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.
Sometimes the need for extra cash can be instant, and family and friends are not always in a position to help. When a time like this comes, an instant cash loan can be considered a good option.
The standard process of borrowing cash from a South African bank can take a few days, which might be too late for your needs. In these particular cases, specialised accredited microlenders can help. These specialised microlenders can usually disburse the loan within the same day.
How much can I borrow for an instant cash loan?
There are mainly two reasons why the amount you can borrow for an instant loan is small. Firstly, these loans are mainly unsecured loans, meaning they are not backed by any of your assets. Secondly, the lenders do not have time to perform a rigorous credit score analysis, meaning the lenders are taking a certain amount of risk by lending cash in this manner. These also explain why the interest rate for this type of emergency loan is higher than average.
How does an instant cash loan work?
Since these loan needs to be instant, it is convenient to apply for them online. Many lenders provide this type of capability in South Africa. The most convenient way to apply for an instant cash loan is through MyLoan. MyLoan's form only takes a minute to submit and is directly integrated with many lenders in South Africa and will provide you with many loan offers at once - with no obligations. From there, you select the best offer for you and get the cash loan disbursed.