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 Payslip

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 Payslip in South Africa

Are you in need of a loan but don’t have a payslip to show for it? Finding a loan without a payslip in South Africa can be a daunting task, but it’s not impossible. With the right information and resources, you can find the lowest loan rates and apply online with ease. Whether you’re in need of a personal loan, payday loan, or any other form of financing, there are lenders who specialize in providing loans without payslips. These lenders understand that not everyone has a traditional job or a steady income, and they’re willing to work with you to find a solution that fits your unique financial situation. In this article, we’ll explore the options available to you and help you find the best loans without payslip in South Africa. So, sit back, relax, and get ready to take control of your finances.

Understanding the Types of Loans Without Payslip

There are several types of loans available to South Africans who do not have a payslip. Some of the most common options include:

Personal Loans

Personal loans are a type of unsecured loan that can be used for a variety of purposes, such as debt consolidation, home renovations, or medical expenses. These loans do not require collateral and are typically based on your credit score and financial history. If you have a good credit score, you may be able to qualify for a personal loan without a payslip.

Payday Loans

Payday loans are short-term loans that are designed to be repaid on your next payday. These loans are typically for a smaller amount of money and are based on your income rather than your credit score. If you have a steady source of income, such as a pension or government grant, you may be able to qualify for a payday loan without a payslip.

Secured Loans

Secured loans require collateral, such as a car or property, in order to secure the loan. These loans are typically easier to qualify for and may offer lower interest rates than unsecured loans. If you have a valuable asset that you can use as collateral, you may be able to qualify for a secured loan without a payslip.

Pros and Cons of Loans Without Payslip

Before you decide to apply for a loan without a payslip, it’s important to understand the pros and cons. Some of the benefits of these loans include:

  • You can still qualify for a loan even if you don’t have a traditional job or a payslip.
  • The application process is often quicker and easier than traditional loans.
  • You may be able to get a loan without a credit check.

However, there are also some drawbacks to consider:

  • Loans without payslips may have higher interest rates and fees than traditional loans.
  • Without a steady source of income, it may be difficult to repay the loan on time.
  • If you default on the loan, you may damage your credit score and face legal action.

How to Qualify for a Loan Without Payslip

Qualifying for a loan without a payslip can be challenging, but it’s not impossible. To improve your chances of approval, consider taking the following steps:

Build Your Credit Score

If you have a good credit score, you may be able to qualify for a loan without a payslip. To build your credit score, make sure you pay your bills on time, keep your credit utilization low, and check your credit report regularly for errors.

Provide Other Forms of Income Verification

Even if you don’t have a payslip, you may be able to provide other forms of income verification, such as bank statements, tax returns, or proof of government grants or pension payments.

Apply with a Co-Signer

If you have a family member or friend with a steady income and good credit score, you may be able to apply for a loan together as co-signers. This can improve your chances of approval and may result in a lower interest rate.

Finding the Lowest Loan Rates in South Africa

When it comes to finding the lowest loan rates in South Africa, it’s important to shop around and compare offers from different lenders. Some factors to consider when comparing loan offers include:

  • Interest rates
  • Fees
  • Repayment terms
  • Eligibility requirements

To make the process easier, consider using an online loan comparison tool or working with a reputable loan broker.

Top Online Loan Providers in South Africa

There are several online loan providers in South Africa that specialize in providing loans without payslips. Some of the top options include:

Wonga

Wonga is a popular online lender that offers payday loans to South Africans without payslips. The company offers loans up to R4,000 with a repayment period of up to 6 months.

Bayport Financial Services

Bayport Financial Services offers personal loans to South Africans without payslips. The company offers loans up to R250,000 with a repayment period of up to 84 months.

Boodle

Boodle is another online lender that offers payday loans to South Africans without payslips. The company offers loans up to R8,000 with a repayment period of up to 6 months.

How to Apply for a Loan Without Payslip Online

Applying for a loan without a payslip is often easier and more convenient than traditional loans. To apply online, follow these steps:

  1. Choose a lender: Research different lenders and choose one that offers the best terms and rates for your needs.
  2. Fill out an online application: Most lenders will allow you to complete an online application form. You’ll typically need to provide personal and financial information, such as your name, address, income, and expenses.
  3. Provide any required documentation: Depending on the lender, you may need to provide additional documentation, such as bank statements, tax returns, or proof of government grants or pension payments.
  4. Wait for approval: Once you’ve submitted your application and any required documentation, you’ll need to wait for the lender to review and approve your application.
  5. Receive your funds: If your application is approved, the lender will typically deposit the funds directly into your bank account.

Tips for Getting Approved for a Loan Without Payslip

To improve your chances of approval for a loan without a payslip, consider the following tips:

  • Improve your credit score
  • Provide other forms of income verification
  • Apply with a co-signer
  • Choose a lender that specializes in loans without payslips
  • Only borrow what you can afford to repay

Risks to be Aware of When Applying for Loans Without Payslip

While loans without payslips can be a useful financial tool, there are also risks to be aware of. Some of the most common risks include:

  • High interest rates and fees
  • Short repayment terms
  • The risk of defaulting on the loan
  • The potential for damage to your credit score

Before applying for a loan without a payslip, make sure you understand the risks and have a plan in place to repay the loan on time.

Conclusion and Final Thoughts

Finding a loan without a payslip in South Africa can be challenging, but it’s not impossible. With the right information and resources, you can find the lowest loan rates and apply online with ease. Whether you’re in need of a personal loan, payday loan, or any other form of financing, there are lenders who specialize in providing loans without payslips. To improve your chances of approval, make sure you have a good credit score, provide other forms of income verification, and choose a lender that specializes in loans without payslips. With these tips in mind, you’ll be on your way to taking control of your finances and achieving your financial goals.

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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.