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Payday Loans for R700

The decision to borrow R700 could come with a little confusion if you don’t know it will likely affect your budget. Do not despair, our easy to use loan calculator below can help you compare options among South African lenders.

All you have to do is input the loan amount and click “calculate” to see your monthly repayment. This way you can make a a better decision when you’re deciding on a lender.

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MPOWA Finance Loan for R700

7 days
to 38 days
R600
to R5,000
0.00%
Monthly
Earn more than R10,000 per month? Then you may be eligible for a zero % interest rates for your first loan! Successful applications received before 3pm will receive money in their accounts by 5pm the same day. All applications are online.
Earn more than R10,000 per month? Then you may be eligible for a zero % interest rates for your first loan! Successful applications received before 3pm will receive money in their accounts by 5pm the same day. All applications are online.

Fasta Loans for R700

1 month
to 3 months
R500
to R8,000
5.00%
Monthly
FASTA Cash, right into your bank account. Apply online and get approval in minutes! Use the cash for whatever you need. Repay in up to 3 instalments. Fasta is not a payday lender, but a revolutionary South African Fintech, offering you a new payment method for online and in-store purchases. Through innovative technology, FASTA provides you with access to credit in minutes.
FASTA Cash, right into your bank account. Apply online and get approval in minutes! Use the cash for whatever you need. Repay in up to 3 instalments. Fasta is not a payday lender, but a revolutionary South African Fintech, offering you a new payment method for online and in-store purchases. Through innovative technology, FASTA provides you with access to credit in minutes.

MPOWA Finance Loan for R700

7 days
to 38 days
R600
to R5,000
0.00%
Monthly
Earn more than R10,000 per month? Then you may be eligible for a zero % interest rates for your first loan! Successful applications received before 3pm will receive money in their accounts by 5pm the same day. All applications are online.
Earn more than R10,000 per month? Then you may be eligible for a zero % interest rates for your first loan! Successful applications received before 3pm will receive money in their accounts by 5pm the same day. All applications are online.

Lime24 Loans for R700

5 days
to 36 days
R300
to R5,400
5.00%
Monthly
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.
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.

Fasta Loans for R700

1 month
to 3 months
R500
to R8,000
5.00%
Monthly
FASTA Cash, right into your bank account. Apply online and get approval in minutes! Use the cash for whatever you need. Repay in up to 3 instalments. Fasta is not a payday lender, but a revolutionary South African Fintech, offering you a new payment method for online and in-store purchases. Through innovative technology, FASTA provides you with access to credit in minutes.
FASTA Cash, right into your bank account. Apply online and get approval in minutes! Use the cash for whatever you need. Repay in up to 3 instalments. Fasta is not a payday lender, but a revolutionary South African Fintech, offering you a new payment method for online and in-store purchases. Through innovative technology, FASTA provides you with access to credit in minutes.

Wonga Loan for R700

4 days
to 6 months
R500
to R4,000
5.00%
Monthly
New customers can borrow up to R4000, and 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.
New customers can borrow up to R4000, and 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.

Boodle Loan for R700

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.

Finance27 Loans for R700

7 days
to 50 days
R500
to R4,700
5.00%
Monthly
Borrow from as little as R500 right up to R4000 and receive your loan instantly. From Cape Town to Kathu Fasta offer secure cash advances to help you achieve the financial freedom you need.
Borrow from as little as R500 right up to R4000 and receive your loan instantly. From Cape Town to Kathu Fasta offer secure cash advances to help you achieve the financial freedom you need.

Southern Finance Loans for R700

7 days
to 50 days
R100
to R4,700
5.00%
Monthly
Southern Finance offer quick and convenient solutions for any short-term financial issues you may have; from paying unexpected bills to home repairs, and any other emergencies that crop up in everyday life. You can borrow up to R4000 or as little as R500.
Southern Finance offer quick and convenient solutions for any short-term financial issues you may have; from paying unexpected bills to home repairs, and any other emergencies that crop up in everyday life. You can borrow up to R4000 or as little as R500.

Wanna Loans for R700

5 days
to 37 days
R500
to R3,000
5.00%
Monthly
You can apply from R500 up to R3 000, qualify and get paid the same day!
You can apply from R500 up to R3 000, qualify and get paid the same day!
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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.

South African guide to R700 Payday loans

When it comes to cash flow issues, we all have our bad days. Bills can start piling a lot faster than expected. Other times, emergencies such as home repairs and medical expenses can happen, and you will have to deal with them. If your payday is still a couple of weeks away, you might be left with no option but to take out a loan. However, loans are not only for big amounts. Sometimes a small R700 loan is all you need.

What is a R700 payday loan?

Payday loans, sometimes known as paycheck loans, offer a quick and convenient solution to your cash related emergencies. This is because most R700 payday loans are approved in less than a day. The amount you can borrow depends on your income. You usually start paying it back, plus interest, as soon as you get your next paycheck. Generally, most payday loans are required to be paid off within 6 months.

How does a R700 payday loan work?

Payday loans work a lot differently than most types of loans. You can apply for a payday loan online or through a physical branch with a payday lender. Getting a R700 loan does not require any security or credit checks. What this means is that even if you fail to pay, it will be a lot more difficult for the loan provider to recover their money. To try and insure themselves against this risk, the lenders often charge higher interest rates.

What are the fees for a R700 payday loan?

  • Initiation fee: 16.5% on the amount borrowed, R115.50
  • Interest rate: Typically 5% per month, R35
  • Monthly service fee: Around R60 per calendar month
  • VAT: 15%, charged on the initiation and monthly fee, R26.33
  • Estimated total repayment: R936.83 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 of time, interest and monthly fees will change monthly repayment amount.

Should you take out a R700 payday loan?

A R700 loan is meant to help you cover immediate cash needs. It is a short term loan that should ideally be paid back as soon as one gets their salary. This loan is a small amount that, however, has high interest rates. It can be quite difficult to repay if the total cost doesn’t fit into your budget. Before you consider applying for R700 loan, it’s quite essential to know what you are getting yourself into.

Why are R700 payday loans so popular?

  • Most people who resort to payday loans are not able to get other financing options. They might have no income or poor credit scores. This can prevent such people from getting personal loans.
  • Another reason might be because they are highly convenient. It is quite easy to apply for a R700 loan and to get approval. They are so easy to get that you can even make the application in the comfort of your home.
  • Other options to payday loans such as personal loans usually involve a lot of paperwork and credit checks.

How to apply for a R700 loan

To apply for a R700 loan on CompareLoans.co.za, select the lender you want from their comparison tables by clicking “Go to Site”. Next, follow the easy instructions provided on the lender’s website. Often, all you need to do is provide the following documents and fill a secure online application form then click submit:

  • South African ID;
  • Proof of employment, for example, 3 months payslips;
  • Bank statement; and
  • Proof of residence

Is a R700 payday loan worth the risk?

A payday loan should be used to solve an urgent need for cash in times of emergency. However, since the loan has a high-interest rate, failure to pay it back in time could land you in severe financial trouble. Having said that, it’s best to take a R700 loan when you need to. You might need to consider the following:

  • They are worth the risk if you know that you will be able to pay it back.
  • They are convenient since you can get the money exactly when you need to use it.
  • Taking a payday loan for fun, however, might end up with you stuck in a vicious cycle of debt. Also, if you fail to pay, your account will be handed over to a debt collector.

Bottom line: It’s essential to consider all your options before approaching a payday lender.

Frequently asked questions about R700 Payday loans.

How do I repay the loan?

The loan provider usually takes their money through a debit order. This allows them to deduct the payment when you get your salary automatically. Depending on your agreement with the loan provider, you can either pay it all at once or split it into several smaller instalments.

How long do I have to pay back the R700 payday loan?

As the name suggests, ideally you should pay back the loan on your next payday. You might, however, agree on a different period with the loan provider. Most payday loans have to be paid back within 6 months. Most loan providers require that you start making repayments as soon as your next payday.

How quickly after the loan is approved can I get my money?

These loans have a record of being processed within minutes. The whole idea behind a R700 payday loan is to solve emergencies. You can expect to get the money in a single day or less.

Can I get a R700 payday loan with bad credit?

Yes. Most South African payday lenders do not perform credit checks, so even if you have bad credit, you can still be approved. However, it is always best to maintain a good credit rating.

Can I trust all payday lenders?

Just like with any transaction involving money, you have to do your research before you approach a lender. Nowadays, that’s quite easy. You can check their reviews online and see what other people say about them. Also, make sure they are a registered credit provider that operates under the National Credit Regulator.

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