Short term loan in South Africa - Get the best offers | MyLoan

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.


When you’re in a cash crunch, and you need a quick injection of money to deal with some unplanned financial situation – you need to be able to find a loan that can smooth over that period and one that you can get out of as soon as you’re back on your feet.

That’s where short term loans come in.

What is a Short Term Loan?

As the name suggests, a short term loan is a financial instrument issued by a bank or a credit provider that gives you cash immediately, which you repay with interest over the short term. Typically this period could last anywhere from a week to a few months, depending on the loan.

What are the benefits of a Short Term Loan?

There are several key benefits that come with a short term loan, some of which include:

Of course, these benefits only really play out if the short term loan is suited to your unique use case. It would help if you had a very clear idea of why you’re utilising an instrument like this.

What to Consider Before Applying for a Short Term Loan

To determine whether a short term loan is the right choice for you, it’s essential to consider all of the following factors:

It’s worth taking your time to think through these considerations carefully before coming to any decision.

How to Apply for a Short Term Loan

1. Research the various authorised financial services available and pick the best one for you.

2. Acquire all the documentation and application forms you’ll need to fill out. In most cases, this can all be completed online.

3. Complete all the documentation honestly. They might ask for your ID, proof of residence, bank statements, income and expenses breakdown, credit score, and other identifying items.

4. You’ll then receive a quote that explains the fees, interest rate and expected repayment per month based on your customer profile.

5. If you are happy with the quoted terms, be sure to read all the terms and conditions before accepting the offer.

6. The lender will then deposit the money into your account, and you’ll pay it back as specified over the period.

This process will vary depending on where you get your loan, of course, but the principles will remain the same.

How MyLoan Can Help with Short Term Loans

We alluded to it above, but you’re going to have to choose between many different providers to find the best deal for you. While it is possible to do all this research yourself, it can be quite tedious, and you won’t know for sure that you’re getting the best option.

Instead of doing it yourself, it makes a lot more sense to use a free loan comparison service like MyLoan, which can gather all the relevant information in one place for you to make the best possible decision easily and quickly. MyLoan will collect all the available loan options onto one page and compare them according to your specific needs. This ensures that you’ve got everything you need right at your fingertips.

Frequently Asked Questions (FAQs)

Are short term loans safe?

For the most part, yes. As long as you are working with an accredited financial provider with a good track record – it is very safe to get a short term loan. Be sure to go through the fine print and make sure you understand what you’re signing.

Where to get short term loans?

There are numerous providers of different types, all of which offer different short-term loans. We’d recommend starting at MyLoan, which will show you all the various providers in place for you to make a choice.

How do short term loans work?

Typically, you’ll apply for a short term loan through an accredited provider, which will give you immediate access to an agreed-upon sum of money. This is then repaid (with interest) over a short term through regular payments, often via debit order.

Can I get a short term loan with bad credit?

This depends on the loan provider. In some cases, you can – but it might impact the terms of the loan you are approved for and the overall interest rate.

REPRESENTATIVE EXAMPLE: ESTIMATED REPAYMENTS OF A LOAN OF R30,000 OVER 36 MONTHS AT A MAXIMUM INTEREST RATE INCLUDING FEES OF 27,5% APR WOULD BE R1,232.82 PER MONTH. 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 LENDER'S DISCRETION.