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Best Quick Loans for Easy Cash South Africa | Apply Online

Best Quick Loans for Easy Cash South Africa | Apply Online

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Quick loans can take as little as minutes from approval to payout if you apply online. You can use an easy-cash loan to cover emergencies, unexpected expenses, or other urgent financial requirements. 

You could get up to R8000 or more today with these easy cash loans.

✅ How Much Do You Need?

What is a Quick Loan?

A quick loan is simply an unsecured loan where you get approval and money in your bank account within a short time period. 

While funding timelines vary, this type of loan typically offers same-day or next-day funding. Approval and interest rates are based on your credit profile and other factors like income and debt. 

Once approved for credit, you’ll receive funds as a lump sum in your bank account, minus a once-off initiation fee. Loan amounts range from R500 to R250,000. However, most quick loans involve small loan amounts with short repayment terms. 

There are many reasons why you might need cash in a hurry. The good news is that you can use the funds for almost anything, but borrowers often need quick cash loans for emergencies such as:

  • Car repairs
  • Home repairs
  • Funeral expenses
  • Unplanned essential travel
  • Medical or dental emergencies
  • Computer or phone repairs/replacement
  • Unexpected guests

» MORE: Fast Loans In South Africa

Types of Quick Loans

You have several options if you need extra cash immediately.

Personal Loans

Personal loans are a type of instalment loan. They have flexible repayment periods and can be used for debt consolidation, home improvements, education expenses, or any other expense that requires you to have extra cash right away. 

Payday Loans

Payday loans are short term loans that are typically repaid within 3 months. Some lenders offer almost instant loans, but interest rates and fees are often high. Payday lenders commonly offer small loans from R500 to R4000. 

Well-qualified borrowers may qualify for up to R8000 over 6 months maximum. Because of the high cost, payday loans should be used as a last resort, preferably only for emergency expenses. 

Cash Advance Loans

Cash advance loans are a traditional type of payday loan, where the debt is repaid in one instalment on your next pay date. 

It’s important to borrow what you can afford because, although these short-term loans provide immediate access to funds, the high interest rates and fees make it an extremely expensive option. 

» MORE: Apply for Emergency Loans Online

Quick Loans to Avoid

If you need money in a hurry, it’s tempting to settle for any easy-cash option that offers to give you what you want. But, it’s best to avoid the following options whenever possible.

Payday Loans From Unregistered Lenders

There are many unregistered credit providers that prey on desperate borrowers. 

Borrowers looking for payday loans are especially vulnerable to claims of loans with no credit checks and guaranteed approval. However, these claims are often accompanied by high interest rates and hidden fees. 

In addition, reckless lending practices often lead to over-indebtedness. High APRs and excessively short terms can increase your debt burden, making it difficult to pay these loans off. 

Hence, these expensive loans are designed to trap you in a cycle of debt where you have to keep borrowing to stay afloat.  

💡 Bottom line: Always deal with registered credit providers and responsible lenders. Keep in mind that no lender will ever ask you to pay money upfront to get a loan.

» MORE: Legit Online Loans South Africa

Pawn Shop Loans

Pawn shop loans can be enticing because you can walk out with cash in minutes. They don’t require credit checks, bank statements, or payslips. 

However, they’re also risky to borrowers, because you can potentially lose your valuable assets. To get a loan, you’ll need to provide collateral, such as jewellery, watches, electronics, and gold or diamond items. 

However, the amount you get is typically much less than the value of your collateral – expect to get 50% value or less. That’s because pawnshops have to offer lower prices to ensure a profit when reselling the item.

Car Title Loan

Car title loans work pretty much like pawn shops in that you need to provide collateral – in this case your vehicle. 

These loans have notoriously high interest rates and short repayment terms. The combination makes it difficult for borrowers to stick to the loan agreement. 

Interest rates can be as high as 25% to 50% of the loan amount, so costs can add up fast and default rates are high. If you don’t repay, the lender can repossess and sell your vehicle.

» MORE: High-Risk Loans Guaranteed Approval

Where to Get an Easy Loan

Easy-cash loan options are offered by banks, micro-lenders, and online lenders. Each lender has different approval and funding times.

Easy Online Loans

Online lenders make it easy for borrowers to apply, get money, and manage loan payments 100% online. 

The time from loan approval to payout varies from the same day to a few business days, depending on the lender. 

Online lenders are usually the best option if you need a hassle-free application and easy access to cash. 

Online lenders like RCS and DirectAxis can be options for borrowers with good or excellent credit (650 or higher), while Boodle, Lime24, and Sunshine loans consider borrowers with average or bad credit. (649 or lower).

Easy Loans From Micro Lenders

Micro lenders in South Africa usually have brick-and-mortar locations and service the community directly around them. 

To get a quick loan, you’ll need to visit the nearest branch and bring the required documents like bank statements, payslips, South African ID, and proof of address. 

These lenders offer small loans so they are able to process and fund loans immediately. Some micro lenders offer online applications, so you can borrow conveniently without the added hassle of travel. 

Micro lenders typically cater to low-income households by offering consumption loans for short term cash flow gaps. 

» MORE: Micro Loans Online

Easy Bank Loans

Banks offer personal loans but tend to have longer processing times of up to a week or more. 

However, it’s possible to get funds sooner if you’re an existing bank customer since the bank will already have most or all of your information on file. 

Keep in mind that banks usually have stricter requirements and prefer borrowers with strong credit scores.

»MORE: Cash loans in South Africa

RandWallet’s Quick Loans: Best Lenders for Easy Cash in 2024

There are several options for quick and easy loans in South Africa. But, don’t just consider the funding timeline. Be sure to compare your options to find the most affordable one. 

Boodle Quick LoansBest for Easy Loans paid out within minutes*
Lime LoansBest for Easy loans for same-day or next-day funding*
Sunshine LoansBest for Easy Loans with approval and finding in minutes*
BFS LoansBest for Easy Loans with outcome and loan provided in minutes*
RCS LoansBest for Easy Loans for funding within 24 hours of approval*
Direct AxisBest for Easy Loans with immediate feedback and funding within 48 hours*
Mpowa FinanceBest for Easy Loans for cash in your account by 5PM today*
Tsheleka LoansBest for Easy Loans with immediate payout after approval*
Fasta LoansBest for Easy Loans with approval and funding in less than 5 minutes*
Letsatsi FinanceBest for Easy Loans with same-day funding within 24 hours of approval*
* Disbursement times vary

How to Speed Up the Loan Application Process

It may seem like you have no control over how soon you can get funds after applying for a loan. However, there are many things you can do to accelerate the funding process.

Check Funding Timelines Before Applying

Not all lenders offer quick loans in SA. So it’s important to compare your options first to see if your potential lender ticks this box. 

Look for lenders that specialise in quick loan solutions and easy approvals. If you visit the lender’s website, this information is usually available on the homepage or the FAQs. 

Keep in mind that even if a lender says they offer approval and funding within a certain timeline, it’s not a hard and fast rule. There are never any guarantees – it just means you have a better chance of getting funds sooner.

Apply with an Online Lender

Getting an online loan is one of the quickest and most convenient options. You can apply anytime and from wherever, regardless of business hours. 

Online or fintech lenders leverage technology to ensure an easier and more straightforward application process. Some offer instant pre-approval decisions, so you know right from the start whether you’re eligible for a loan.

Apply Early in the Day

Lenders with same-day funding usually have cut-off times, so it depends on when you apply for the loan. 

For example, Mpowa Finance says you must complete your application by 3PM to get funds on the same day. 

Lime24 also says payments made before 2:00 pm on a business day will be credited into your bank account on the same day. You’ll have to wait for the next business day if the payment is made after 2:00pm or on a holiday. 

Provide all the Required Information and Documents

Although requirements vary, generally you’ll need to provide your latest bank statements and payslips, proof of address, and government-issued ID. 

Some lenders can obtain bank statements electronically. Still, it’s always safer to gather all documents in advance in case, you need to upload or email them to the lender. 

Be sure to provide all the required information when filling out your loan application. Double-check everything for accuracy because mistakes, errors, and typos can cause delays in your loan payout.

Quick Loans for Bad Credit

Getting a loan with bad credit can be tough. Not all lenders accept borrowers with low credit scores, so your options for a quick loan may be limited. 

If you have bad credit, having a sufficient income, a low debt-to-income ratio, and proof of stable income will improve your chances of qualifying. 

Keep in mind that having bad credit may delay the approval process if the lender needs additional time to review your application. 

In addition, your loan is likely to have a high APR, and you may only qualify for a small loan amount. Be sure to choose a monthly payment option that fits your budget and have a plan to repay the debt.

How to Get a Quick Loan

Here’s how to apply for a quick loan online.

  1. Complete the online application: It’s quicker to apply online – many online loan applications take less than 10 minutes.
  2. Compare loan options: You can compare multiple loan options in one place with RandWallet.
  3. Finalise your formal application: Once you select a lender, apply formally. You’ll typically get a decision within 24 hours after completing the application. If approved, expect to receive funds within 48 hours or after a few business days.

Alternatives to Quick Loans

Borrowing always comes with costs. Sometimes lenders charge extra for processing your loan quickly. 

Sometimes it’s better to delay the expense or find cheaper alternatives, preferably interest-free. Randwallet recommends that you consider the following alternatives before resorting to a high-cost loan.

  • Borrow from family and friends
  • Ask your employer for an advance
  • Look for credit cards with an introductory 0% rate
  • Explore “buy now, pay later” options with low or no interest charges
  • Look for side hustles to earn extra cash

» MORE: 0 Interest Loans South Africa

Next Step: Compare Your Options With RandWallet

When you apply with RandWallet, you can get loan offers from different lenders within seconds. This makes it easier to conveniently compare rates, fees, terms, funding times, and other loan features.

Frequently Asked Questions

Can I apply for quick loans with no credit check?

No. According to the National Credit Regulator (NCR), responsible lenders must perform credit checks. This ensures you get the right loan that fits your risk profile and personal/financial circumstances.

Can I apply for a quick loan with no paperwork?

You’ll generally need to provide documents such as bank statements and payslips to apply for a loan. This allows lenders to verify your information, so they can make an informed lending decision. 

The application process can still be paperless if you apply online since you can upload the documents from your computer or smart device. Some lenders can also obtain bank statements directly from the bank, which speeds up the process.