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.

Loans without Documents

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.

 

Loans without Documents in South Africa

In today’s world, where time is a valuable commodity, many South Africans are turning to loans without documents to meet their financial needs. These types of loans offer many advantages, including quick access to cash and minimal paperwork. However, they also have their disadvantages, such as higher interest rates and the risk of falling into a debt trap. In this article, we’ll explore the world of loans without documents in South Africa, providing you with valuable insights on how to find the lowest loan rates and apply online.

The Advantages of Loans without Documents

One of the primary benefits of loans without documents is the speed at which you can get your funds. Traditional loans can take weeks or even months to process, whereas loans without documents can be approved within hours or even minutes. This makes them an ideal option for those facing emergency situations, such as medical bills or car repairs.

Another advantage of loans without documents is the minimal paperwork involved. Unlike traditional loans, which require a significant amount of documentation, loans without documents typically only require basic information, such as your name, address, income, and bank account details. This makes the application process quick and easy, with no need to gather and submit stacks of documents.

Finally, loans without documents are often available to people who may not qualify for traditional loans due to their credit score or financial history. Many lenders who offer loans without documents do not perform credit checks, making it easier for those with poor credit to access the funds they need.

The Disadvantages of Loans without Documents

While loans without documents can be a lifesaver for those in need of quick cash, they also have their drawbacks. One of the primary disadvantages is the higher interest rates. Since lenders who offer loans without documents are taking on a higher risk by not verifying the borrower’s financial history, they often charge higher interest rates to compensate for the risk.

Another potential downside of loans without documents is the risk of falling into a debt trap. Since these loans are often offered to people with poor credit, they may already be in a precarious financial situation. The high interest rates and short repayment terms of loans without documents can make it difficult to repay the loan, leading to a cycle of debt.

Finally, loans without documents may not be suitable for larger loan amounts. Many lenders who offer loans without documents have limits on the amount that can be borrowed. If you need a significant amount of cash, you may need to consider other loan options.

Types of Loans without Documents

There are several types of loans without documents available in South Africa. The most common include payday loans, personal loans, and microloans.

Payday loans are short-term loans that are typically repaid on the borrower’s next payday. They are often available without a credit check and can be approved within hours. However, they also come with high interest rates and fees, making them a costly option.

Personal loans are a type of unsecured loan that can be used for a variety of purposes. They are often available without a credit check and can be approved within a few days. However, they may require more documentation than other types of loans without documents.

Microloans are small loans that are often used to start or expand a business. They are typically available without a credit check and can be approved quickly. However, they may have higher interest rates and shorter repayment terms than other types of loans.

How to Apply for Loans without Documents

The application process for loans without documents is typically quick and easy. Most lenders who offer these types of loans have an online application process that can be completed in a matter of minutes. To apply for a loan without documents, you will typically need to provide basic information, such as your name, address, income, and bank account details.

The Application Process for Loans without Documents

Once you have submitted your application, the lender will review it and determine whether you qualify for the loan. If you are approved, the funds will typically be deposited into your bank account within a few hours or days, depending on the lender’s policies.

The Requirements for Loans without Documents

The requirements for loans without documents vary depending on the lender and the type of loan. In general, you will need to be a South African citizen or permanent resident, have a regular source of income, and have a valid bank account. Some lenders may also require proof of income or other documentation.

The Lowest Loan Rates for Loans without Documents

Finding the lowest loan rates for loans without documents can be challenging, as interest rates can vary widely depending on the lender and the type of loan. To find the best rates, it’s important to shop around and compare offers from multiple lenders. You can also use online loan comparison sites to help you find the best deals.

Online Loan Applications for Loans without Documents

Many lenders who offer loans without documents have online application processes that make it easy to apply from the comfort of your own home. These online applications are typically quick and easy to complete, and you can often receive a decision within minutes.

Risks to be Aware of with Loans without Documents

As with any type of loan, there are risks associated with loans without documents. These include the risk of falling into a debt trap, as well as the risk of being scammed by fraudulent lenders. To minimize these risks, it’s important to do your research and only work with reputable lenders.

Alternatives to Loans without Documents

If you are unable to qualify for a loan without documents or are looking for alternative options, there are several other types of loans available in South Africa. These include secured loans, which require collateral such as a car or property, and credit union loans, which are offered by member-owned financial cooperatives.

Conclusion

Loans without documents can be a valuable tool for those in need of quick cash. However, they also come with their own set of risks and disadvantages. By understanding the various types of loans available, the application process, and the risks involved, you can make an informed decision about whether a loan without documents is the right choice for your financial needs. Remember to shop around and compare offers from multiple lenders to find the best deals and lowest rates.

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.
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.
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.
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.