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Residents of Johannesburg can apply for a cash loan online with RandWallet. If you need money quickly, an online cash loan is often the fastest option, whatever your financial situation and wherever you live in Jo’burg.
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What Are Cash Loans?
Did you know? Total cash loans in South Africa were reported at over 289 billion USD in Nov 2023 (source). This indicates that many people in South Africa rely on cash loans to get by.
Simply put, cash loans refer to money you borrow from a lender and receive as a lump sum, usually in your bank account. This type of credit is very handy when dealing with a difficult financial situation that can’t wait until payday.
Types of Cash Loans
Cash loans come in all shapes and sizes, and lenders advertise them under different names. For example, some lenders offer fast cash loans for emergencies, while others offer instant cash loans with an easy, convenient application.
In most cases, this is the same product because, at the end of the day, you get cash to use as you see fit. The two most common types of unsecured cash loans are personal loans and payday loans.
- Payday Loan. This type of short-term loan typically offers R500–R8000 with maximum repayment terms of six months. Payday loan rates are often higher than personal loan rates.
- Personal Loan. A personal loan typically ranges from R2000 to R250,000. Personal loans tend to have lower interest rates with longer repayment terms of 12 months up to 7 years.
Is a Cash Loan Right for You?
It’s essential to determine if applying for cash loans in Johannesburg is the right move. While unsecured cash loans may have higher rates than secured loans, they’re often better than bank overdrafts or mashonisa loans.
» Read More: Should You Take Out A Mashonisa Loan?
Getting a personal loan in Johannesburg can be right for you if you only borrow the amount you need. This ensures you can keep up with your payments and avoid damaging your credit score. It’s also important to understand the terms and conditions before signing your loan contract.
How Do Cash Loans Work in Johannesburg?
When you get a cash loan, you receive a lump sum and repay it in instalments, plus interest.
Features of Cash Loans
- Loan amounts – Loan amounts typically range from R500 to R250 000.
- Loan terms – Repayment options start from as low as 2 days up to 1, 2, 3, 4, 5, or 6 months. Long-term loans range from 12 months up to 72 or 84 months.
- Fees and rates – You can get a fixed interest rate from as low as 15% based on your credit profile. Fees include an initiation fee, a monthly service fee, and credit insurance.
- Benefits – Advantages of cash loans include a wide range of lenders offering fast cash loans, easy online applications, and flexible repayments.
- Uses – You can use cash loans for car repairs, household goods, home renovations, unexpected expenses, or any other legitimate purpose.
- Representative example – If you take out a loan of R30,000 over 36 months at a maximum interest rate of 27.5% inclusive of fees, the estimated monthly repayments are approx. R1,233.
Are There Cash Loans for People With Bad Credit?
Yes, you can find cash loans for people with bad credit in Jo’burg. When you apply for a loan, lenders will perform a credit check to see if you have a good history of making on-time payments. A poor credit score places you in the high-risk category, so it can be challenging to qualify for a loan from traditional lenders.
» Read More: High Risk Loans Guaranteed Approval South Africa
The good news is that many alternative lenders have more flexible lending criteria to accommodate bad credit borrowers. For example, they may feel comfortable lending you money as long as you have a reliable and sufficient income to cover the repayments.
However, while many people with bad credit can qualify for cash loans, you may find that the interest rates are higher. The general rule is that better credit scores get better rates. One of the most effective things you can do to repair poor credit is to make payments on time.
How Quickly Am I Able to Get a Cash Loan?
You may be searching for instant cash loans in Jo’burg if faced with an urgent or short term financial difficulty. Some lenders offer same-day cash loans and deposit the money in your bank account within hours of approval.
How long the money takes to reflect in your account usually depends on your bank’s processing times. One of the best tips for quick access to cash is to apply online. Whether you’re looking for cash loans in Johannesburg CBD Florida, or elsewhere, you can apply in the comfort of your home.
The online application process only takes minutes, and the fastest lenders approve and transfer the funds within minutes. Be sure to provide accurate and complete information. This avoids delays and ensures you can receive the money you need quickly.
Where Can I Get A Cash Loan in Johannesburg?
If you’re searching for a cash loan in Johannesburg today, there are two main options available.
» High street loan providers. These lenders have physical offices you can visit to apply for a loan. They usually offer cash loans against assets. For example, you may have to put up your car as collateral. Some cash loan companies are even flexible enough to offer cash loans with no bank account needed. However, Interest rates are often extremely high to offset the lender’s risk.
» Online loan providers. If you need money quickly and conveniently, you can apply online. You can save yourself the hassle of travelling to a physical store, and if you apply with a loan broker, you can unlock more options under one roof. Online cash loans offer an easy online application, quick approvals, and fast money transfers.
At RandWallet, we connect you to many banks and online lenders with just one application. All our partner lenders are NCR certified and registered credit providers. RandWallet can help you find a loan that is right for you. Our simple application process gives you multiple access points to the online cash loan market in Johannesburg.
How do I Apply for Cash Loans in Johannesburg Today?
You can apply online for loans in Johannesburg by following these three simple steps.
» Step 1: Click apply and complete the online application form. You’ll get a list of available loan offers from up to 11 different lenders.
» Step 2: Compare the offers you receive and choose the best option based on factors like loan amount, term, interest rate, and fees.
» Step 3: Once you accept an offer, the lender will guide you on the best way to finalise the application. You’ll receive money in your bank account upon approval.
Other Cash Loans Near Me
- Cash Loans in Randfontein
- Cash Loans in Kimberley
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- Cash Loans in Vereeniging
- Cash Loans in Port Elizabeth
- Cash Loans in Pretoria
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- Cash Loans in Durban
- Cash Loans In Bloemfontein
- Cash Loans In Midrand
- Cash Loans in Cape Town
Frequently Asked Questions
Cash loans range between R500 and R250,000, which should be enough to cover a wide range of loan uses. The lender will perform an affordability check to determine how much you can afford. They will look at your monthly income and current expenses and debts to calculate how much disposable income you have.
This explains why you may receive a loan offer for a lower amount than you asked for. Responsible lenders always perform affordability checks so they don’t burden you with debt. You’ll only qualify for an amount you can afford to pay back comfortably, which helps to keep your credit score healthy.
Basic requirements for online cash loans include:
- You should be 18 years or older.
- You have a valid SA ID, bank account and cellphone number.
- You have been employed for at least 3 months at your current workplace.
- Earn R2000 or more per month.
- The loan amount must not be more than 8 times your income.
- You must provide the latest payslips and bank statements for the last 3 months.
Most lenders set up automatic repayments via Direct Debit. So, your only job is to make sure your account has sufficient funds before the repayment due date.
If you’re worried you may not be able to afford a payment, it’s important to contact the lender to find a workable solution. But keep in mind that the longer the repayment period, the more interest and fees accumulate and vice versa.
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.