Important disclosure

Top payday loans in South Africa

Short term and payday loans are paid in cash or they can be deposited directly into your bank account. These loans typically range from R500 to R4,000 for new customers and up to R8,000 for returning customers. The loan is usually repaid on your next pay, but some South African lenders allow you to repay the loan over several months.
If you are looking to borrow a small amount of money quickly, then use the calculator below to enter the amount you desire and compare the loan repayments amounts in the table below.

Calculate repayments over 30 days

MPOWA Finance Loan for R4,000

1 month
to 38 days
R600
to R5,000
5.00%
Monthly
Successful applications received before 3pm will receive money in their accounts by 5pm the same day. All applications are online.
Successful applications received before 3pm will receive money in their accounts by 5pm the same day. All applications are online.

Wonga Loan for R4,000

4 days
to 6 months
R500
to R4,000
5.00%
Monthly
Up to R4000 for new customers, up to R8000 for existing customers, now with 6 months to pay. What you'll need: A cellphone number, SA ID number, bank account details and most recent proof of income.
Up to R4000 for new customers, up to R8000 for existing customers, now with 6 months to pay. What you'll need: A cellphone number, SA ID number, bank account details and most recent proof of income.

Wonga Loan for R1,000

4 days
to 6 months
R500
to R4,000
5.00%
Monthly
Up to R4000 for new customers, up to R8000 for existing customers, now with 6 months to pay. What you'll need: A cellphone number, SA ID number, bank account details and most recent proof of income.
Up to R4000 for new customers, up to R8000 for existing customers, now with 6 months to pay. What you'll need: A cellphone number, SA ID number, bank account details and most recent proof of income.

MPOWA Finance Loan for R1,000

1 month
to 38 days
R600
to R5,000
5.00%
Monthly
Successful applications received before 3pm will receive money in their accounts by 5pm the same day. All applications are online.
Successful applications received before 3pm will receive money in their accounts by 5pm the same day. All applications are online.

Boodle Loan for R1,000

1 day
to 42 days
R100
to R4,000
5.00%
Monthly
We want to make applying for a Boodle loan as fuss-free and fast as we possibly can. So to help us get your Boodle loan in the bank quickly, simply follow our step-by-step process.
We want to make applying for a Boodle loan as fuss-free and fast as we possibly can. So to help us get your Boodle loan in the bank quickly, simply follow our step-by-step process.
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Minimum and maximum loan periods vary between 1 months and 6 months. Percentage Rates vary between 5% per month and 38% p.a. Total interest and fee repayments vary over the life of the loan. All rates quoted are 30 days. For more information regarding fees, visit or contact the provider.

About getting a payday loan

There are many reasons why payday loans have grown in popularity. A short term loan can be secured quickly and be in your bank account by the end of the day.

You don’t necessarily have to have a good credit score, just a stable income and proof that you are employed or self-employed.

South Africans need to provide the following information when applying:

  • Your proof of ID
  • Proof of residence, and
  • A confirm that you will have a source of income during the loan period

These loans are ideal for people who may not have an ideal credit score and/or need money urgently.

The repayment term can be anywhere between 1 day through to 6 months.

What are the fees for a payday loan?

The loan amount, interest rate and services fees determine the cost, with a ceiling on fees set by the South African government.

Costs and fees for a payday loan include:

  • Initiation fee: 16.5% for the first R1,000 borrow, then 10% thereafter
  • Interest rate: Typically 5% per day
  • Monthly service fee: Around R60 per calendar month
  • VAT: 15%

Some lenders charge a little more, others a little less. As you can see from the repayment table above, most lenders are very similar in costs.

Should you get a payday loan?

Payday loans are ideal for South Africans that find themselves in an emergency or urgent situation and are not able to get help from family or friends. Otherwise, burdening yourself with debt is not recommended. Typical reasons for a short term loan:

  • Medical emergency
  • Repairing an asset which is crucial to running a business and to prevent the loss of income
  • Paying for unforeseen expenses

To reiterate, payday loans should not be seen as an addition to your income. They’re expensive and take away from your ability to buy tomorrow. It is also not in your best interest to get comfortable and to spend your loan on leisurely activities.

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