Best Short Term Loans South Africa: A Complete Guide - italkloans

Best Short Term Loans South Africa: A Complete Guide

South Africa has seen a massive increase in the use of short term loans in recent years as more and more households turn to this form of financing to cover expenses. This trend reflects the challenging economic environment, rising unemployment, and a weak currency. Read on for short term loans South Africa tips, options, and guidelines. 

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4 Best Short Term Loans South Africa


Are you looking to borrow up to R8,000? Look no further. Wonga is one of the most reliable financial services providers in South Africa. Their credit packages are ideal for individuals struggling with cash flow issues. New customers can get up to R4,000, with a repayment period of three months and interest rates of 5%. The interest rate will be lowered to 3% for future loans.

The application process is super easy and fast. You only need to submit your phone number, bank account details, and identity documents and prove that you earn enough to pay back the amount you wish to borrow.

Wonga Contact Details



Phone number: 0861-966-421

Application page: Apply now

FinChoice Mobimoney

Finchoice has one of the most popular mobile landing platforms known as Mobimoney. This facility allows you to borrow up to R10,000. One of the most exciting features of their credit packages is same-day withdrawal. This means you will receive the cash you need within 24 hours of the initial application.

The platform gives you access to data, airtime, and electricity token purchases. Loans from FinChoice come with a repayment period of up to three months. 

If you are looking to make more significant purchases, Finchoice also offers a loan package of R40,000. However, it’s important to note that this is not a short-term loan, as you can repay the money over 36 months. 

This lender offers interest rates of around 21% for six months. So, for instance, if you plan to take out a loan of R2,500 with a six-month repayment period, you will pay approximately R770,51 in monthly installments.

Finchoice Contact Details



Phone number: 0861 346 246

KwikServe:  *130*1048#

Application page: Apply now

Easy Cash Loans

This lender is ideal for those looking for more significant amounts. You can gain instant access to cash amounts of up to R150 000. In addition, you can complete the entire application process online.

Please note that Easy Cash Loans offers credit packages to blacklisted clients. So all you need to prove is that you earn enough to pay back the amount in full. They do not perform any credit history check on their client. 

The lender also offers payday loans with less strict requirements.

Easy Cash Loans Contact Details



Phone number: +27 16 931 3905

Application page: Apply now


Fasta is a registered credit provider offering a fast, secure, and straightforward application process. You can gain instant access to R8,000 short-term loans payable within three months. 

One of the most exciting aspects of their process is that you get to do everything independently. And since everything is online, you can submit your request from the comfort of your home.

The lender will not ask you what you want to do with the money. This makes their loans flexible and highly convenient. 

Please note that Fasta charges an initiation fee of R534, a monthly service amount of R69, and credit insurance of R73.67. The maximum annual percentage rate is 123%.

Fasta Contact Details



Phone: 087 470 0400

Application page: Apply Now

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How to Compare Short Term Loans Online South Africa

Here are some tips to help you compare lenders and credit packages before you submit your applications.

Compare Amounts and Repayment Terms

Before applying for a short-term loan, you must compare the amounts and repayment terms offered by different lenders. This will help you find the most suitable option for your needs. Also, be sure to consider the interest rates, fees, and repayment schedule.

Check the Lender’s Reputation

There are many unscrupulous lenders in South Africa. This is why it’s crucial to research the lender’s reputation. Check review websites, social media, and consumer protection websites to ensure the lending business is legitimate and has a good track record of providing reliable services. You must also check if the company you are looking into is registered with the NCR.

Read the Fine Print

Before signing anything, you must carefully read the loan agreement to ensure you understand the terms and conditions. Be sure to ask questions about any words you don’t understand. You should only put your signature if you are comfortable with everything in the agreement. 

Think About Other Alternatives

It’s not always that a short term loan is the best option for solving your financial crisis. There are other ways of going about things. For instance, you can use credit cards or borrow from family or friends. Each of these options may offer more favorable terms than a short-term loan. 

How to Get Short Term Loans For Bad Credit South Africa

Most people looking for short term loans don’t have the best credit scores. Unfortunately, this can make it a bit difficult to find a loan.

Approach Payday Lenders

The first tip is rather obvious. You need to approach lenders who don’t check credit scores. Many payday lenders will give you money even if you are blacklisted. Here are a few you may want to consider.

1. Wonga

2. African Bank

3. SA Payday Loans

4. Easy Payday Loans

5. Quick Cash Loans

6. Capfin

7. My Payday Loan

Apply for a Secured Loan

This is another excellent option if your credit score could be better. Secured lenders give little thought to your history because their risk is lowered by collateral. There are many types of secured forms of credit to choose from. Here are some to consider:

Car papers – Loan on Cars

House or property – First Advance

Diamond ring – Lamna

Gadgets, appliances, and furniture – Cash Crusaders

Pension – Standard Bank

Consider No Credit Check Loans

Many lenders are offering this type of credit. They check affordability and things like your debt-to-income ratio. They will approve your loan if you are left with enough money to sustain yourself and pay your debts. Here are some lending businesses offering no-credit-check debt in South Africa:

Finance 27 – R4,000

Blink Finance – R4,000

MyMulah – R4,000

MyMulah – R4,000

Lime24 – R5,400

FASTA – R8,000

Little Loans – R8,000.

Hoopla Loans – R250,000

Pros and Cons of Short Term Loans South Africa


Super fast access to cash. One of the most significant advantages of this type of lending is that you can get your application approved instantly. Once approved, the money can be in your bank account within 24 hours. This makes short term loans an ideal option if you are dealing with an emergency.

Did you know you can get instant cash loan approval within minutes? Platforms like Myloan will help you get multiple cash offers with a single application. Try it now.

Lump Sum. Once the lender approves your application, they will send you the total amount. This means you won’t have to deal with withdrawal limits or draw periods. 

You have fixed monthly payments. Short term loans in South Africa come with fixed interest rates. This means you won’t have to deal with random amounts each month. As you might imagine, this makes budgeting super easy, as you will be paying an expected sum of cash for the life of your credit.

No need for collateral. The majority of short-term credit packages in South Africa are unsecured. This means you don’t need to use your home or car for security. Instead, lenders look at your income or credit history to determine whether you can receive the required amount. 

Interesting fact: Did you know that you receive money from lenders even if you have a bad credit score? Check out this article on how you can get a no-credit-check loan to deal with your financial issues.

The Downside of Short Term Debt

Lenders will look at your credit score. Unless you are applying for a bad credit loan, most lending institutions will only offer money to applicants with a stellar borrowing history. While you can still get the cash you need without hard credit inquiries, such loans usually come with higher interest rates and fees.

High rates. Short term loans usually come with higher interest rates and fees. This is especially true if you are blacklisted. Still, the rates you get will be lower than salary advance loans.

The best way to ensure you get a good deal when applying for short-term credit is to take your time to compare lenders and different loan packages. Fortunately, we have already done all the work for you. 

Our researchers and analysts have looked at different lenders in South Africa, and we can submit your application to only the most affordable and reliable players. Use the simple form below to get instant access to multiple loan offers without submitting papers.

Safet Tips When Looking for Quick Short Term Loans South Africa

Borrowing money is a challenging fit. There are so many things that can go wrong. For instance, you can fail to pay back the money. If that happens with a secured loan, you will lose your collateral. Even if the loan is not secured, you can get into trouble with the law, which will cause stress. Here are some tips to ensure you borrow safely.

1. Read the terms and conditions thoroughly: Before you sign any agreement, make sure you understand the terms and conditions of the loan, including the interest rate, repayment period, and any fees and charges.

2. Shop around and compare lenders: Compare different credit packages and lenders to find the one with the best terms and lowest costs.

3. Budget and plan ahead: Make sure you can repay your installment on time and in full. Consider how the payments will fit into your budget and plan. This means you must consider your current expenses, debt, and monthly budget.

4. Be cautious of lenders not registered with the NCR: All short-term loans South African lenders must be authorized and regulated by the National Credit Regulator.

5. Seek financial advice before borrowing: If you’re unsure about taking out a short-term loan, seek independent financial advice or even talk to your friend to ensure you are making the right move.

Get more loan application tips from Finance Monthly.

How to Avoid Short Term, Predatory Lenders

Here are some tips to help you avoid scammers. You can also get more tips here.

  • Research your potential lender.
  • Ask questions and check whether they are patient to provide you with enough information.
  • Read the fine print and ensure you understand the clauses and fees.
  • Ask for recommendations on social media and from your circle.
  • Avoid too-good-to-be-true offers.
  • Shop around to get a general idea of average costs and fees.
  • Pay close attention to the fees. Check for things like origination fees and late fees.
  • Avoid promissory notes as these often come with hidden fees.

How to Use a Short Term Loan Calculator South Africa For Better Borrowing

There are many websites offering loan calculators. For instance, you can check out these two from bankrate and nerdwallet.

Using a calculator will help you get an exact idea of what you are getting yourself into. Follow the steps below to use one to better understand your loan.

1. Enter the amount of the loan: This is the total amount of the loan you are considering.

2. Enter the loan term: This is the amount of time you plan to take to repay the loan.

3. Enter the interest rate: This is the interest rate you will be charged for the loan.

4. Enter your loan start date: This is the date you plan to begin the loan.

5. Calculate: Once all the information has been entered, click the “Calculate” button to generate your loan amortization schedule.

6. Review the results: The calculator will generate your loan payment amount, total interest, and total loan amount. Review these results to determine if the loan is a good fit for your budget.

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