Top 5 Online Payday Loans

Overview

Payday loans are becoming increasingly popular in recent years both locally and internationally. In South Africa, the amendment to the National Credit Act has made it easier for microfinance institutions to operate in the financial market. As a result of this change, consumers have access to a wider range of loan solutions- such as payday loans.

What are payday loans?

These are short-term loans, repayable within 30 days. Generally offered for amounts of less than R2500, these loans are ideal for paying off unexpected expenses. There is no collateral required for these loans and interest rates tend to be slightly higher.

Here’s what you need to know about the top 5 online payday loans:

Boodle Loans

As the first online payday loan provider that launched in South Africa, Boodle Loans has established a loyal customer base through the years. Offering up to 32 days to pay, Boodle Loans also offers a simple online application which can be completed in less than 6 minutes. Loan amounts range between R100 an R2500.

Get Bucks

Loan amounts range between R500 and R4000, with up to 45 days to repay at Get Bucks. A registered credit provider, Get Bucks strives to pay out within 24 hours.

Hopon

Once approved for a Hopon loan, the cash is transferred immediately into your bank account. Loan amounts range between R500 and R20 000.

To qualify for a loan from Hopon you need to be aged between 22 and 60 years old

Why choose Hopon?

You can apply online 24/7 and there isn’t too much paperwork involved.

There are no hidden fees or costs, so the entire process is transparent.

Hopon is an authorised financial services provider and a registered credit provider.

As a trusted credit provider in South Africa, Zambia, Ghana and Kenya, Hopon has paid out over R5 million in loans across Africa.

Wonga

A factor that makes Wonga one of the top 5 online payday loans in South Africa is that the institution has now served more than 1 million customers. Capped at R4000, loan solutions are transparent, flexible ad fair. The application process takes 5 minutes to complete.

Little Loans

Little Loans offers amounts between R500 and R8000, with a 5 minute response rate after applying.