How to Get a Payday Loan Online in South Africa

How to Get a Payday Loan Online

Payday loans are short term loans that allow you to borrow money for a short period of time. The amount that you are able to borrow is usually a small amount, which will need to be repaid by your next paycheck.

Payday loans do have a bad reputation because they often charge a high-interest rate, but payday loans can be useful.


In the case of an emergency which is common in South Africa where you need to get access to cash quickly, payday loans are very useful and as long as you are able to pay the loan back with the interest, you won’t have any problems.

How Do Payday Loans Work?

Payday loans are pretty quick and you can actually have access to the loan in just a few minutes in some cases. As soon as the payday loan lender has confirmed your income and has checked your account information, you will be able to claim the loan.

If you are applying online, the loan will be deposited into your South African bank account. You will also need to give the payday loan permission to withdraw what you owe from your bank account when it is due.

In order to get a payday loan, you will need to have certain documentation in place so you are able to apply for a loan.

So what do you need…

What Do You Need to Get a Payday Loan?

south african loan application

You Will Need ID

You will need to have a valid identification to take out a payday loan. You are able to use your driver’s license as a form of ID or any other government issued form of identification. There are some payday loan lenders that will require further identification documents like a household bill that states your name and residence.

Verifying Your Income

Payday loan lenders will want to check your income so that they are sure you will be able to afford the loan repayment. In the application process, you will need to verify your income.

This may require just recent pay stubs from the last couple of months. However, you will find some lenders that will need a recent bank statement or employment confirmation.

Depending on the lender, you may also need to provide tax documents for self-employment income for instance.

Do You Know Your Bank Information?

You will need to know your South African bank information when applying for a payday loan. This is because the lender will automatically withdraw payments from your checking account. You will need to have an active bank account if you want to get a payday loan.

The payday loan lender will need to have your account number and bank’s routing so they are able to withdraw your payment electronically.

If you are unsure of your banking information, you can call your bank to get the required information.

What Else Do You Need?

In order to take out a payday loan, you will need to be over the age of 18 years. Your age will be verified by your ID.

You will also need to supply your contact details like a working telephone number so that the lender is able to contact you.

The requirements will vary from lender to lender, so you will need to check what the lender you are using needs so you are able to take a payday loan.

Other Things to take into Consideration

You need to make sure that the company you are using is reputable. You need to do your research and make sure that the company is a licensed lender.

Payday loans do have high-interest rates and these rates need to be taken into account before you take a payday loan and you need to ensure that you will be able to afford the full repayment.

You might be wondering how to get a payday loan online…

How to Get a Payday Loan Online

Find a Legitimate South African Online Lender

The first thing that you will need to do is find a reputable and legitimate online lender that offers short-term loans or a payday loan.

You should take a look at the lender’s website and their policies. Always look and read the small print and see if there are any hidden fees. Also, have a look at the interest rate that they charge and calculate this with the amount you want to borrow to see if you can afford the loan.

There are some lenders that will list the full application on their website or you may find that you will have to fill out the application in stages.

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You should make sure that you are able to find reviews of the lender that you are considering. If you are not able to find any user reviews, take a look at a different lender.

Know What You Can Borrow

In order to make sure that the loan works in your favor, you need to know the right amount to borrow and ensure that you are able to pay the loan back. Payday loan lenders only allow you to borrow small amounts, but remember that you do not need to take the maximum you are able to borrow.

You should then only borrow what you need and create a budget that includes paying back the amount, any fees that are charged and the interest rate. This helps you determine if you are able to pay back the loan, because if you are not able to, you may incur high late fees.

Get Everything Ready

When you are ready to fill out your application, it is a good idea to have everything that you need next to you. Payday loan lenders will require your personal and financial information.

You will generally need to supply:

  • Bank account information
  • Contact information
  • Your ID number
  • Proof of employment and income

Fill out the application with all necessary information.

You will then need to wait for your application to be approved. There are some payday loan lenders that will confirm approval within just a few minutes. You will generally receive an email that confirms the approval.

STEP 1: Complete the contact info form above and click ‘Continue to Step 2’

STEP 2: Wait for the full loan application form to load on our recommended providers website

STEP 3 : Complete the quick and easy Application. Then enjoy your day and await your Loan approval decision. Thank you for using our smart service!

With online payday loan lenders, the loan is usually transferred into your bank account. When the payday loan repayment is due, the lender will take the money out of your bank account.

Payday loans do have their advantages and getting a payday loan online is simple, easy and convenient. They also require very little information to get one and you will not have to go through any credit checks, which means that if you don’t have any credit or if you have bad credit, you are still able to get a payday loan. Payday loans give you access to money that you need when you need and work well in times of emergency.

How Do Payday Loans Work in South Africa?

South Africa, How Do Payday Loans Work?

There are times in life when unexpected expenses crop up or income becomes unsteady and you may find that that you don’t have the money to pay for these. If you do not have a fully funded emergency fund, then you will need to take some type of loan to bridge this financial gap. South African Payday loans are an option, but they do come at a high price.

workings of payday loans in south africa

Payday loans are small short term loans that do have a high interest associated with them. Payday loans should be considered carefully because they can lead to debt that is hard to get out of.

How do Payday Loans Work?

If you are halfway through the month, but find you need some extra cash to pay for an unexpected expense like car repairs then you need to find a way to get the money to pay because without your car for instance, you won’t be able to get to work, which could risk your job.

With a payday loan, you are able to go to a payday loan lender where they will ask you to write a post-dated check for the amount of the loan plus fees. You are also able to apply for a payday loan online, which will require you to give the lender permission to take the money you owe from your bank account on the due date.

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You will usually have just a few weeks or until your next paycheck to pay back the loan.

The fee that they charge will include interest, which does make payday loans one of the most expensive loans to get. The interest rate for payday loans is higher than other types of loans because it is a short term loan and you are essentially paying for the privilege of having instant money when you need it for a short amount of time.

In order to take a payday loan, you will need to prove that you have a regular and stable income, this is so the payday lender can be sure you are able to pay the loan back.

However, many people find that they are not able to pay back a payday loan or have to take another one to cover the costs for the month once you have paid back the payday loan.

When your payday loan is due, you are able to pay your debt or can roll that debt into a new debt, which will add to the money that you owe, this can lead to a debt spiral.

You might be wondering if payday loans affect your credit…

The Effects of Payday Loans on Your Credit

When you apply for a payday loan whether it is in person or online, you will not be subjected to a credit check. As long as you pay the loan back on time, a payday loan will not appear on your credit report. This also means that a payday loan will not help your credit score or help in building your credit.

However, if you are not able to pay your payday loan then it could affect your credit. If the debt you owe a payday loan lender is taken to a debt collection agency, then the debt collector could report this to the credit reporting agencies. This will show as a negative entry on your credit report and will lower your credit score.

The Advantages and Disadvantages of Payday Loans

Payday loans can be useful in times of emergency and they do have advantages, but they also have disadvantages.


  • In a financial emergency, payday loans are a fast source of cash.
  • You do not have to go through a credit check to get a payday loan.
  • You could save money by using a payday loan to cover overdrafts, credit card fees and bounced checks.
  • People with bad credit are able to qualify for a payday loan.


  • The interest and fees associated with payday loans are high.
  • You are only able to borrow small amounts.
  • They could hurt your credit score.

Wait…there is more to know…

Top Reasons to Take a Payday Loan

If you have a stable South African job and a regular income, then you are able to take a payday loan. Here are the top reasons, people take SA payday loans.

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Avoiding Late Fees

Every month late fees can build up whether you are incurring late fees for unpaid credit card bills or overdue utilities. These late fees can sometimes cost more than the balance that you owe. A payday loan can be used to stop these late fees from occurring and will give you time to catch up on the money you owe.

No Credit Check Loans

Taking a loan at a traditional bank can be difficult because they have very strict qualification requirements. Payday loans are no credit check loans and your ability to take this loan is based on the income that you are earning. You are then able to get access to money that you need to pay debts before they affect your credit score to harshly.

Fast Approval

The process for applying for a payday loan is easy and often your payday loan will be approved within just a few hours. When you have a financial emergency, payday loans offer a way for you to get the money you need, when you need it.

Avoiding Eviction or Repossession

If you are overdue on car or rent payments, then it can lead to the repossession of the car or eviction from your home. These acts can occur quickly, but because you are able to get a payday loan quickly, you are able to avoid repossession or eviction. You are then able to use a payday loan to make car or rent payments on time.

South African Payday Loans Are Short Term Loans

Loans from banks usually require repayments over years and it can be stressful to take on such a long debt. Payday loans have a shorter term and are repaid by your next paycheck. You will then be able to take a loan and repay it quickly and not have the stress or take on the burden of a long debt.

You Don’t Need Collateral

As a borrower, you will not need to put up any collateral to secure the loan. A payday loan is secured against the fact you have a regular income.

Payday loans are useful and offer financial relief in times of emergency when you really need some extra money to tie you over, however, there are disadvantages. The major drawback is the high interest that is charged. You should then only take a payday loan if you are sure you are able to repay the loan on time, without it leading to other financial issues.