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.

Mini Loans

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.

 

Mini Loans in South Africa

Are you in need of cash but don’t want to go through the hassle of a traditional loan? Mini loans in South Africa might be the perfect solution for you. These loans are designed to provide quick cash for individuals who need it urgently. They are easy to access and offer lower interest rates compared to traditional loans. However, with so many lenders available online, it can be overwhelming to choose the right one. In this article, we will guide you through the process of finding the lowest loan rates and applying for a mini loan online.

Benefits of Mini Loans

Mini loans are a popular choice for individuals who need quick cash. They offer several benefits over traditional loans, including:

Quick Approval

One of the biggest advantages of mini loans is that they offer quick approval. Unlike traditional loans, which can take weeks to process, mini loans can be approved within hours or even minutes. This makes them an ideal option for individuals who need cash urgently.

Lower Interest Rates

Mini loans typically offer lower interest rates compared to traditional loans. This is because they are designed to be short-term loans, which means the lender takes on less risk. This makes them a more affordable option for individuals who need to borrow cash.

Easy to Access

Mini loans are easy to access, with many lenders offering online applications. This means you can apply for a loan from the comfort of your own home. The application process is typically simple, and you can get approved quickly.

How Mini Loans Work

Mini loans are designed to be short-term loans, with repayment periods ranging from a few days to a few months. They are usually unsecured loans, which means you don’t need to provide any collateral to secure the loan. The amount you can borrow will vary depending on the lender, but typically ranges from R500 to R10,000.

Once you have applied for a mini loan and been approved, the funds will be deposited into your bank account. You will then be required to repay the loan according to the terms of the agreement. This usually involves making regular payments over the course of the loan term.

Requirements for Applying for a Mini Loan

To apply for a mini loan in South Africa, you will need to meet certain requirements. These may vary depending on the lender, but typically include:

  • Be a South African citizen or permanent resident
  • Be over 18 years of age
  • Have a valid South African ID
  • Have a bank account in your name
  • Have proof of income

Some lenders may also require additional documentation, such as proof of address or employment.

Finding the Lowest Mini Loan Rates in South Africa

With so many lenders offering mini loans online, it can be difficult to know where to start. The key to finding the lowest rates is to shop around and compare lenders. Look for lenders who offer lower interest rates and fewer fees.

There are several comparison websites available online that can help you find the best mini loan rates in South Africa. These websites allow you to compare lenders side-by-side, making it easier to find the best deal.

Comparing Mini Loan Providers

When comparing mini loan providers, there are several factors you should consider. These include:

  • Interest rates
  • Fees and charges
  • Loan terms
  • Repayment options
  • Customer service

Look for a lender who offers competitive interest rates and transparent fees. You should also consider the loan terms and repayment options, as well as the lender’s customer service reputation.

Applying for a Mini Loan Online

Once you have found a lender that offers competitive rates and meets your requirements, you can apply for a mini loan online. The application process is typically simple, and you will need to provide basic information such as your name, address, and income.

You may also need to provide documentation such as proof of income or identification. Once you have submitted your application, the lender will review it and let you know if you have been approved.

Mini Loan Repayment and Fees

Mini loans typically come with fees and charges, which can include:

  • Interest rates
  • Administrative fees
  • Late payment fees
  • Early repayment fees

It is important to read the terms and conditions of the loan carefully before accepting it. Make sure you understand the fees and charges associated with the loan, as well as the repayment schedule.

Mini Loan Alternatives

If you are unable to qualify for a mini loan or prefer not to take out a loan, there are several alternatives available. These include:

  • Credit cards
  • Personal loans
  • Payday loans
  • Overdrafts

Each of these options has its own advantages and disadvantages, so it is important to consider your options carefully before making a decision.

Conclusion

Mini loans in South Africa offer a quick and convenient solution for individuals who need cash urgently. They offer lower interest rates compared to traditional loans and are easy to access online. When looking for a mini loan, it is important to shop around and compare lenders to find the best rates and terms. Remember to read the terms and conditions of the loan carefully before accepting it, and consider alternative options if a mini loan isn’t right for you.

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.