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A 1 month loan could give you the short-term financial support you need.
Need a cash advance only until the next payday? If you’re considering taking out a traditional payday loan, use this guide from RandWallet to learn about 1 month loans in South Africa.
✅ How Much Do You Need?
What Are One Month Loans?
One month loans are your typical, traditional payday loans. These loans are meant for financial emergencies, such as a car breakdown or a trip to the ER.
In such cases, it may be difficult to find funds to cover an unexpected expense, and you may not have any savings for rainy days.
This is where payday lenders come in. These lenders understand that time is of the essence and provide a convenient and fast solution to your money problems. Generally, payday lenders in South Africa offer 1 month loans involving small sums of up to R8000.
Most lenders will limit new customers to R4000 while existing customers with a sufficient trust rating can qualify for a larger loan amount.
A one-month loan can give you temporary financial support for up to 30 days, sometimes a little longer. The debt must be repaid in full in one instalment or lump sum with interest on top on your next pay date.
Here’s a quick summary of how these loans work:
- Loan amounts: R500 – R8000
- Repayment period: Up to 30 days
- Number of repayments: One instalment
- Credit types: Good and bad credit borrowers accepted
- Features: Small loan amounts, easy online application, quick approval, and fast funding
- Also known as: 30 day loans, payday loans
How Much Does a 1 Month Loan Cost?
Does the cost of a one month loan suit your budget? Compare typical costs for the most popular loan amounts borrowed over 30 days below. Keep in mind that examples are for illustrative purposes only. Your personalised offer may vary based on your risk profile.
| Loan 1 | Loan 2 | Loan 3 | Loan 4 | Loan 5 | |
| Loan amount | R500 | R1000 | R2000 | R3000 | R4000 |
| Interest rate & fees | R 187 | R323 | R498 | R620 | R 827 |
| Total repayment | R 687 | R1323 | R2498 | R3620 | R4849 |
Where to Get a One Month Loan
You can apply online quickly and easily. There are many South African online lenders to choose from. Check out the top options below:
- Wonga Loans. New customers can qualify for up to R4000 and existing customers can borrow as much as R8000.
- Boodle Loans. With Boodle, you can choose a repayment period from 2 to 42 days if you plan to pay the loan in one lump sum.
- Lime Loans. Lime loans have a maximum loan period of 37 days. Payday loans are available up to R8000.
- Mpowa Finance. This lender specialises in same day loans of up to R8000, due on your next pay date.
- Sunshine Loans. Loan amounts range from R500 to R4000 with repayment periods of 4 to 49 days.
- Letsatsi Finance. Letsatsi Finance allows you to borrow R 500 to R 7 000 repayable in one full instalment on your next pay date.
- BFS Loans. Barko Financial Services Loans offers personal 30-day loans payable in one instalment. These 30 day loans offer up to R8000.
Benefits of a 1 Month Payday Loan
Consider the pros of taking out a 30 day loan.
✔️ Many lenders to choose from. South Africans looking for a 30 day loan have many options to choose from. That means it’s easier to find the best payday lender to suit your needs.
You can compare options for 30 day loans to determine which lender offers competitive rates, flexible terms, and the most perks.
✔️ Straightforward online application. You can apply for 30 day loans online on your phone or any smart device anywhere, anytime. It usually only takes minutes to complete your application.
✔️ Easier approval. These loans are often easier to get approved for, as is the case with most short term loans. That’s because the lenders focus more on affordability than credit scores. Qualifying for a 1 month loan is easier even with bad credit.
✔️ Fast cash. One of the best advantages of a one month payday loan is how quickly you can get cash in your account. Payday loan providers not only give fast decisions, but they’re often able to transfer funds within 24 hours, sometimes in as little as minutes.
✔️ Convenient financial solution. These loans can provide financial relief and help you make ends meet until your salary arrives. You can cover daily living costs, avoid missing important bill payments, or pay for urgent or unexpected expenses even if you’re still waiting for your salary.
Disadvantages of a 1 Month Payday Loan
❌ The loans are expensive. Payday loans may be fast and convenient, but they can also be extremely expensive. Payday loans generally have higher interest rates than personal loans. This can be problematic if you must pay the entire debt all at once.
Make sure you can afford to pay the loan on your next pay date to avoid the debt cycle trap. If you need a more affordable solution, a 6-month loan can be a better alternative.
❌ You can only borrow small sums. These loans involve relatively small amounts, especially if it’s your first time using a new lender. You may need to successfully borrow and repay several loans before qualifying for anything above R4000.
If you need a long term financial solution, want to make a major purchase, or pay for something big like home renovations, then short term credit is probably not the right solution for you.
❌ You have to watch out for predatory lenders. One month loans offer fast cash and easy approval, and this appeal is used against unsuspecting borrowers by predatory lenders. Be sure to use a legitimate, authorised, and registered credit provider.
Avoid lenders charging extremely high interest rates even if they’re legitimate. Be aware that a legitimate lender will never ask you to pay money first and will not advertise loans without credit checks.
Applying for a One Month Loan With Bad Credit
When you apply for a 1 month loan, the lender will run a credit check to see whether you can be trusted to repay debts. Don’t worry if you have a few missed late payments or a negative listing on your credit report – it’s not the end of the world.
Lenders that specialise in bad credit loans will also run affordability checks to ensure responsible lending. They may not expect you to have a perfect credit score, but at the least, your income should be sufficient to cover the repayment.
Lenders don’t want you to bite off more than you can chew, which is why you may only be able to qualify for a smaller amount than you wanted.
So, if you have bad credit, it’s important to prove that you can afford the amount you requested. Look at your monthly income and expenses carefully to ensure your budget can accommodate timely repayments.
Why Search for One Month Loans With RandWallet?
When you apply for a loan with RandWallet, you only need to fill in the loan comparison form once. We will connect you with lenders who offer personalised quotes based on your profile.
When using RandWallet, the best part is you can enjoy peace of mind from knowing you’re receiving offers from reputable lenders registered with the National Credit Regulator. There are more best parts!
✅ Easy online application process – it only takes minutes.
✅ One month loans available up to R8 000.
✅ Choose from a range of loan options, including one month loans, six month loans, payday loans, personal loans, and more.
✅ Impressive panel of lenders providing short term loans
✅ We’ll only introduce you to the right lenders.
✅ Completely FREE loan comparison service and no obligation loan offers.
What Do I Need to Qualify?
Most lenders require the following:
- Be 18 years or over
- Be a South African resident
- Have a valid SA bank account that receives your salary
- Provide a working email address and mobile number
- Original SA ID
- Be employed with a regular monthly income
- 3 months latest bank statements and recent payslip (s)
How Do I Apply for a 1 Month Loan?
If you think a 30 day loan is the right choice for you, click ‘Apply’ and follow the steps below.
» Step 1: Complete the application form. Simply complete the online loan application form. It only takes a few minutes, and we will forward your application to our panel of lenders. You could start receiving offers on your phone within seconds.
» Step 2: Compare loan offers. The offers you get are the best available options for your current circumstances. Review these loan offers and check the interest rates and other terms and conditions. The good news is that you have no obligation to accept any loan offer.
» Step 3: Get money in your bank account. If you accept a loan offer, the next step is to follow through and provide the required documents and additional information. You then finalise the application process by signing your loan contract electronically. You’ll receive the cash in your bank account soon after.
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Frequently Asked Questions
Yes, many online lenders in South Africa offer one month loans in South Africa. The list includes Wonga, Boodle, and Letsatsi Finance.
If you’re looking for a short term loan, a one month loan could be right for you. You can also apply for a payday loan with repayment periods of up to six months to meet your short term needs.
You can apply for a 1 month loan online. Fill out the loan application form and provide your latest payslips and bank statements. You can sign the loan contract online and get cash in your bank account ASAP.
1 month loans offer cash in your account for up to 30 days. The loan must be repaid in full via one repayment. These short term loans are fast and convenient, but usually have high interest rates. Ideally, they should only be used for financial emergencies and unexpected expenses.
Applying for a one month, short term loan only leaves a small, temporary footprint on your credit score.
Avoid submitting too many loan applications in a short time frame, and be sure to make repayments on or before the due date to protect your credit score. Otherwise, late or missed payments can damage your credit score severely.
Yes, a 1 month loan typically involves small loan amounts. For example, lenders may offer up to R4000 for new customers and R8000 maximum for existing customers who have demonstrated responsible borrowing.
How much you can borrow depends on your financial situation, namely your monthly income and expenses.
The minimum repayment period is one month, so you pay back the entire debt in a single instalment on your next pay date.
No. In South Africa, credit providers must evaluate your credit history to ensure responsible borrowing.
If you’re worried about not getting approval for a 1 month loan because of bad credit, the good news is that you may still qualify. The important thing is that you should be able to pass an affordability check to provide documents to prove you can afford to repay the loan.
Our Research Expert
Gracie Makowe is a full-time personal finance writer with 10 years of experience and a Bachelor of Commerce in Financial Management from UNISA. Learn more.