Finding a loan app that suits your needs can be a challenging task, especially with the growing number of loan apps available. If you’re a resident of South Africa and need access to credit, this blog post is perfect for you.
Our team of experts researched and identified the best loan apps in South Africa, which we will be sharing in this blog post. These lending platforms are tailored to meet the needs of various individuals, such as students, business owners, and working-class people.
We will look at the application process, interest rate, repayment process, customer support, requirements to apply for these loans and the conditions that come along with them.
By the end of this blog post, you will be able to decide which loan app will work best for your particular needs. So let’s dive in and look closely at the best loan apps in South Africa.
This is an online financial institution that provides loans and other financial services with the approval of NCR for South Africans.
Fasta give out loans of 500- 8000 R for 30 days and -3 months at a 27% interest rate. The best loan app takes 24 hours to process a loan.
With the Fasta loan app, you can apply for a loan even if you have a bad credit score, but there are some requirements you must meet to get your loan approved.
What do Fasta instant Credits offer?
Fasta has three instant credit offers that you can make use of to solve your financial needs, which are
Fasta card: To use this, you will get a credit-enabled virtual card which you can spend online anywhere MasterCard is used in South Africa and in-store using Zapper, Snapscan via Vodapay. The Fasta card is available to any bank client.
Fasta Cash: For this offer, the cash is paid directly to your bank account, and you can use it immediately to solve your financial needs anywhere.
Fasta Checkout: This offer will enable you to be given credit which you can use to purchase anything at Fasta loan participating retailer’s outlet
How to apply for Fasta instant credits
- Visit the Fasta website.
- Select your preferred instant credit offer (Fasta card, Fasta cash, Fasta checkout)
- Use the slider to select the amount you need.
- Choose your preferred number of repayments (instalments).
- Click on ‘Apply now’
- Once it is approved, you will receive your loan
These requirements include
- You must be between 18 years- 60 years.
- You must be a South African citizen with a valid South African Identity card.
- You must provide a South African bank account with proof of residence
- It would be best if you were employed and had a salary of more than 5000 R
- You must be able to prove affordability and give permission to credit check
- Your internet must be well-connected.
How do I repay the loan?
Loan repayment is easy and convenient. You can repay the loan in instalments up to 4 times or more within three months.
Fasta loan app has the following advantages.
- It is 100% easy to repay a loan as you can repay up to 3 instalments
- There is no need to upload a document before you can access the loan
- You enjoy three different credit offers
- The repayment duration is relatively short
- The interest rate is high compared to others
- It is not accessible to people over 60 years of age.
247 loans is a top loan-finding platform for south Africans. It provides loan facilities to the citizens of South Africa that are above 18 years and have valid ID cards. 247loans provides loan amounts up to R250,000. It is the 7th best loan app in South Africa, rating 8.4 out of 10.
The loan finding service of 247 loans is completely free. 247 loans can connect you to lenders such as African Bank, RCS, Lime, Bruma, and Bayport with just a click. The loans granted by these lenders through 247 Loans service come with a maximum APR of 27% and flexible payment terms ranging from 6 to 72 months.
How to apply for 247loans
To apply for a loan with 247Loan is simple, easy and convenient because 247 runs the stress of finding a lender for you within just a few minutes.
These three easy steps will pair you with a lender from 247Loan’s comprehensive list of partner lenders.
- Visit the 247 loan website
- Click ‘Start your application’
- Please fill out the information form provided so they can link you with the interested lender.
- Wait for a period of 90 Seconds: Within this short period, your lender will be found and matched with you.
- Get the Loan: Connect with the lender, sign the contract and receive the loan proceeds, which can be given on the same day.
How do I repay the loan?
Loan repayment is easy and convenient; with instalment loans, you pay equal shares every month. The details of the credit payments scheme are known beforehand.
- It has a better chance of approval as it uses your information provider for different lenders to find the best match for you. This gives you more chances of finding a lender that will loan you money instead of you going from one lender to another looking for a loan. They have a vast network of lenders willing to give you a loan.
- Whether you have a good credit score, they still try their best to match you up with a lender. You can apply for a loan with 247, even with a bad credit score.
- It has a speedy loan payment. Just as the name implies, they operate 24/7, and you can get a loan from them.
- They are not a direct lender: 247 is not a company that lends out money to people but serves as an agent that connects borrowers to interested lenders. It is suitable as a borrower will have access to a different lender with just one piece of information but note that the 247 loan app will not be eligible for any loan issue you have with the lender.
- Higher interest rate: Since the 247 loan app serves as an intermediary between you and the lender, they will surely make their profit; therefore, the lender has to increase its interest rate to suit both of them( lender and 247 loans app)
- The loan amount is relatively small, as you can apply for is under$1000, because they aim to give short-term loans for emergencies.
Customer Support for 247Loan is impressive as they promptly attend to their customers via live chat, telephone support, email support, and an informative FAQ section.
Capfin is one of the top loan apps in South Africa, founded in 2010 to provide customers with affordable loan services. They offer loans from R1000 to R50,000 with a 6- 12 months repayment period with an interest of 5- 28% interest rate.
Capfin allows individuals to apply for loans online. In addition to applying for a loan online, customers can apply for a loan at one of Capfin’s retail affiliate stores like Pep or Ackermans.
Customers receive self-help login information to simplify the loan process as much as possible, allowing them to view their accounts whenever they want without difficulties. With the help of this feature, you will be able to identify missing payments, track your expenses and reschedule them online based on your convenience.
When applying for the loan, the individual fills in information about their salary and when it will be paid. The repayment schedule is then based on the date on which the individual receives their regular compensation. After the verification process and approval have been adequately completed, the money will be paid out into the provided bank account within 48 hours of the request.
Features of the Capfin loan app
- The application process is easy.
- No hidden fees and interest rates are charged.
- The Capfin loan app can help you get bank statements from your bank directly.
- You have all day access to your Capfin loan account without issue.
- When the borrower is dead, Capfin writes off the loan balance upon submission of a copy of the deceased Capfin Account user, Holder’s ID, A clear, certified copy of the death certificate and a A clear, certified copy of the Master’ letters of executorship (if applicable) all should be submitted via email to [email protected] or [email protected].
- It is available nationwide at any PEP or Ackermans store for those who need help completing their registration online.
Requirement for a Capfin loan
To apply for a Capfin loan, the following requirements are needed;
- A valid South African ID
- Three latest payslips or three latest bank statements must be provided
- To be eligible, you must be permanently employed and earning a monthly salary
- A valid mobile phone number
- A valid South African bank account
- You must be 18 years or older
How can I apply for a capfin loan?
- You can apply for a Capfin loan via the website, via SMS or visit any PEP or Ackermans store nationwide.
- After applying, you need to Upload your documents on the website by selecting the upload tab.
- Scan and email your documents at any PEP or Ackermans store to [email protected] with your South Africa ID number in the subject line after applying.
- Using the fax machine, fax your documents to 0866880000 with your South Africa ID number in writing as a reference after applying.
How to Repay your loan
- For Bank Deposits, please use your Capfin Personal Loan account number or identification number as the deposit reference.
- You can repay at Pep, Ackermans or any other Pay Outlets by making use of the unique reference number provided to you by Capfin on request
Pros of capfin loan
- No hidden fees and rate
- Easy access to personal loan
- It has a quick online application process
- A bad credit score is considered.
- Interest is calculated monthly.
Nifty credit is one of the top lending platforms in South Africa that lends you up to R15,000, which is to be paid for 12 months which is 365 days.
Creating a Nifty Credit profile is the first step before applying for a quick loan. This will make it easier for you to upload documents, apply for a loan, and track your payments.
Nifty Credit also rewards customers who demonstrate positive payment behaviour by reflecting it on their profile. This opens up access to lower interest rates and more favourable loan terms in the future.
How to apply for Nifty Credit
- Please apply online: it is so simple it could take you only 5 to 12 minutes to complete. You can apply via the app or the website. Get the app on the app store.
- After submitting, you will receive an outcome instantly.
- Once approved, your cash could be in your account and ready to use in 60 seconds.
Requirement for getting a loan
- You must be at least 18 years old
- Be a South African citizen or permanent resident
- Have an active online bank account
- Have a working mobile number and email address
- Employed and with regular income within 90 days of the date of application
How to Repay the loan
You can repay via the website or the app and click on repay. It can be via your card or transfer from pair to pair.
- 1t has flexible loans
- Its application process is easy
- Nifty disburse loans within a short period.
- One must be employed to qualify.
This nationwide brokerage has existed for over 25 in the credit industry. Qwiekfin helps clients obtain personal loans of up to R150,000.00 and Business Loans of up to R1.5 million with flexible repayment terms of 12 to 60 months. It has a high approval rate, is fast and has a simple application interface.
When you become a Qwiekfin member, you will enjoy many benefits. For instance, for an additional fee of R99 per month, you can have your own online attorney to help you with legal matters when the need arises.
Qualified attorneys from independent attorneys will help you with legal crises utilizing telephonic or online consultation in any legal field. Again, as a member, you also stand a chance to win an R5000 cash prize every month.
How to apply for a loan
You can apply for a Qwiefin loan through a phone call on 0860 000 866, online, or through any of the branches. You will be required to fill out an application form with your personal information and your employment status.
Requirements for the loan
- You must be at least 18 years and more than 65 years
- You must be a South African citizen
- It would be best if you were permanently employed for at least three months and earned a salary of a minimum of R2000 per month.
How to Repay the loan
Read the terms and conditions carefully. You must have looked at the interest rate before picking the loan. Just visit the site or the app and click on repay. It can be via your card or transfer from pair to pair.
- It has a very competitive interest rate
- The app is easy to use
- It has varieties of loan options
- Fixed monthly repayments
UNIFI loans is a top lending Institute in South Africa that offers short-term personal loans. It gives loans from R2000 up to the tune of R8000.
They offer simple personal loans to people formally employed in Sub-Saharan Africa. Unifi loans can be accessed through their branches in Zambia and Uganda and online in South Africa.
Unifi loan has a repayment period of 6 months with a 3% interest rate. Its application process can be completed within a few minutes with instant approval, and they pay the loan amount quickly.
How to Apply for Unifi Credit?
You can apply for the loan from the comfort of your home using your mobile phone or internet-enhanced facility, e.g. a computer. Follow these steps to apply for your loan:
- Visit Unifi website and complete the application form with your ID number and password to create an account for you and complete your registration process.
- Fill in the information requested.
- Then upload the required documents.
- Sign the loan agreement online and submit your application.
- You will then receive an email from Unifi about the status of your application and confirmation.
- Once your loan is approved, your bank account will be credited immediately.
The following documents will be uploaded alongside other information when requesting the loan.
- South African ID
- Latest payslips
- Latest bank statements
- Proof of your address e.g. utility bill
How to Repay the loan
It is easy and convenient. You are to repay the Unifi loan through a debit order on an agreed day; hence it is advisable to have enough money in your bank account on the day of the debit order.
- Repayment easy
- The application process is easy and comfortable.
- Poor customer services
- Short repayment duration
Finchoice is a registered credit provider in South Africa that offers short-term, flexible, and convenient loans to interested individuals.
The lending platform provides a facility that gives you access to money, data, airtime, and electricity. It helps with your subscription, purchase of airtime and other online transactions.
Their personal loans offer up to R40 000 to help with life’s bigger expenses, with repayment periods of 6-36 months. Additionally, their MobiMoney product provides a flexible facility of up to R10 000 for quick access to funds, with repayment over 1 to 3 months and multiple monthly withdrawals. MobiMoney also offers access to airtime, data and electricity 24/7.
In addition to their lending products, FinChoice offers funeral cover ranging from R10 000 to R50 000 per person. You can choose from personal funeral cover or family cover for yourself, your spouse and up to five children. You even have the option to add your parents to your family policy. With these products, FinChoice aims to provide you with the financial support you need to face life’s challenges.
Finchoice offers a range of financial products and services that are affordable and simple. They include:
- The MobiMoney facility: With this facility, you can borrow between R100 to R10,000. This type of loan can be repaid between 1 to 3 months, and you will only need to pay for what you use without additional changes. These loans are suitable for instant cash or when in need of a small amount to run daily expenses.
- The Flexi Loan: This loan service allows you to borrow up to R8,000 and quickly pay it back within six months. In case of death or being permanently disabled, this loan service also has a built-in protection plan to cover your outstanding loan. You won’t repay the loan if death occurs or you become permanently disabled.
- Premier Personal loan: With a Premier loan, you can I’m back on expensive projects like building, buying a car, settling medical bills etc. With this service, you can borrow up to R40,000 and repay the loan over 12- 36 months. You also have the grace to choose how long you need to pay back the loan and set up an undemanding payment plan that will be easy for you.
How to apply for Finchoice loans
- Download and install the Finchoice app on playstore or apply via the Finchoice website
- Create an account using your personal ID, cell phone number and other personal information.
- Select your preferred loan amount
- Wait for the loan approval.
Interest rate and repayment duration.
The interest rate is 24%, and you have a repayment duration of 12- 36 months.
- You can pay in instalments however it is convenient for you
- A bad credit loan score does not affect
- It has an easy online application process
- The interest rate is relatively high
You do not need any documents or collateral to apply for a loan. All you need is to fill in the online loan application form with your:
- Full name and surname
- ID number
- Mobile phone number
- Email address
EasyPayday Online Loans
EasyPayday loans is one of the top online loan apps that offer short-term and Instant online loans in South Africa with no documents or collateral needed for both salary and non-salary earners.
These loans, including cash advances, are designed to provide financial assistance until the next payday when fees and balances are due.
Their short-term payday loans and cash advance loans vary in terms of loan amounts and duration. Qualifying for a payday loan is simple. You need to have a regular income that meets a certain threshold, be at least 18 years old, and have an active bank account.
The loan amount is provided in a single lump sum and must be repaid by the end of the month, along with the interest amount. It has a repayment tenure of 36 months.
How does it work
- Apply for the loan via the website.
- Fill out the secure Application Form.
- You will receive a call to process the application.
- Once approved, the loan will be deposited into your bank account within the same day or the next day.
- When the loan is due for payment, the amount, along with interest, will be deducted from your account.
- Age – 18 Years or Above
- South African Citizen
- Must have a Bank Account
- Have a Permanent Employment
- It is very convenient.
- Payday loans are the fastest way to get approval for instant cash, thus making it a reliable source for handling emergencies.
- They don’t offer high loan offers.
Direct Axis Loan
DirectAxis is a registered credit provider that offers personal loans and consolidation loans to South Africans and is a business unit of FirstRand Bank Limited. The lending platform provides a secure and straightforward process for loan applications that can be completed online, with fixed repayments over a period of 24 to 72 months.
To apply for a personal loan, applicants must have a good credit record, a regular monthly income of at least R5,000, and details of their bank account into which their salary is paid. Additionally, applicants need to provide a clear copy of their South African ID, a recent document confirming their residential address, and up to 3 months’ recent bank statements or payslips as proof of income.
DirectAxis provides a Personal Protection Plan that settles outstanding balances in the event of death or permanent disability and provides some cover for temporary disability and retrenchment. Loan repayment terms range from a minimum of 24 to a maximum of 72 months, with a maximum interest rate of 28.25% per annum (compounded monthly).
DirectAxis also offers consolidation loans that combine multiple accounts into a single monthly payment at a fixed interest rate. This loan aims to simplify finances and help applicants manage multiple lending and credit accounts with ease.
Interest and repayment structure
Loan repayment terms on Direct Axis range from a maximum of 72 months and a minimum of 24 months. The maximum interest rate regarding a DirectAxis Personal credit Loan is 28.25% per annum(yearly), also referred to as compounded monthly interest. Your rate and initiation fee will be determined according to your risk profile. That’s your credit loan records.
Requirement for a loan
To be eligible for a loan, you must provide the following:
- A precise duplicate of your South African ID
- A recent document showing your home address
- Up to 3 months’ recent bank-generated statement if the account
- You must be 18 years and above
- You must be gainfully employed.
How to apply for a Direct Axis loan
There are three basic ways to apply for a direct axis loan.
- You can apply for a personal or consolidated loan through the website or through the USSD code by sending your full name, surname and ID number to 43885.
- Wait for loan approval.
- Your loan amount will be sent to your bank account.
How to Repay the loan
- Go to the Direct axis loan app or website.
- Log in to your account using the phone number and password provided during registration.
- Click repay, and follow the next steps.
- It is easy to access
- It has a flexible repayment plan
- Your credit history guarantees your access to loans.
Lime Loans is a digital lending platform that provides easy access to personal loans for qualified borrowers in South Africa. The platform makes use of advanced algorithms and machine learning capabilities to create a custom approach towards lending.
One of the advantages of Lime Loans is its convenience. Borrowers can apply for loans entirely online and receive a decision within minutes. This fast turnaround time is due to the platform’s use of high technology and analytics to streamline the lending process. Once a borrower is approved for a loan, the funds are typically transferred to their account within 24 hours.
Lime Loans offers a range of personal loans that can be used for various purposes, including unexpected medical expenses, consolidating debt, or taking a well-deserved family vacation.
Another major advantage of Lime Loans is its competitive interest rates. The platform is committed to providing affordable loans to qualified borrowers to help them achieve their financial goals. Additionally, Lime Loans offers flexible repayment terms, so borrowers can choose a loan term that suits their needs and budget.
How to apply for the lime loan
- Visit the lime loan website
- Create Profile: Click on the “Apply now” button on the website, and you will be directed to a page where you will need to enter your personal information and contact details, such as your name, ID number, mobile phone number, and email address.
- Complete your bank details: Once you have created your profile, you will be prompted to enter additional information to determine your tariff rate. You will need to fill in your bank account details and provide your latest three months’ bank statements.
- Once you have provided all the necessary information, you can confirm your income and choose the amount and term of the loan. Review the loan agreement and sign it. After you have signed the agreement, the money will be paid directly to your bank account.
- Bank statement for the past three months
- Phone number
- South Africa ID Number
- Bank account details
How to Repay your loan
Repaying your loan is very easy. Just Follow the steps below:
- Go to the Lime loans app or website.
- Log in to your profile using the phone number and password provided during registration.
- Click repay, and you are done.
Pros of the lime app
- It has a transparent fee structure, as the total cost of the loan will be shown to you before you apply; therefore, no hidden charges.
- The processing time is very fast.
- You won’t be charged for early repayment
- It is easy and convenient
Cons of the lime loan app
- It has a limited loan amount.
- The repayment tenure is very short.
- It has no physical office that you can visit.
Wonga is an online lender in South Africa that offers short-term loans of up to six months for existing customers and up to three months for new customers. The application and approval process takes minutes, and there is no paperwork or need to meet with a bank manager.
The lending platform has no hidden charges, and they make all their fees completely clear upfront before you apply. The company is also committed to providing excellent customer service, and offer various ways to get in touch, including a customer care phone line, email, and FAQs on their website.
How to apply for loan on Wonga
- Visit Wonga’s website and use the sliders to decide the amount of money you need and the number of days you need to repay the loan. The total cost of the loan will be displayed, and once you are satisfied, click the “apply now” button.
- Complete Wonga’s secure online application form. You will need to provide personal information such as your ID number, employment details, monthly income and expenses, and bank account information. Once you have filled out the form, you will receive a decision immediately.
- If your loan is approved, Wonga will need to verify your income. You will be required to submit your most recent pay slip or bank statement, which shows your personal details and income.
- After Wonga verifies your income, they will transfer the cash to your bank account. On the due date, the required funds will be collected from your bank account.
- Fast loan application process
- Paperless application
Cons of Wonga
- Wonga offers short-term loans only, and the amount you can borrow is limited. If you need a larger amount of money, you will need to look elsewhere.
- Late payment charges
Loan apps are an excellent option for anyone in need of financial assistance. They offer a fast, convenient, and flexible way to get a loan. By choosing the right loan app and managing the loan effectively, you can meet certain needs at the right time.