Representative example: Estimated repayments of a loan of r30,000 over 36 months at a maximum interest rate of 29.25% apr would be r1,381 per month including fees. Repayment terms can range from 2 - 72 months. Myloan is an online loan broker and not a lender. Our service is free, and we only work with NCR-licensed lenders in South Africa. Interest rates charged by lenders can start as low as 19.25% apr, including an initiation and service fee determined by the lender. The interest rate offered depends on the applicant's credit score and other factors at the lender's discretion.
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.
Many registered credit providers offer payday loans to South Africans. The loan offers by each lender are usually different from the other. Some lenders loan period are short, the maximum loan amount can also be small, or the interest rate offered might be a bit too much. Researching and analysing all this information is time-consuming. MyLoan has done this work on your behalf. We have integrated and automated the process of receiving personalised payday loan offers from lenders. To apply for a loan, all you need to do is fill in our online loan application and select the payday loan offer for you.
What type of loan is a payday loan?
A Payday loan is a type of short term loan geared towards workers. Payday loans are unsecured loans usually characterised by a higher interest rate when compared to secured loans. When you agree to a payday loan, you will get cash quickly, but you are also expected to repay the loan within a short period
Payday Loans - For when the unexpected happens
Sometimes you will be in a situation where you are unable to match your financial expenses during the month. This can be caused by unexpected costly bills, which are sometimes unavoidable how careful you are with your finances. In situations like this, a payday loan can be an ideal solution.
Apply for a Payday Loan through MyLoan
Applying for a payday loan through MyLoan will allow you to find the best payday loans South Africa has to offer. Apply for a payday loan by filling our online loan application, and we will provide you with the best loan offers to select from in South Africa. The loan amount you can borrow starts at R100, and some lenders offer a flexible repayment period of up to 3 months. However, paying back the loan earlier usually reduces the total cost of your loan.
WHAT ARE PAYDAY LOANS AND WHAT YOU NEED TO KNOW?
Payday loans are short-term unsecured loans designed to give you quick access to extra cash for your urgent needs. These loans can be repaid in one week or few months. Usually, the repayment amount will be automatically debited from your bank account.
If you are looking for the lowest interest rate solution, then payday loans, and in general, unsecured loans aren't the best option for you. They come at a relatively high cost, so this type of loan will be avoided if possible. In addition to payday loans being a great choice when you don't have anything to use for collateral, this type of loan can also be easier to get if you are already facing some financial challenges.
THE MINIMUM REQUIREMENT TO GET PAYDAY LOANS
- Age above 18 years.
- South African national
- Government-issued ID card or Social security number.
- Regular source of income to your account / Employment.
- No recent credit remarks
- Active bank account.
ADVANTAGES AND DISADVANTAGES OF PAYDAY LOANS
Like any loan, this loan also has both advantages and disadvantages. Some of the advantages and disadvantages of a payday loan include:
ADVANTAGES OF PAYDAY LOANS
- No collateral required.
- Most payday lenders promise to pay the loan amount on the same day into your bank account.
- Applying for a payday loan takes about five minutes.
- Lenders have fewer requirements compared to other types of loans.
DISADVANTAGES OF PAYDAY LOANS
- Payday loans are relatively expensive.
- Costly if the loan is not paid back quickly.
- The ease of getting a payday loan leads South Africans taking a loan even when it isn't required.
HOW MUCH DOES A PAYDAY LOAN COST?
In South Africa, borrowers will be charged about 5% interest rate per month. This might not be a high interest rate in the short term, but you also have to consider the service fees. The service fees alone can be hundreds on Rands, which makes the cost of a R2000 payday loan significantly higher. This means that you have to take the service fees into consideration when comparing payday loan offers.
HOW TO CHOOSE SOUTH AFRICA'S BEST PAYDAY LOAN LENDER
As there are many banks and online registered credit providers that offer payday loans services, it is challenging to choose the best one. You want to be cautious when choosing a payday loan lender. Firstly, you must understand that as these services are quick and easy, it involves some risk. When borrowing, you eventually need to pay back the initial principal and also the interest and fees.
You also need to make sure that that the lender follows the financial regulations in South Africa, lenders are work ethically, and calculate the effective interest rate to determine the cheapest offers. A better option is to apply for a payday loan using MyLoan. We will find you the best loan deals available. All you need to do fill in our application, select the best offer for you, and then you get the cash paid into your bank account.
ARE PAYDAY LOANS THE RIGHT CHOICE FOR YOU?
When you are thinking of applying for a payday loan, you also need to consider whether this loan is the right choice. When you are in an emergency situation, this loan will be an effortless, quick and easy option. Here are some occasions when a payday loan might be valuable:
- Medical emergency-related bills.
- Vehicle repair bills.
- Other bills that you are required to pay quickly to avoid a worse situation than paying pack a payday loan.
Of course, there might be other situations where payday loans are ideal, but the list above are the most common.