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You can get an R8 000 loan with a personal or payday loan lender. However, you need to determine which option is best for you before committing.
The good news is you can apply online with RandWallet today and get offers from many lenders with only one application. The best R8000 loans will have rates and terms that match your budget and needs.
✅ How Much Do You Need?
Do You Need an R8000 Cash Loan?
You might need to apply for an R8000 loan when faced with a short-term financial emergency or have an important goal to achieve. For example, you might want to cover an urgent expense, such as a car repair, an important medical bill, or an unanticipated dental fee.
Similarly, you might be looking to pay off other small debts, cover education expenses, or home-building costs. Whatever the case, it’s essential to borrow money for a legit purpose only if you can afford it. R8000 cash loans come with extra costs, and it’s important to ask yourself, “Is it worth it?”
Look at your budget and monthly expenses vs. your income first. Remember that loans for R8000 are typically considered a short-term solution. It’s best to pay off the debt in the shortest time to reduce borrowing costs. Most lenders will require you to sign a debit order to ensure you can pay your loan on time.
» READ MORE: Cash Loans in South Africa
Where to Get an R8000 Loan
You can find loans for R8000 in South Africa from a variety of online lenders, including:
- Payday loan lenders. Payday loan lenders usually operate entirely online. They use proprietary technology to offer fast cash loans that are easy to obtain. These loans are often smaller loans ranging from R500 to R8,000.
- Personal loan lenders. The majority of personal loan lenders are big commercial banks like Capitec, FNB, Nedbank, and African Bank. These financial institutions also provide diversified financial products like checking and savings accounts. There are also smaller credit providers that typically only focus on credit products and don’t provide additional banking services. Examples include Sanlam, RCS, and Capfin.
» Read More:
- Sanlam Loan Review
- RCS Loans Review
- Capfin Loan Review
- African Bank Loan Review
- Wonga Loans Review
- Sunshine Loans Review
Apply for an R8000 Payday Loan
Many payday loan lenders in South Africa offer R8000 short term loans, also known as cash advances. These need to be paid back quickly, usually within 1–6 months. An R8 000 payday loan can be a popular option for many people looking for emergency cash because this option is quick, convenient, and offers fast funding.
You can apply online within minutes and get funded on the same day or within 48 hours. However, there are some downsides to payday loans for R8 000. Firstly, some cash advance providers specialise in small loans with a maximum loan amount of R4000. Other lenders offer payday loans of up to R8000, but only if you’re a returning client with a high enough trust rating. So, finding the right payday loan for R8000 may be challenging.
The second downside is that, like all payday loans, R8000 payday loans typically have higher interest rates and fees. There’s one reason for this. It all comes down to the risk that the borrower may fail to repay the loan. Payday lenders take on a lot of risk because they don’t always consider your credit score or past payment behaviour – they mostly consider your income.
To lower the risk they face, these lenders normally charge very high interest rates and high fees for late payments. Therefore, payday loans should ideally be treated as an expensive option of last resort. Make sure you can pay the loan on time. Otherwise, the debt could end up costing you a lot of money in the long run.
Apply for an R8000 Personal Loan
A personal loan is one of the best options if you need to borrow R8000. That’s because of the lower rates compared to other options like payday loans or credit cards. Most providers offer personalised rates. That means you’ll likely get a lower interest rate if you have an excellent credit score and a good history of making payments on time.
Personal loans also have flexible repayment options, which is why they’re also called instalment loans. R8000 loans are typically considered short term loans, so it’s best to repay the debt within 3 months to 12 months.
While some personal loan lenders offer loan amounts starting at R10 000, many providers offer loans starting from R2000 or R5000. So, you shouldn’t have a lot of trouble finding the right R8000 personal loan.
The only major downside of R8000 personal loans is that they usually have stricter credit requirements. In addition, personal loan lenders may take longer to make approval decisions. That said, a personal loan for R8000 is generally a better alternative to a payday loan of the same amount. It’s possible to find personal loan lenders with fast processing times. These providers also offer more cash if you need to borrow more than R8 000.
Bad Credit Loans for R8000 – Are They Available?
You may be able to get an R8000 loan with bad credit. Payday lenders often don’t prioritise your credit score as much. They’re more interested in your income and ability to pay off the loan.
These lenders are willing to extend credit to bad credit borrowers or people with no credit history because they charge high interest rates to lower the risk they face. Similarly, some personal lenders approve loans for poor credit and offer personalised rates.
That means you can get a personal loan for R8000 with bad credit, but at a higher interest rate than borrowers with good credit. Even then, there’s no guarantee that your loan application will be approved.
Here are some tips to help improve your credit score and chances of approval:
- Know your credit score. It’s necessary to know your credit rating so you can apply with the right lender. Make sure you read your credit report carefully and look for any errors that must be fixed to boost your score.
- Apply with an online lender. Banks and other traditional financial institutions tend to have stricter eligibility criteria than alternative lenders. Online lenders are more interested in your income and affordability and can overlook poor credit.
- Pay off outstanding debts. Be sure to make payments on time to avoid further damaging your score. Paying off some of your debts lowers your debt-to-income and credit utilization ratio. This improves your approval chances and credit rating, respectively.
- Compare options. Lending criteria and other terms and conditions vary between lenders. Don’t rush to apply for the first loan option you find. Take the time to find more favourable and flexible options with lower rates and fees.
How Much Would You Pay Back On an R8000 Loan?
The monthly instalments and the repayment amount for an R8000 cash loan depend on the following factors:
- Interest rates. This is a percentage of the loan amount. The interest rate for an R8000 loan in South Africa usually depends on the type of provider. Payday lenders typically offer loans with an APR of up to 38%, while personal loan lenders charge an annual percentage rate (APR) of up to 29.75%.
- Fees. Besides an upfront initiation fee, you have to pay monthly service fees, late payment fees, and credit insurance, included in your instalments.
- Repayment period. The longer the repayment period, the more interest you pay, and the more expensive the loan is.
Here are a few examples of how much an R8000 loan from various lenders in South Africa will cost.
| Personal Loan | Payday Loan | |
| Repayment period | 6 months | 6 months |
| Interest rate | 18.75% per year | 0.17% per day |
| Fees | – Interest and fees: R2,299.36 | – Interest and fees: R3 290.10 |
| Monthly repayment | R1,716.56 | R1 881.68 |
| Total repayment amount | R10,299.36 | R11,290.08 |
As you can see, a personal loan is cheaper than a payday loan when compared over the same loan term of 6 months. If you have excellent credit, you’ll likely receive offers with an even lower interest rate, further reducing borrowing costs.
R8000 Loan South Africa: Requirements
Common eligibility requirements for getting an R8,000 loan include:
- Your South African ID
- Active bank account
- Be employed with a regular monthly income
- Proof of income – recent payslips or bank statements
How to Apply for an R8000 Loan Online Today
Applying for a loan with RandWallet is easy. Simply:
- Click Apply and fill in the loan comparison form to get offers from multiple lenders.
- Compare loan offers and select the best option.
- Finalise the application and get money in your bank account.
Other Cash Loan Amounts
Frequently Asked Questions
Borrowers interested in no credit check loans usually have less-than-perfect credit scores. Responsible lenders don’t offer no credit check loans.
However, they may still approve your application even if you have bad credit. They’ll mostly consider your income to determine if you can afford it.
Approval for an R8000 loan is never guaranteed. You must pass the required affordability and credit checks to ensure you not only can afford the repayments but can be trusted to stick to the agreement.
The good news is that if you qualify, you can apply online with RandWallet. One application connects you to our wide network of lender partners.
You’ll receive many offers for convenient loan comparisons. Once you choose your loan, complete the quick online application and get cash sent straight to your bank account.
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.