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.
The need for quick small loans has become increasingly prevalent, as individuals and businesses often encounter unforeseen financial challenges. Fortunately, several reputable financial institutions and alternative lenders quote accessible options to promptly address short term financial needs.
What is a Quick Small Loan?
Quick small loans, or payday loans, are short term borrowing options designed to provide immediate financial relief. These loans are typically characterised by their relatively small loan amounts, swift approval process, and shorter repayment periods. Borrowers often seek these loans to bridge temporary cash flow gaps, cover unexpected expenses, or meet urgent financial obligations.
Providers of Quick Small Loans
Among the providers of quick small loans in South Africa, African Bank, Wonga Bank, FinChoice, Lime, and Fasta have established themselves as reliable sources of instant cash loans, personal loans, and urgent loans. These reputable financial institutions have recognised the growing need for immediate financial assistance and have tailored their offerings to cater to the specific requirements of borrowers in urgent situations. These institutions offer streamlined processes and efficient lending solutions to meet the urgent financial needs of individuals and businesses. Whether unexpected expenses or time-sensitive opportunities, these providers understand the importance of quick access to funds. African Bank, Wonga Bank, FinChoice, Lime, and Fasta have a long history in the quick small loans market, serving as reliable sources of financial assistance for those seeking instant cash, personal, and urgent loans. As mentioned, MyLoan only partners with authorised financial lenders that offer the personalised financing solution you need. You can find additional information about the different lenders by following the links to the lender reviews on MyLoan.
In conclusion, African Bank, Wonga Bank, FinChoice, Lime, and Fasta have a long history in the quick small loans market in South Africa. With their streamlined processes, prompt approvals, and commitment to meeting urgent financial needs, these institutions offer reliable solutions for you to get a quick small loan to individuals and businesses needing immediate financial assistance.
Requirements for Obtaining an Urgent Small Loan
If you need a small loan fast, ensuring you are eligible for it will be a good idea. It is done by having all the necessary documentation ready, so the loan approval process is as quick as possible. For a quick unsecured loan, the requirements are often fewer compared to other types of loans, but you generally need to meet the following criteria:
Age above 18 years
Valid South African ID document or Social Security number
Proof of residence not older than 3 months
Up to 3 month’s recent bank statement
1 months payslip
All loans are subject to final credit approval and the lender’s terms and conditions.
Get a Small Loan Today - Apply for a Quick Small Loan Trough MyLoan
Many registered credit providers quote urgent small loans in South Africa. MyLoan partners with only (NCR)-registeredNCR-certified lenders and has done the work on your behalf. We have integrated and automated the process of receiving personalised small loan quotes from lenders. Therefore don’t need to stress about ques and paperwork cause the right loan for you is always near you with our online application. To apply for a loan, you only need to complete the online loan application and select the best small loan.
Fill in the Loan Application
Fill in the loan application. The form only takes a few minutes to complete, and once you submit it, we will forward it to multiple lenders that are most inclined to lend to you.
See Loan Offers
The credit providers that see your application and are willing to provide the cash you need will instantly provide you with a preliminary loan quote. You will see the details of your loan, such as how much you qualify for and your expected interest rate. After you accept a quote, the lender will contact you directly to finalise the process.
Get the Money
Once you choose and accept one of the quotes, you finalise the application by submitting additional details and required documents like proof of residence. The lender then deposits the funds in your bank account.