R 500
R 125000
R 250000
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 2 - 72 MONTHS. CREDITUM IS AN ONLINE LOAN COMPARISON TOOL AND NOT A LENDER. INTEREST RATES CHARGED BY THE LENDERS FOUND IN OUR SERVICE 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.

Fast Loan Application

In order to find the best loan for your needs, it is important to compare loans online.

  • Apply in minutes
  • Get offers from multiple lenders
  • Choose the best loan option available

Note: If you are not satisfied with the loan offers, you don’t have to select any of them.

Applying for a loan online – How it works

About 5 minutes

1. Select loan amount

In the calculator, select the loan amount you need.

The minimum amount is R 500 and the maximum amount is R 250 000.

 

2. Fill out contact details

Fill out your email address and your cellphone number.

Keep in mind that you will receive the loan offers through these channels.

 

3. Fill in additional details

The applications are often processed automatically. To achieve this, banks and lenders need some additional details, like your employment status and monthly income.

 

4. Select the best loan offer

Compare the offers & select the best one! If you are not satisfied with the offers, you don't have to do anything. The application expires automatically.

 

Understanding fast loan applications in South Africa

A fast loan is a quick way to get cash when you need it urgently. It’s a type of loan that’s processed quickly, and the funds can be disbursed within a few hours or days. In South Africa, there are many lenders and financial institutions that offer fast loans to individuals who need money urgently. Fast loans can be used for a variety of purposes, such as paying bills, unexpected expenses, or emergencies.

Fast loans in South Africa can be classified into two categories: secured and unsecured. Secured loans require collateral, such as a car or property, while unsecured loans don’t require collateral. The interest rates for secured loans are usually lower than unsecured loans because the lender has security in case the borrower defaults.

Benefits of fast loan applications

One of the main benefits of fast loans is that they are processed quickly. When you need money urgently, waiting for a traditional loan to be approved can take days or weeks. Fast loans are designed to be processed quickly, so you can get the money you need within a few hours or days.

Another benefit of fast loans is that they are easy to apply for. Most lenders and financial institutions have online application forms that you can fill out from the comfort of your own home. You don’t need to visit a bank or lender in person, which saves you time and hassle.

Factors to consider when choosing a fast loan provider

When choosing a fast loan provider, there are several factors you should consider. The first factor is the interest rate. You want to find a lender that offers a competitive interest rate, so you don’t end up paying more than necessary.

The second factor to consider is the fees and charges. Some lenders may charge additional fees, such as processing fees or early repayment fees. You want to make sure you understand all the fees and charges associated with the loan before you apply.

The third factor to consider is the repayment terms. You want to find a lender that offers flexible repayment terms that suit your needs. For example, some lenders may allow you to repay the loan in installments, while others may require you to repay the loan in full on your next payday.

Comparison of fast loan rates in South Africa

To find the lowest rates on fast loans in South Africa, you need to compare rates from different lenders. Our platform makes it easy for you to compare rates and find the best deal. Simply enter your loan amount and repayment term, and our tool will show you the lowest rates from different lenders.

When comparing rates, make sure you’re comparing apples to apples. Some lenders may offer lower interest rates, but they may charge higher fees. You want to make sure you’re comparing the total cost of the loan, not just the interest rate.

How to apply for fast loans in South Africa

Applying for a fast loan in South Africa is easy. Most lenders and financial institutions have online application forms that you can fill out from the comfort of your own home. Here are the steps to follow:

  1. Research different lenders and compare their rates and terms.
  2. Choose a lender that offers the best deal.
  3. Fill out the online application form with your personal and financial information.
  4. Submit the application form and wait for approval.
  5. If approved, the funds will be disbursed to your bank account within a few hours or days.

Tips for getting approved for fast loans

While fast loans are easy to apply for, getting approved can be challenging if you have a poor credit score or a low income. Here are some tips to increase your chances of getting approved:

  1. Improve your credit score by paying off outstanding debts and making payments on time.
  2. Provide accurate and complete information on your application form.
  3. Choose a lender that offers loans to individuals with poor credit scores or low incomes.
  4. Provide collateral, such as a car or property, to secure the loan.
  5. Get a co-signer who has a good credit score and income to guarantee the loan.

Risks of fast loans and how to avoid them

While fast loans can be a great solution when you need cash urgently, they also come with risks. The main risk is that you may end up paying more than necessary if you don’t choose the right lender or if you don’t understand the fees and charges associated with the loan.

To avoid these risks, make sure you do your research and compare rates and terms from different lenders. You also want to make sure you understand all the fees and charges associated with the loan before you apply. If you’re unsure about anything, don’t hesitate to ask the lender for clarification.

Alternative options to fast loans

If you’re unable to get approved for a fast loan or if you’re hesitant to take on debt, there are alternative options you can consider. Here are some options:

  1. Borrow from friends or family.
  2. Use your credit card to pay for expenses.
  3. Sell items you no longer need to raise cash.
  4. Look for part-time work to earn extra income.

Fast loan providers in South Africa

There are many fast loan providers in South Africa, including traditional banks, online lenders, and microfinance institutions. Here are some of the most popular fast loan providers in South Africa:

  1. Wonga
  2. Capitec Bank
  3. African Bank
  4. Bayport Financial Services
  5. Loan Finder SA

Conclusion

When you need cash urgently, a fast loan can be a great solution. However, it’s important to choose the right lender and understand the fees and charges associated with the loan. By doing your research and comparing rates and terms from different lenders, you can find the best deal and get the cash you need quickly and easily.

You might also be interested in:

Lime
Loan amounts
R300
R5400
Payback period
5 days to 7 weeks
Interest rate
Daily interest rate of 0.1% to 0.16% depending on Tariff Group
Other fees
R69/month + opening cost 16,5% of first R1000 lent + 10% of loan amount over R1000 (+VAT). Limited to lesser of 15% of loan amount (+VAT).
Representative example: If you want to borrow R2000 for 30 days, you have to pay back R2428.78. The total cost includes interest, VAT, and a monthly service fee.
MyLoan
Loan amounts
R100
R250000
Payback period
7 days to 36 months
Interest rate
MyLoan is an online loan broker and not a lender. Interest rates of the loans in the comparison panel can start as low as 20% APR.
Other fees
MyLoan is an online loan broker and not a lender. Other fees depend on the brokered loan.
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. T 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.
Boodle
Loan amounts
R500
R8000
Payback period
16 days to 6 months
Interest rate
Daily interest rate of 0.17%
Other fees
Service fee R60 per month + Initiation fee R165 on the loan above R1000 + Insurance premium R4.50 per R1000 per month on the daily balance
Representative example: The payback time and total costs differ depending on the amounts. Final costs and fees are shown on the next page before agreeing to the loan.
Fasta
Loan amounts
R800
R8000
Payback period
1 month to 3 months
Interest rate
Monthly interest rate 3%
Other fees
Initiation fee R994 + Service fee R69 + Credit protection fee R48.76
Representative example: The payback time and total costs differ depending on the amounts. Final costs and fees are shown on the next page before agreeing to the loan.
MPowa
Loan amounts
R500
R8000
Payback period
16 days to 6 months
Interest rate
Interest of 5% per month, 3% on additional loans during the same calendar year
Other fees
Initiation fee of 16.5% of the capital amount on the 1st R1000 then 10% on each amount over R1000 plus VAT. A service fee of R60 per month plus VAT.
Representative example: The payback time and total costs differ depending on the amounts. Final costs and fees are shown on the next page before agreeing to the loan.