Cash Loans South Africa
Cash Loans South Africa
Everything you need to know about cash loans in South Africa
What is a cash loan?
Cash loans found online are unsecured forms of lending where the lender makes an offer to the borrower based on an affordability assessment. Short term cash loans range from R100 to R8,000 in value and are usually repaid over a period of a month.
If approved, the lender will electronically transfer the funds to your bank account and the money should be with you the same day you apply.
Money when you need it
Cash loans offer borrowers the chance to get extra money when they most need it. You can use a cash loan to for a variety of things, like paying unexpected bills, to go on holiday or just to bridge the gap until your next payday.
Available through online providers, these short term loans are easy to apply for and you can often get access to the loan the same day.
Who can apply?
To be eligible for a cash loan from an online short term lender you will need to meet their minimum criteria. These criteria usually include:
- Be a South African resident
- At least 18 years old
- Employed with a regular income
- Own an active bank account.
It doesn’t necessarily mean you will be approved for a loan if you meet the eligibility requirements. The lender will still need to assess your personal information and credit history to decide if you can afford the loan repayments.
Luckily, online providers use sophisticated decision logic and can make an approval decision very quickly. This means it won’t take long for you to know if you’ll have access to the money you need.
Can I get a cash loan?
However, this will not necessarily guarantee you a loan. The lender will still need to carry out an affordability check to assess your ability to repay the money borrowed.
An influential factor will be your credit score. If you have an excellent credit score you are more likely to be approved for a loan and potentially at a lower rate.
Having a poor credit score means that if you are approved for a loan, the rate of borrowing will likely be higher.
How to apply for a cash loan?
Applying for a cash loan is simple. Most alternative lenders now offer 100% online processes so you don’t need to visit a store or bank to complete your application.
Each lender will require you to fill out a short form that will take around 10 minutes to complete.
Online loan applications generally ask you for the following information so the lender can make an accurate loan decision:
- Contact details
- Residential address
- ID number
- Employment details
- Bank account information
- Copies of your latest bank statements
- Cash amount you want
- 90 days’ worth of bank statements
Review the information you have entered before submitting the application to ensure it is accurate. Once submitted, the lender will carry out a credit check to assess your affordability for a loan.
The time taken to provide an approval decision will vary between each lender.
Some may provide an instant decision, others may take a day to review the application. Either way, the lender will inform you of the next steps and what to expect.
If you’re approved you will receive a loan agreement to review and sign. This agreement will detail the ins and outs of the loan, including all fees and charges, so be sure to read through it carefully. The lender will process your funds once the agreement is signed and your money will be on its way.
The repayment of your quick cash loan will be managed automatically as the lender will set up a direct debit from your bank account. This takes away any stress of remembering dates, all you need to do is make sure you have enough money in your account to fulfill the repayment amount.
How to find a loan?
Trying to find a suitable lender for a cash loan can be difficult. There are a whole host of companies online trying to persuade you they have the best rates and it can be difficult to know who to trust.
Therefore, Friendly Finance was formed. We collate information from trusted lenders in the market and present the loan details in an easy to read format, so you can make a quick decision.
You can compare lenders based on key information including:
- loan terms
- loan amounts
- minimum criteria
And many more to find a loan that works for you.
You can also use our loan calculator tools to easily work out the cost of borrowing and how much each repayment will be.
We don’t charge fees
We work with the most respected lenders in the country, so you can rest assure that every loan presented will carry the utmost quality of service. We only represent lenders who are directly authorised by the NCR (National Credit Regulator), this means you can trust they operate legitimately and fairly.
Our service is free to use and there is no obligation to take out a loan if you decide to carry out a search. With that in mind, begin your loan comparison now by checking out the lenders below.