We all know that some months are better than others.
This month may be a bit different for you. You might need to take out an emergency loan, with instant approval, and no credit check. If you have never done this before, you are probably wondering if getting a payday loan is even possible.
Honestly, it is so easy, because most applications can be done online, it is literally just a click of a few buttons.
Payday Loans in South Africa No Credit Check
Most payday or quick loans usually offer an instant approval of up to R8 000 and an easy repayment term of 45 days. Some piece of advice, remember, payday loans are a short-term credit solution, they were designed to assist you should you experience a cash emergency, take one out when you do have a cash emergency. These loans can also be addictive because you can repay them and take out another one soon after. Do not be that person.
Payday loans are not only convenient and helpful, but another upside is also that they are quick because you can apply for them in one go and receive your cash the same day. So, if you are looking for some money to carry you through till the end of the month and you are tired of borrowing from friends and relatives, payday loans might be your next best option. These loans are short-term and require no credit check and they are generally approved as well as credited to your account within minutes.
Receiving instant cash without a credit check does sound attractive but we cannot turn a blind eye to the fact that payday loans or emergency loans are one of the most expensive of all credit products in SA. Some lenders may charge you an initiation fee as well as a service fee and while the cost of borrowing may seem reasonable, what makes things a bit challenging could be the short repayment period.
To apply for a payday loan is relatively easy. All you need is a valid South African ID Book, 3 months’ payslips, and a 3-month bank account statement and you are good to go.
List of No Credit Check Payday Loans South Africa
Now let’s look at some of the lenders that are willing to offer you payday loans or as some refer to them quick/emergency loans.
1. Lime24
Lime24 is willing to give you an emergency loan of up to R5 400, which you must repay within a period of 36 days, and they also promise discounted interest. Loan approval can occur within 5 minutes and the money is paid directly into your bank account once you have signed the loan agreement. They have different packages for you to choose from and these include:
- Package 1: consists of loans of up to R1,200
- Package 2: offers loans of up to R2,100
- Package 3: offers loans up to R3,000
- VIP Package: offers loan amounts up to R5,400
2. Finance27
Finance27 can offer you a quick loan of R500 up to R4 700. Their repayment terms are a bit longer, with terms of up to 6 months at an interest rate starting from 38%. You can receive your funds within minutes after you have signed the loan agreement. Then you can start using the money to bridge the gap in the month when you are experiencing an overflow with your financial commitments.
3. Boodle
Boodle is focused on providing the most affordable payday loans in just a blink of an eye. If you are looking for any amount of up to R4 000 and you are willing to pay an interest rate of up to 60%, then apply for an emergency loan with Boodle. Their repayment term is up to 32 days, and they offer a range of loan products formulated by loan experts to meet your needs and requirements.
4. Hoopla Loans
Hoopla Loans is one of SA’s fastest-growing online loan brokers. They are willing to lend you any amount up to R8 000 with a repayment term of up to 6 months. You receive same-day response and bad credit does not scare them away because they also have a range of variable bad credit loans.
5. MBC Finance
MBC Finance is a registered credit provider that offers safe, fast, and affordable payday loans for those middle-of-the-month money emergencies. They provide payday loans of up to R4 000 with low interest starting from 19.6%. You must pay them back within a period of 30 days and they have a streamlined process for your convenience that allows you to complete your loan application online.
Payday loans are quick and easy to get. They are very useful when you have a cash emergency that you need to take care of right away, but only when you are certain that you can repay the loan in full on the agreed-upon repayment date. But they are also very expensive to use regularly, and they do have the ability to make a bad financial situation worse.
In a nutshell, payday loans are not for non-essential spending. Do not just dive in headfirst without understanding the loan you are taking out because you need the extra cash injection. Be sure to evaluate the benefits, costs, as well as risks before you push that “apply” button and sign the loan agreement.