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.
A R500 payday loan can be helpful when you are running out of cash but the days in the month does not seem to be decreasing at an equivalent rate. In a case like this, it is clear that you will need more money and there are only a few ways to do that. One of the most straightforward ways is to get a R500 payday loan.
Payday loans are small short term loans meant for people that need an extra influx of money until their next payday. It is convenient because the disbursement of such a loan usually happens in a short period, sometimes within minutes the lender will pay the loan into your bank account.
Payday loans are usually granted for a maximum of 6 months when the repayment of the payday loan should have concluded.
MyLoan has made the application process for a R500 payday loan as easy as possible. MyLoan strength is the assistance it provides borrowers by connecting you with all the available financial services to give you a personalised overview of loan offers online. MyLoan lists the loans you personally qualify for and sorts out the interest rates, payment terms, service fees, and final requirements to get the loan approved if you decide to apply.
The best part about MyLoan is that our service does not cost South Africans anything extra. The service is free and always will be.
How to get R500 payday loans when needed?
Although there is nothing wrong about taking a loan, you want to always consider if you need it urgently. If you do not manage your loan well, you can end up in a loan repayment loop that will jeopardise your future.
Here is the application process for a payday loan in South Africa:
- Fill in the loan application on MyLoan. After we will start actively looking for a loan for you. Thanks to our direct integration to many financial services, you may begin getting personal loan offers within minutes.
- Compare the terms of the personal loan offers provided to you. Make sure you read the repayment terms and understand costs and how much you will be paying back monthly.
- Proceed with the loan you find best suited for you.
- The loan provider will most likely do a final credit check on you might ask for some additional documents, such as bank statements.
- The lender disburses the cash to your account. The money can be in your account within hours after application. It usually is fast.
- You start to repay the debt the following month on a monthly basis. The collection of the debt will happen as agreed with the loan provider. For example, the collection can be directly withdrawn from your salary.
What do I need to apply for a R500 payday loan?
The requirements of each lender might differ. However, most lenders usually require the following:
- A bank statement that states your salary and monthly costs
- A valid South African identification document (ID)
- You should be at least 18 years of age
- Bank account details for loan payment
Frequently Asked Questions (FAQ)
How fast can I get a loan?
It is usually possible to get the cash paid out to your bank account within 24 hours upon a successful application. If there are no complications with the application, some lenders can even have the money deposited in your bank account within an hour.
Can I apply for a loan in person?
MyLoan is a purely online service and does not operate a physical office. However, you can visit the lender's physical office if that is more convenient for you.
What to do if I am struggling to repay the loan?
Most lenders are willing to be flexible on repayment terms if necessary. If you notice that you will not be able to make the payment, you are responsible for contacting your loan provider immediately to renegotiate the repayment of the loan
I am blacklisted - Can I still get a loan?
Some lenders might approve your loan request although you are blacklisted. Most importantly, you should be able to show lenders you can repay the loan.
Can I get a loan if I am unemployed?
Most lenders require a regular income source. It will not be easy to secure a loan without regular income.
How do I get the cheapest R500 loan?
Fill in the form on MyLoan and we will start looking for loan offers for you. Select the best alternative for you.
What costs do I have to pay to get a R500 loan?
MyLoan service is free. However, lenders usually ask for a service fee and the interest rate attached to the credit taken.
Are R500 payday loans safe?
Payday loans are as safe as any other loan. What differentiates payday loans from other loans is the higher interest rate. This is because payday loans are usually for a maximum of 6 months.
What happens if I do not pay back the R500 loan?
Your credit score will be updated to reflect your actions. If you do not pay back a loan as agreed, the lender will exhaust all options to recover the loan. It will also be harder for you to secure a loan in the future.