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.

No Credit Check 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.

 

No Credit Check Loans in South Africa

Are you in need of financial help but are worried that your poor credit score will hold you back? South African lenders have come up with a solution to help individuals facing this issue – no credit check loans. These loans are becoming increasingly popular, providing people with the opportunity to access the funds they need without the added stress of a credit check. But with so many lenders and loan options out there, it can be overwhelming to determine which one is the best for you. That’s where we come in. Our team of experts has scoured the market to find the lowest loan rates and most reputable lenders offering no credit check loans in South Africa. We’ve also made the application process easy by allowing you to apply online, so you can get the money you need quickly and without any hassle. So, whether you need a loan for unexpected expenses or to consolidate debt, we’ve got you covered.

Understanding credit scores and why they matter

Before we dive into the world of no credit check loans, it’s essential to understand credit scores and why they matter. A credit score is a numerical representation of your creditworthiness. It’s calculated based on various factors, including payment history, credit utilization, length of credit history, and types of credit. A credit score ranges from 300 to 850, with a higher score indicating better creditworthiness.

Why do credit scores matter? Lenders use credit scores to determine the likelihood of you repaying a loan. The higher your credit score, the more likely you are to be approved for a loan and receive favorable loan terms, such as lower interest rates. On the other hand, a poor credit score can result in loan denials or high-interest rates, making it challenging to access the funds you need.

When to consider a no credit check loan

If you have a poor credit score, it can be challenging to secure a traditional loan. Lenders typically require a credit check as part of the loan application process, which can lead to loan denials or unfavorable loan terms. In these situations, a no credit check loan may be a viable option.

No credit check loans are designed for individuals with poor credit scores or no credit history. These loans do not require a credit check as part of the application process, making them an excellent option for people who may not qualify for traditional loans. However, it’s essential to keep in mind that no credit check loans often come with higher interest rates and fees, so it’s important to weigh the pros and cons before applying.

Pros and cons of no credit check loans

Like any financial product, no credit check loans have both advantages and disadvantages. Let’s take a closer look at the pros and cons.

Pros

  • No credit check required: As mentioned earlier, the most significant advantage of no credit check loans is that they do not require a credit check. This means that individuals with poor credit scores or no credit history can still access the funds they need.
  • Quick approval: Since no credit check is required, the loan approval process is often faster than traditional loans. This means that you can get the money you need quickly, which can be a significant advantage in emergency situations.
  • Flexible repayment terms: No credit check loans often come with flexible repayment terms, allowing you to customize the repayment schedule to fit your budget.

Cons

  • Higher interest rates: No credit check loans often come with higher interest rates than traditional loans. This is because lenders are taking on more risk by lending to individuals with poor credit scores. It’s essential to consider the total cost of the loan, including interest rates and fees, before applying.
  • Fees: No credit check loans often come with higher fees than traditional loans. These fees can include origination fees, application fees, and prepayment penalties. Be sure to read the loan agreement carefully and understand all the fees associated with the loan.
  • Scams: Unfortunately, no credit check loans have become a popular target for scams. Be sure to research the lender thoroughly and read reviews before applying. If a lender is asking for upfront fees or requires payment via wire transfer, it’s likely a scam.

Types of no credit check loans

There are several types of no credit check loans available in South Africa. Let’s take a closer look at each one.

Payday loans

Payday loans are short-term loans that are typically due on your next payday. These loans are designed to provide individuals with quick access to cash to cover unexpected expenses or emergencies. Payday loans often come with high interest rates and fees, making them a more expensive option.

Personal loans

Personal loans are another type of no credit check loan. These loans are typically unsecured, meaning they do not require collateral. Personal loans can be used for a variety of purposes, including debt consolidation, home repairs, or medical expenses. Personal loans often come with lower interest rates and fees than payday loans, making them a more affordable option.

Title loans

Title loans are secured loans that require collateral, such as a car or motorcycle. These loans can be an option for individuals who have a low credit score but have an asset that they can use as collateral. Title loans often come with high interest rates and fees, making them a more expensive option.

How to apply for a no credit check loan in South Africa

Applying for a no credit check loan in South Africa is relatively straightforward. Here’s what you need to do:

  1. Research lenders: Start by researching lenders that offer no credit check loans. Look for lenders with a good reputation and a history of providing quality service.
  2. Compare loan terms: Once you’ve found a few lenders, compare their loan terms. Look at interest rates, fees, and repayment terms to find the loan that best fits your needs.
  3. Gather your documents: Most lenders will require proof of income and identification. Be sure to have these documents ready when you apply.
  4. Apply online: Many lenders allow you to apply for a loan online. Simply fill out the application form and submit it along with any required documents.
  5. Wait for approval: The approval process for no credit check loans is often faster than traditional loans. You should receive a decision within a few days.
  6. Receive your funds: If you are approved for a loan, the funds will be deposited into your bank account. Be sure to read the loan agreement carefully and understand all the terms before accepting the loan.

Finding the lowest loan rates for no credit check loans

Finding the lowest loan rates for no credit check loans can be challenging. Interest rates and fees can vary widely, making it difficult to compare loans. However, there are a few things you can do to find the best rates.

  1. Shop around: Start by researching several lenders and comparing their loan terms. Look for lenders with the lowest interest rates and fees.
  2. Check with your bank: If you have a good relationship with your bank, they may be willing to offer you a no credit check loan at a lower rate.
  3. Consider a credit union: Credit unions often offer lower interest rates and fees than traditional banks.
  4. Read reviews: Read reviews from other customers to get an idea of the lender’s reputation and customer service.

Online lenders offering no credit check loans

Online lenders have become increasingly popular in South Africa, offering individuals a convenient way to access funds. Many online lenders offer no credit check loans, making them an excellent option for individuals with poor credit scores. Here are a few online lenders to consider:

  1. Wonga: Wonga is a well-known online lender that offers short-term loans with no credit checks. They offer loans up to R4000 with flexible repayment terms.
  2. Boodle: Boodle is another online lender that offers no credit check loans. They offer loans up to R8000 with repayment terms of up to six months.
  3. Lime24: Lime24 is an online lender that offers no credit check loans up to R5000 with flexible repayment terms.

Alternatives to no credit check loans

No credit check loans are not always the best option. If you have poor credit or no credit history, there are other alternatives to consider. Here are a few:

  1. Secured loans: Secured loans require collateral, such as a car or home. These loans often come with lower interest rates and fees than unsecured loans.
  2. Co-signed loans: If you have a friend or family member with good credit, they may be willing to co-sign a loan for you. This can help you qualify for a loan with better terms.
  3. Credit counseling: If you’re struggling with debt, consider reaching out to a credit counseling agency. They can help you develop a plan to pay off your debt and improve your credit score.

Conclusion and final thoughts

No credit check loans can be a valuable tool for individuals with poor credit scores or no credit history. However, it’s essential to weigh the pros and cons before applying. Consider the total cost of the loan, including interest rates and fees, and make sure you understand all the terms before accepting the loan.

Remember, no credit check loans are not the only option. If you have collateral or a co-signer, you may be able to qualify for a traditional loan with better terms. And if you’re struggling with debt, consider reaching out to a credit counseling agency for help.

At the end of the day, the most important thing is to make an informed decision that works for your unique financial situation.

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.