Representative example: Myloan is an online loan comparison tool and not a credit provider. We only work with NCR-registered credit providers in South Africa. Our comparison service to consumers is free of charge. Estimated repayments on a loan of R30 000 over 36 months at a maximum annual interest rate of 28% would be R1 360 per month including an initiation fee and monthly service fees. Interest rates charged by credit providers may, however, start as low as 11%. Repayment terms can range from 6 to 72 months.
Sometimes the need for extra cash can be urgent, and family and friends are not always in a position to help. When a time like this comes, an urgent cash loan can be considered a good option.
The standard process of borrowing cash from a South African bank can take a few days, which might be too late for your needs. In these particular cases, specialised accredited microlenders can help. These specialised microlenders can usually disburse the loan within the same day.
How much can I borrow for an urgent cash loan?
The amount that you can borrow for an urgent cash loan varies depending on the lender. Some lenders borrow at most R4000 and others can go all the way to a R10000 loan.
There are mainly two reasons why the amount you can borrow for an urgent loan is small. Firstly, these loans are mainly unsecured loans, meaning they are not backed by any of your assets. Secondly, the lenders do not have time to perform a rigorous credit score analysis, meaning the lenders are taking a certain amount of risk by lending cash in this manner. These also explain why the interest rate for this type of emergency loan is higher than average.
How does an urgent cash loan work?
Since these loans are urgent, it is convenient to apply for them online. Many lenders provide this type of capability to South Africans. The most convenient way to apply for an urgent cash loan is through MyLoan. MyLoan's form only takes a minute to submit and is directly integrated with many lenders in South Africa and will provide you with many loan offers at once - with no obligations. From there, you select the best offer for you and get the cash loan disbursed.