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Fast Loans in South Africa | Apply Online

Fast Loans in South Africa | Apply Online

Fast loans in South Africa help you cover emergencies and short-term expenses. Apply for a fast loan online with Randwallet below. Learn more about cash loans in South Africa so that you can make an informed decision.


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What is a Fast Loan?

A fast loan lets you borrow money and get it in your bank account quickly. Some lenders offer fast loans paid out on the same day, sometimes in as little as minutes. The fast payout is usually accompanied by a quick application process followed by a rapid decision. 

Fast loans can either be payday or personal loans. A fast personal loan provides cash for a wide range of purposes, such as debt consolidation, special events, home repairs, and education expenses. On the other hand, fast payday loans are typically used for emergencies, such as medical bills and urgent car repairs. 

Fast loans are generally offered by non-banks and alternative lenders. Many traditional banks and financial institutions can take up to a week or more to deposit funds in your account from the time you submit your application. 

Personal and payday loans are generally unsecured, which means you don’t need to provide collateral to secure the debt. Instead, lenders consider your credit and ability to make payments (income+expenses). Fast loans usually involve small amounts, which can quickly be processed and paid out by the lender.

Pros and Cons of Fast Loans

Getting a loan fast can be tempting, but it’s essential to weigh the benefits and disadvantages of fast financing before accepting an offer. 

PROS

✔️ Fast funding

✔️ Easy online application

✔️ Many lenders to choose from

✔️ Flexible loan requirements 

CONS

❌ Limited loan amounts

❌ High interest rates

Where to Get a Fast Loan in SA

Fast loans are offered by payday lenders, banks, non-banks, and online lenders. Approval and funding times vary between these options. Check out your options in more detail below.

Online Loans

Online lenders are generally the best option if you need a fast loan. Many online lenders in South Africa are convenient and quick, offering same-day or next-day funding for qualified borrowers. 

What makes online lenders better is that you can apply, upload documents, and receive cash 100% online. Lenders like Boodle and Lime are good options if you want to see how much the fast funding will cost before applying.

Payday Loans

A fast payday loan typically offers loan amounts from R500 to R4000. Some lenders require you to borrow and successfully repay at least three loans before taking out a larger loan of up to R8000. 

If you already have a relationship with a payday lender, it’s possible to enjoy even faster payouts within minutes since the lender already has your details on hand. 

Fast payday loans are usually the first option for borrowers who need immediate financing. However, you should know that payday lenders charge high interest rates with APRs of up to 60% for processing the loan quickly. A big advantage of payday lenders is they often accept bad credit borrowers.

Personal Loans

Banks and non-banks both provide personal loans, but banks can be slower. Non-banks are financial institutions that don’t have banking licences. They usually provide consumer credit as a specialised service, whereas banks have a wide range of services. 

The advantage of a fast personal loan is that you can qualify for a larger loan amount and a more flexible repayment period. In addition, you’ll likely get a lower interest rate if you have a good credit score. That makes fast personal loans a cheaper option than payday loans. Maximum APRs are usually around 29.5%, so consider this option first if you qualify.

How Fast Can You Get a Loan?

You can usually get a loan pretty fast, with some lenders offering instant decisions and same-day funding. On average, you can expect to get cash in your bank account within two to five days after approval and signing your loan agreement. 

How fast you can get money in your bank account also depends on your bank’s protocols and processing times. The lender might transfer funds to your account on time, but it can take anywhere from several hours to a few business days before the money reflects. 

So, if you need cash fast, first check with your bank to see how long it takes for deposited funds to show up in your account.

How to Get a Fast Loan In South Africa

Here are some steps you can take to apply for a fast loan in SA

  1. Check requirements: Know what you need to apply for the loan. For starters, you must be at least 18 years old and employed with a regular monthly income. You must have a valid SA ID number and the latest copies of your bank statements and payslips. This documentation is used to verify your identity, income, and other information. Having everything in one place and providing all the required documents will help fast track your application.
  2. Review your budget: Most lenders have a loan calculator you can use to see how your loan amount and term impact your monthly repayments. Take advantage of this free tool to find the right loan amount and repayment period that matches your budget. Also, try to look past the appeal of a fast loan. First, ask yourself if you can afford to borrow because rushed financial mistakes can easily escalate into massive debt.
  3. Compare loans: Applying online via a loan comparison service can be beneficial because you only need to apply once to receive multiple loan offers. You’re not obligated to accept any quote. All you need to do is compare loan offers to see which one best suits your needs. Besides funding time, consider rates, fees, terms, and other perks when you compare fast loans from various lenders.
  4. Get money: Always double check every step when filling out an online application form and finalising your application with your chosen lender. Make sure you have provided all the required details and uploaded documents on time. The information you provide must be accurate. Otherwise, funds may take longer to receive if the lender has to delay the verification process. If you do everything right, you should have the money in your bank account in no time.

How to Get Fast Loans for Bad Credit 

Some credit providers – usually payday lenders – offer fast loans for borrowers with bad credit. If you have a poor credit score, you may be able to qualify as long as you have proof of stable income and can pass the affordability check. 

Bad credit lenders for fast loans require you to have a low debt-to-income ratio. This means you don’t have a lot of debt vs your income, so you have more money available to comfortably make repayments. 

Although your credit score won’t impact the speed at which you can access funds, you’ll likely get a high rate and fees. In addition, you won’t be able to borrow large loan amounts. Take the time to find the best and cheapest online deals from bad credit lenders that can fund loans quickly. Make sure you have a plan to repay the loan on time.

Alternatives to Fast Loans

Borrowing comes at a cost. This is especially so with high-cost options like payday loans. Although these loans offer fast funding, they’re often pretty expensive. 

In most cases, RandWallet recommends payday loans as a last resort – for those times when a financial emergency comes knocking. Otherwise, try to avoid fast loans with high rates whenever possible. 

Instead, it’s better to search for cheaper alternatives to minimise costs. There are several ways you may be able to get fast cash without a loan:

  • Get help from family and friends
  • Ask your employer for a salary advance
  • Try other side hustles to earn extra money
  • Find something valuable you can use to get a pawnshop loan

Next Step: Apply With RandWallet 

Applying with RandWallet enables you to receive and compare loan offers in one place. It’s easy to check out rates, loan features, and terms to see which options are to your liking. 

When you apply with RandWallet and receive offers from our lender partners, keep in mind these offers are non-binding. You have no obligation to accept any offer.

FAQs

Are online fast loans safe?

Yes, you can find many reputable and registered credit providers in South Africa. Avoid suspicious online lenders who charge extremely high-interest rates or ask you to pay money upfront.

Where can I borrow money immediately?

The best place to get an immediate loan is online. Many online lenders offer fast loan applications and swift approval and funding.

How can I get a loan immediately?

Click Apply and fill in the loan comparison form. It should only take minutes, and you’ll get loan offers from RandWallet’s lender partners soon after. Compare quotes, choose the best loan option, and finalise your application to get cash in your account in the shortest time possible.

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.