Important disclosure

Find the best interest rates for R300 loans in South Africa

Do you need to borrow R300? Not sure how this loan will affect your budget in the long or short term? Use our calculator below to help you calculate your monthly loan payment so that you can determine the repayment option that will best suit your budget.

Click calculate to get a monthly payment estimate. This way you can better compare loan options among South African lenders.

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Loan Amount


FinChoice MobiMoney for R300

Estimated Month Repayments
R207 p/m over 3 mths Inclusive of fees
Interest Rate
Repayment Period
1 month
to 3 months
Loan Amounts
to R6,000
MobiMoney gives you access to up to R6,000 - when you need it. It's FREE to activate. Only pay for what you use. Same-day withdrawals of between R100 and R6,000. Repay over 1, 2 or 3 months. To qualify, all you need is an SA ID, SA Bank Account, be permanently employed earning more than R7000 monthly.

Lime24 Loans for R300

Estimated Month Repayments
Interest Rate
Repayment Period
5 days
to 36 days
Loan Amounts
to R5,400
Have a job? Need cash fast? With Lime24's advanced technology in place, the loan is fast and approved in just 5 minutes. What you need to apply: Be 18+, access to your bank account, 3 months of bank statements and offical RSA ID.

Boodle Loan for R300

Estimated Month Repayments
Interest Rate
Repayment Period
1 day
to 42 days
Loan Amounts
to R4,000
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. provides factual information in relation to financial products. While attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at the time of publishing. The information published on is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with recommends that you read the relevant product disclosure statement or product guide before taking up any financial product offer. For more information please see's Terms of Use.

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.

How a R300 loan works in South Africa

Do you need a R300 loan today? Fortunately, you can approach most South African payday lenders and get the help you need. What you do with the money is up to you. However, R300 is a suitable amount to cover an unexpected bill or a small emergency payment. When you get this kind of loan, you usually:

  • Make an online application that is easy and convenient
  • Receive the cash on the same day of application
  • Pay off the loan on your next payday

All about the R300 payday loan

A R300 payday loan is a short-term unsecured loan meant to help you cover emergency cash needs until you get your salary. It is a high-cost loan that usually charges a lot of interest. Unlike most loans, the repayment period for a payday loan is quite short. As the name suggests, most lenders expect you to pay back the borrowed money as soon as you get your salary or next batch of income.

Situations that require a R300 loan

  • When you need cash rather urgently

Sometimes unexpected expenses can catch you by surprise. Although it is a good idea to set a little cash aside for a rainy day, most people struggle to make ends meet. Therefore, having an emergency fund is not always an option. Most workers in South Africa have expenses that make it impossible to save anything. When you find yourself in a pressing situation that needs extra funds quickly, a R300 payday loan might do the trick.

  • When you only need to borrow a minimal amount

Payday loans are short term and speedy with interest that is often quite high. As such, it is best to apply for one if you only need a small amount of money and can pay it back in a short time. With a R300 loan, the chances are you won’t struggle too much when fitting the repayments in your budget.

  • When you can pay it back in full and on time

It is a good idea only to take out a payday loan if you are sure that you can afford to pay it off without struggling. Even if it’s a small loan, failure to pay back your debt might land you in some trouble considering how high the interest rates are.

  • When it is the only borrowing option available to you

Sometimes the R300 loan might be the only option available to you if your friends and family can’t afford to spare some extra cash. You might not have the required collateral or a good credit score to take out a personal loan. Since payday lenders do not check your credit score, they might be the only available choice.

Should you take out a R300 loan?

Before you take out a payday loan, it is essential to understand what you’ll get and the total cost of paying off the loan. It would help if you also kept in mind that due to their expensive nature, payday loans should not be used at any other time other than in emergency times. Other than that, it would help if you tried as much as possible to avoid taking out one, the reason being that you can always wait for the month-end.

What are the fees for a R300 loan?

  • Initiation fee: 16.5% on the amount borrowed, R49.50
  • Interest rate: Typically 5% per month, R15
  • Monthly service fee: Around R60 per calendar month
  • VAT: 15%, charged on the initiation and monthly fee, R16.43
  • Estimated total repayment: R440.93 if repaid in 30 days

Final costs may vary a little between lenders. However, as you can see from the comparison table above, most lenders charge a very similar amount. If you repay the loan over a more extended period, interest and monthly fees will change the monthly repayment amount.

What is needed to qualify for a R300 payday loan?

To qualify for a R300 loan, you need to meet the following requirements:

  • Active personal bank account;
  • South African ID;
  • Proof of regular income;
  • Be above the age of 18.

What is the application process for a R300 loan?

The payday loan application is made online. But first, you need to decide which lender you want to work with from the options showcased on our comparison tables. Once you make your selection, the “Go to Site” button will take you to the correct lender’s website.

The two main steps involved in the application process are uploading documents and filling out an online form. You can expect a response in a few minutes or within a few hours after submission.

How to get the best deal of a R300 payday loan

To get the best deal on the R300 loan, you have to consider the following:

  • Check if your payday lender is a registered credit provider. To know whether a lender is legitimate or not, it only takes a few minutes of your day. South African lenders registered with the National Credit Regulator often list it on their websites. Furthermore, you can visit the NCR website to confirm the lender’s registration status.
  • Check the lender’s online and social media reviews. Most companies have social media platforms they use to interact with clients. Reading the reviews on these platforms might give you a general idea of whether the lender has good customer service or not.
  • Compare different loan offers by analysing the terms and conditions.

What happens if you can’t pay back a R300 payday loan in time?

If you find yourself in another pressing situation where you can’t repay your payday loan in full, debt consolidation is another option you can explore. You will have more time to pay back your loan with flexible installments. However, most payday lenders usually deduct the repayments from your account via debit order as soon as your salary comes in. This minimizes the risk of delays and non-payments.

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