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Short-term Loans

A short-term loan online offers same-day approval for up to R80,000 at an affordable low-interest rate starting from 19.5% and a flexible repayment term of up to 24 months – the most popular form of consumer credit in South Africa.

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No Credit Check Short-term Loan – Same-day Payout Online

A short-term loan can be used for anything from paying bills to buying groceries. Not only do they tend to be same day payout, they can easily be obtained online.

Frequently Asked Questions

Short-term loans online in South Africa

Short-term loans in South Africa are not only among the most popular forms of credit but they’re also the most useful. Also referred to as payday loans, they are a great financial solution for those individuals who are struggling to cover major or emergency expenses.

What you should know about Short-term loans?

If you’re interested in applying for a short term personal loan, it is important that you know the pros and cons of this type of loan. It is essential that you understand the basics of instant loans such as how they work out and what alternatives you have available.

You should keep in mind that these micro loans can often lead to more financial trouble if you do not manage them properly or make use of them on a regular basis. They are not recommended by financial experts due to the fact that they are costly and can easily send you into a debt spiral.

Instant Short-term loans

Short-term loans can provide instant cash to ensure that you can handle any financial crisis that you may encounter.

The amounts offered by banks and online loan providers are sufficient to help you meet small and medium financial commitments and needs. You can borrow only a limited amount of money for a very short period of time with this form of finance.

Will I qualify for a Short-term loan?

Creditors normally do not impose stringent conditions and checks on short term loans as they do with long term loans. However, in most cases, you will be required to provide proof that you can repay the loan using your monthly salary. There are also lenders who offer bad credit loans and will not perform a credit check prior to approving your loan application.

If you are unable to repay the short term loan by the due date, you can always have the term extended but, keep in mind that you will have to pay an extra charge every time you get an extension.

Are Short-term loans expensive?

Loans taken out on a short-term basis are among the most expensive of all types of credit products available in the market for both households and businesses. The annual percentage rate is usually several hundred percent and there are also additional fees and charges which most people do not know about until it’s too late.

For example, if you want to borrow R100 for two weeks, you may end up paying up to R20 in the form of borrowing charges. This means you will be paying an annual percentage rate of 426% on your short-term loan to the creditor. Therefore, the biggest disadvantage of using a quick loan is the cost as the fees can be extremely high and you may even end up in a vicious cycle of debt.

The dangers of Short-term loans

The interest rate on short term loans in South Africa is often very high and it adds an additional burden on you at the end of the month when your repayments are due.

Short-term Loans are not for long-term use

Your overall amount of debt increases if you constantly rely on short term loans to satisfy your basic needs. Therefore, even though they may work out for you once or twice, they can never be a feasible option for long term use. For example, a short term loan would be a great idea if you want to get your car repaired but do not have a sufficient amount of cash available to pay for the repairs.

What happens if you can't repay your loan?

Moreover, your credit score also suffers a major setback if you are unable to repay your short term or payday loans on time. If you continue to default on your payments, you may have to deal with a debt collector after which your default will be reported to the credit bureaus and eventually, a lawsuit may be filed against you by the lender. It is important to make all of your payments on time since you will otherwise be charged additional fees and charges.

Getting a Short-term Loan from a Bank

Traditional bank loans can be very hard to get especially if you already have a bad credit score and this is why more and more financial and lending institutions are taking greater interest in the short-term loan market. A short-term loan from any bank in South Africa will usually be easier to obtain and will carry a lower interest rate.

At the same time, you should keep in mind that even those short term loans provided by banks are quite similar in nature to any other type of short-term loan despite the fact that banks may advertise them under different names.

Moreover, you will discover that the terms and conditions that apply to these types of loans provided by banks are even more restrictive.

How do I save money on my Short-term loan?

  • Renegotiate your payment plan with the lender by giving them a call
  • Consider a consolidation loan if you have too many existing loans & repayments
  • Peer-to-peer lending also happens to be a great option
  • Try to get a traditional personal loan rather than a payday or instant loan which can be repaid over a longer period of time and put less stress on your finance
  • Try to repay short-term, high interest debt first
  • If you make your repayments on the short term loan on time, it will be less expensive.

Short-term loans can be hard to repay

The bank obviously has full access to your financial information and can withdraw the due payment directly from your account. What makes short term loans hard to repay is the fact that the full repayment, including interest or a large portion of the loan amount will be due at once.

Moreover, they may also require you to place an asset as security when applying for the loan if you have a poor credit record. This puts you at even greater risk since in the case of a default, you can lose the asset.

Short-term loans can be quite risky

At the same time, you should keep in mind that all debt options carry a certain degree of risk if you do not utilize them efficiently.

There are ways in which you can avoid using these types of loans altogether. Start by building an emergency cash fund and put the money in your savings account. This may be very difficult for those who are already in a financial turmoil, however.

You need to make sure that you do not borrow too much to keep your credit score in good condition. You should always have a credit card at hand in case of an emergency situation, which can be used and repaid slowly over a pre-agreed time period.

Benefits of Short-term loans

Short-term loans can help you cover an emergency or simply tide you over until you receive your salary. The main benefit of these online loans is that you can obtain them very quickly without having to go into a bank or fill out lots of paperwork. Another major benefit is that you do not indebt yourself for a long period of time but simply for a month or up to 6 months depending on the term you select. These loans can quickly and easily be obtained by filling in an online loan application and the loan will be paid into your account anywhere from a few minutes up to 24 hours.

Short-term loan calculator

The interest rate of a loan will vary based on your credit score and risk profile.
This short-term loan calculator is for illustration purposes only.
The use of this loan calculator is subject to our terms of use.

List of direct lenders offering Short-term loans

  1. FASTA Short-term loan


    • Loans up to R8,000
    • Term up to 3 instalments
    • Approval in minutes
  2. FinChoice Short-term loan


    • Loans up to R40,000
    • Term up to 24 months
    • Interest from 24%
  3. RCS Loans Short-term loan

    RCS Loans

    • Loans up to R250,000
    • Term up to 60 months
    • Interest from 15%
  4. Unifi Loans Short-term loan

    Unifi Loans

    • Loans up to R8,000
    • Term up to 6 months
    • Interest from APR 104%
  5. Wonga Short-term loan


    • Loans up to R4,000
    • Term up to 3 months
    • Flexible interest rates
  6. MPOWA Finance Short-term loan

    MPOWA Finance

    • Loans up to R8,000
    • Term up to 12 months
    • Interest up to 36%
  7. Finance 27 Short-term loan

    Finance 27

    • Loans up to R8,000
    • Term up to 65 days
    • Interest up to 38%
  8. Boodle Short-term loan


    • Loans up to R8,000
    • Term up to 6 months
    • Interest up to 60%
  9. Letsatsi Finance Short-term loan

    Letsatsi Financ...

    • Loans up to R7,000
    • Term up to 6 months
    • Interest up to 29.25%
  10. ABSA Loans Short-term loan

    ABSA Loans

    • Loans up to R8,000
    • Term up to 6 months
    • Interest from 3%
  11. JustMoney Short-term loan


    • Loans up to R300,000
    • Term up to 72 months
    • Credit life insurance
  12. FNB Short-term loan


    • Loans up to R10,000
    • Interest-free
    • Term up to 31 days
  13. Hoopla Loans Short-term loan

    Hoopla Loans

    • Loans up to R250,000
    • Term up to 60 months
    • Interest from 20%
  14. Makanda Finance Short-term loan

    Makanda Finance

    • Loans up to R500
    • Term up to 45 days
    • Interest from 60%
  15. Mulah Short-term loan


    • Loans up to R4,000
    • Term up to 30 days
    • Interest from 60%
  16. Lifestyle Financial Services Short-term loan

    Lifestyle Finan...

    • Loans up to R15,000
    • Term up to 60 months
    • Interest from 23%
  17. Xcelsior Loans Short-term loan

    Xcelsior Loans

    • Loans up to R500,000
    • Term up to 36 months
    • Cash in 30 minutes
  18. MyMulah Short-term loan


    • Loans up to R5,000
    • Term up to 90 days
    • Interest up to 38%
  19. Izwe Loans Short-term loan

    Izwe Loans

    • Loans up to R250,000
    • Term up to 60 months
    • Interest up to 27.75%
  20. Friendly Finance Short-term loan

    Friendly Financ...

    • Loans up to R5,000
    • Term up to 6 months
    • Interest up to 60%
  21. Hollard Short-term loan


    • Low interest rates.
    • Loans up to R8,000
    • Term up to 6 months
  22. Little Loans Short-term loan

    Little Loans

    • Loans up to R5,000
    • Term up to 6 months
    • Interest from 36%
  23. Cobol Short-term loan


    • Loans up to R5,000
    • Term up to 6 months
    • Interest from 124%
  24. Binixo Loans Short-term loan

    Binixo Loans

    • Loans up to R9,000
    • Term up to 65 days
    • Interest from 10.5%
  25. MBC Finance Short-term loan

    MBC Finance

    • Loans up to R4,000
    • Term up to 30 days
    • Interest from 32%
  26. Bonus Buddy Short-term loan

    Bonus Buddy

    • Loans up to R4,000
    • Term up to 60 days
    • Quick bridging loans
  27. MyLoan Short-term loan


    • Loans up to R250,000
    • Term up to 12 months
    • Interest from 20%
  28. Thuthukani Financial Services Short-term loan

    Thuthukani Fina...

    • Loans up to R4,000
    • Term up to 42 days
    • Interest from 60%
  29. Policy Trader Short-term loan

    Policy Trader

    • Policies into cash!
    • Sell your investment
    • Increase your cash flow
  30. CreditGenie Short-term loan


    • Loans up to R150,000
    • 24/7 legal aid
    • Repair your credit score
  31. Clientèle Short-term loan


    • Loans up to R120,000
    • Term up to 60 months
    • Affordable Insurance
  32. LAMNA Financial Short-term loan

    LAMNA Financial

    • Loans up to R7,000
    • Term up to 24 months
    • Interest up to 60%
  33. Kathlego Cash Loans Short-term loan

    Kathlego Cash L...

    • Loans up to R200,000
    • Reduced interest rates
    • Free credit checks
  34. Wanna Loan Short-term loan

    Wanna Loan

    • Loans up to R3,000
    • Term up to 37 days
    • Interest up to 60%
  35. Loan Spotter SA Short-term loan

    Loan Spotter SA

    • Loans up to R5,000
    • Term up to 6 months
  36. Loan Detector Short-term loan

    Loan Detector

    • Loans up to R1,000,000
    • Term up to 30 days
  37. Loan Tracer SA Short-term loan

    Loan Tracer SA

    • Loans up to R150,000
    • Term up to 60 months
    • Interest from 10.71%
  38. Budget Cash Loans Short-term loan

    Budget Cash Loa...

    • Loans up to R3,500
    • Term up to 40 days
    • Interest up to 60%
  39. Dube Loans Short-term loan

    Dube Loans

    • Starting from R100
    • Term up to 34 days
    • Loan in 60 minutes
  40. InstaLoan Short-term loan


    • Loans up to R2,500
    • Term up to 90 days
    • Apply online FAST
  41. Quinn Finance Short-term loan

    Quinn Finance

    • Loans up to R8,000
    • Term up to 6 months
    • Hassle-free asset finance
  42. ZAR Financial Short-term loan

    ZAR Financial

    • Financial Planning
    • A guide you financial success
    • Get financial freedom
  43. GetBucks Short-term loan


    • Loans up to R4,000
    • Term up to 56 days
    • Interest from 60%
  44. Just Loans Short-term loan

    Just Loans

    • Loans up to R50,000
    • Term up to 60 months
  45. Loan Match SA Short-term loan