamlined application processes. Get various quotes from lenders like Wonga and Capitec Bank with MyLoan.
Can I Get a Loan Without a Credit Check?
Yes, it is possible to obtain a loan without a credit check. Some lenders, particularly those quoting payday loans or small cash loans, may not heavily emphasise credit history. However, remember that loans without credit checks often come with higher interest rates or stricter repayment terms.
Can I Apply for a Loan Without Documents?
There are options available for applying for loans without extensive documentation. Specific lenders, especially online platforms, may quote loans with minimal paperwork requirements. However, note that the documentation needed can vary depending on the lender and the loan amount sought. It is advisable to check with the lender beforehand to understand their document requirements. But the typically required documents are the following: South African ID, three months’ recent bank statement and one month’s payslip.