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Cash Loans Durban – Apply Online

Cash Loans Durban – Apply Online


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Do you live in Durban, and are you looking for a cash loan? A reputable loan comparison service like RandWallet may be able to help you stay on top of your finances.

Here’s everything you need to know about cash loans in Durban, including where to find them and how to apply online.

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Easy Money Cash Loans for Durbanites

Durban also known as eThekwini is a city with a rich history. As the largest city of KZN province and chief seaport of South Africa, ‘Durb’s’ is one of the best places to live in the country.

However, there’s a long list of monthly expenses to cover for the typical Durban resident, from basic expenses like electricity, water, data, medical aid, and rent to unexpected bills like car repairs and funeral costs.  

As the cost of living increases in Durban, saving money for a rainy day becomes more difficult. Borrowing from family and friends or getting a cash advance from your employer is not always an option.

So as a Durbanite, you may find yourself needing help from loan companies from time to time. 

In such cases, knowing that you can apply for easy money cash loans in Durban when you have a money shortage can be a huge relief. Many residents of Durban successfully apply for cash loans online via a convenient and straightforward process. 

Need to consolidate your debts? Want to get your car fixed or renovate your home? Are you dealing with a car emergency? Do you need extra cash to survive until your next salary is due? 

Online cash loans in Durban may be the right solution for you.

AREAS COVERED

The best part of online cash loans is that you can apply from any location in Durban:

Umdloti | Amanzimtoti |  Umhlanga |  Durban North |  Pinetown | Kloof | Durban Central | Queensburgh | Glenwood | Musgrave | Bluff | Hillcrest | Berea | Kingsburgh | La Lucia | La Mercy | Mt. Edgecombe | Westville | Glenmore | Phoenix | Waterfall | Treasure Beach | Botha’s Hill | Winklespruit | Reservoir Hills | Shongweni | Morningside

How Do Cash Loans in Durban Work?

Cash loans in South Africa generally have the following features:

  • Unsecured credit: You don’t need to provide collateral to get a cash loan online in Durban. This makes the application process easier and faster by eliminating complicated paperwork. Plus, you don’t need to worry about the risk of losing your asset if you default.
  • Loan amounts: Cash loans in Durban generally range from R500 to R250 000. Payday lenders offer loans of up to R8000 while personal loan lenders offer larger amounts. The loan amount you qualify for depends on your affordability and risk profile.
  • Repayment periods: Short term cash loans have repayment terms from a few days to six months. Long term loans can go up to 72 months. Your repayments are usually divided into equal instalments. It’s important to choose the right loan term with monthly repayments that suit your budget. At the same time, keep in mind that the longer the term, the more interest and fees you pay.
  • APRs: The annual percentage rate includes the fees and interest rate. Payday loans typically have APRs of 36 – 60%. Personal loans are cheaper with maximum APRs of 29.5%.
  • Flexible uses: Cash loans in Durban have a wide range of uses, from fixing a car breakdown and debt consolidation to home renovations or education expenses. Remember, cash loans come at a cost, so make sure you’re borrowing for a worthwhile reason.
  • 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. The total repayable amount will be approx. R44 380.

Who Can Apply for Cash Loans in Durban

As long as you meet the basic eligibility requirements, you should be able to qualify for a cash loan. The requirements include the following:

  • Legal South African resident over 18 years old
  • South African ID
  • Valid South African bank account
  • Employed with a regular monthly income
  • Proof of income – latest payslips and bank statements

What Types of Cash Loans Are Available?

There are different types of online cash loans available in Durban:

Personal Loans

A personal loan allows you to borrow large amounts with flexible repayment periods. Personal loans are often better than other forms of credit because they offer lower interest rates. You get a lump sum in your bank account, which you can use for a variety of purposes. 

Unlike payday loans, which are often limited to emergencies, you have the freedom to use a personal loan for whatever you want, whether it’s for travel and leisure, wedding financing, or relocation expenses. The downside is that personal loan lenders often have strict credit score requirements. 

Examples of online personal loans in Durban include:

Payday Loans

Usually, payday loans are designed for short term needs and involve small amounts. For example, traditional payday loans offer R4000 maximum and are repaid in a single lump sum on your next pay date. These small cash loans carry high interest rates, but they have the benefit of easy approval and fast funding. 

Payday loans are specifically designed for emergencies where you need money in a hurry to cover short term cash flow gaps. Common reasons people use payday loans include to cover unexpected expenses and bills. Payday loans are often the only financing option available when in a tight spot.

Examples of online payday loans available to residents of Durban include:

Instant Cash Loans

If you’re looking for instant cash loans in Durban, South Africa, applying online is the easiest and fastest way to borrow. Strictly speaking, it’s rare to apply for a loan and get instant funding. Instead, most lenders offer instant decisions that allow you to prequalify and proceed with your application confidently. 

If you apply and get approved during business hours, you could get funds almost instantly. In the best cases, some lenders in South Africa advertise ‘instant funding’ where you can get money as fast as just minutes, regardless of where you live in Durban.

Examples of instant cash loans include:

Fast Cash Loans

Fast cash loans in Durban offer quick access to funds when you have immediate expenses. A fast loan is one way to meet short term borrowing needs and pay for emergencies. 

Online lenders will often process your loan application faster compared to traditional banks. These lenders can provide funding on the same day or the following day. 

Examples of fast cash loans in Durban include:

» MORE: Fast Loans in South Africa

Bad Credit Cash Loans

If you have bad credit, you may also be looking for easy cash loans in Durban. Perhaps you are unable to get credit from a regular bank because your credit history is not 100% perfect. 

Fortunately, the situation is not always as bad as it seems. Some online lenders specialise in cash loans in Durban South Africa for bad credit borrowers. These specialist lenders can assist you in obtaining a cash loan with poor credit. However, keep in mind that loans for bad credit borrowers do not include debt review clients. 

Also, note that bad credit cash loans in Durban often involve small loan amounts only and higher interest rates and fees.

Examples of online bad credit loans available in Durban include:

How to Apply for Cash Loans Durban

If you’re wondering why you should use an online loan comparison service like Randwallet, there’s a long list of benefits to convince you. RandWallet helps you find the most suitable lender for free. 

You can easily compare loan offers from multiple Durban lenders and expand your options for low interest rate loans. We only deal with reputable lenders and registered credit providers certified with the National Credit Regulator (NCR). You need just one application to connect with dozens of prospective lenders. 

Here’s how it works:

  1. Fill out the loan comparison form. It all starts by completing our easy online application form. You’ll receive loan offers from our panel of lenders in as little as seconds. 
  2. Compare loans. Check loan offer details to identify the best deal. Important factors to consider include the interest rate, fees, repayment details, and funding times. You are not obligated to accept any particular offer, so you have the freedom to act in your best interests.
  3. Get your cash loan. Once you accept a loan offer, you can complete the rest of the application process by providing additional information and proof of income. It’s 100% electronic, and your chosen lender will deposit funds in your bank account upon approval.  

Find Other Cash Loans Near You

Cash Loans Durban FAQs

Where can I find online cash loans in Durban South Africa?

To get a loan in Durban, search for the best online lenders and check to see if you meet the qualification requirements. The best thing about applying with an online lender is that you can complete the process from wherever you are and get money in your bank account quickly.

Can I get cash loans in Durban South Africa with no credit check?

No, legitimate lenders will always perform credit checks. If you’re looking for loans in Durban with no credit check, it might be because you’re worried about your application getting declined because of bad credit. 

The good news is that you may qualify if you have bad credit, so long as you have proof of income and demonstrate your ability to afford the repayments.

Where can I find the best cash loans in Durban South Africa?

Online lenders are typically the best places to get a cash loan in Durban. Be sure to compare loans by looking at the requirements, loan amount, interest rate, fees, repayment periods, and other terms and conditions. This will help you determine if you’re getting the best deal.

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.