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.
Temporary loans have become increasingly popular to address urgent financial needs. Whether it's unexpected medical expenses, vehicle repairs, or temporary cash flow gaps, temporary loans quote individuals a way to access quick funds for a short period - so get started and get the funds you need today with MyLoan!
What is a Temporary Loan?
A temporary loan, also known as a short term loan, is a type of borrowing that allows individuals to obtain a small amount of money for a short duration. These loans are designed to provide immediate financial relief, typically with repayment terms ranging from a few weeks to a few months. Temporary loans are often unsecured, meaning they do not require collateral, making them accessible to a broader range of individuals.
Which Temporary Loan is the Best?
Depending on individual circumstances, various types of loans can be suitable for short term borrowing. Here are three standard options:
Payday loans are short term loans typically repaid on the borrower's next payday. They are ideal for individuals who need quick access to cash but can repay the loan in full within a short period. However, payday loans often carry high-interest rates, so careful consideration is essential.
Personal Installment Loans:
This type of loan allows borrowers to repay the amount borrowed in fixed installments over a specified period, like six months. Personal installment loans quote more flexibility in terms of repayment duration and may be a good choice for those who require a slightly more extended repayment period.
Credit Card Cash Advances:
Credit card cash advances allow cardholders to withdraw cash from their credit card limit. This option can be convenient if you have an available credit balance and need immediate access to funds. However, it's essential to consider the interest rates and fees associated with credit card cash advances.
Can I Get a Temporary Loan without Employment?
Obtaining a loan with employment can be challenging but possible. Many lenders require borrowers to have a stable income source to ensure repayment capacity. However, alternative options might be available:
You can consider applying for a secured loan if you possess valuable assets, such as a car or property. By offering collateral, you increase the likelihood of loan approval even without traditional employment.
Co-signer or Guarantor:
Having a co-signer or guarantor with a stable income and good credit history can enhance your chances of securing a loan. The co-signer or guarantor acts as a secondary repayment source, assuring the lender.
Benefits and Disadvantages of Temporary Loans:
Temporary loans quote several benefits for individuals needing short term financial assistance. However, it is crucial to consider both the advantages and disadvantages before taking out a temporary loan.
Benefits of Temporary Loans:
Quick Access to Funds
Flexible Loan Amounts
Convenient Application Process
No Collateral Required
Disadvantages of Temporary Loans:
Higher Interest Rates
Short Repayment Period
Potential Debt Cycle
Limited Loan Amounts
Can I Get a Temporary Loan Online?
Yes, obtaining a temporary loan online is possible. Many lenders now operate digitally, allowing borrowers to apply for loans through their websites or mobile applications. The online application process is often streamlined and efficient, enabling faster loan approvals and disbursals, like FNB temporary loans.
You can get a quick loan today due to the fast application process, quick approval times, and short repayment terms. But the application process will be even more immediate if you select a quick loan online through Myloan.
However, it is crucial to exercise caution and verify the credibility of online lenders. Look for well-established financial institutions or reputable online lenders with positive customer reviews to ensure a safe borrowing experience.
How to Apply for a Temporary Loan with MyLoan
Many registered credit providers quote temporary loans. MyLoan partners with only National Credit Regulator NCR-certified lenders and has done the work on your behalf. We have integrated and automated the process of receiving personalised loan quotes from lenders. Get a temporary loan today? You only need to complete the online loan application and select the best loan for your circumstances.
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 most inclined to lend to you.
See Loan Quotes
Temporary loan 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.