How do Cash Loans Work? Get a Loan today online in South Africa

How do Cash Loans Work? Get a Loan today online in South Africa

Are you interested in getting a cash loan, but you are still not familiar with how they work? Worry no more. In this article, you will find everything you need to know about the workings of cash loans. Find out about requirements in general, and many more additional details you may have been wondering about.

What are instant cash loans?

Instant cash loans are trending loans that many clients seek. The process for this kind of loans is paperless and it takes less time than with traditional ways. Many clients are in need of instant money and so they turn to instant cash loans. They may apply in order to buy an asset, to cover a medical emergency, to cover travel expenses or a wedding, or events that they couldn’t plan before hand. If you do not want to be waiting weeks to get a loan, an instant loan means getting instant money. The processing time is quite fast. These are some features of instant loans:

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  • You do not need to present much documentation

  • The approval is quite fast

  • You do not need asset showcase

  • Compared to other systems, it is quite convenient

  • You can apply from home and fill a short form

  • It saves time for both lenders and borrowers

How do quick online approval loans work in South Africa?

In general, in South Africa the process for an online approval loan works pretty well. It is easy and quick, since you can apply for a loan and obtain it without moving out of your home. You simply pick a company that you find trustworthy or convenient and you apply for a loan. If the paperwork as well as requirements is in order and they meet the conditions set by the agency, then your approval will be right away.

How are the workings of online loans with monthly payments?

Understanding loans with monthly payments is easy: clients pick a loan that fits their needs and they decide to go with the monthly payment option, that is, you will pay back your loan per month. You can apply for these loans online.

Can I apply for small loans online in South Africa?

Yes, it is actually easier to apply for a smaller loan than for a bigger one. The requirements and conditions are not that complex. Small loans allow clients to cover certain costs or debts that they couldn’t cover themselves. The best advantage is that you can get them online and the process is quite simple.

Which are the best fast cash loans?

When it comes to the best fast cash loans, it is hard to pick. So many companies offer these kinds of loans. If you need to find the best fast cash loans, you can turn to the company called SeekLoans. This company is designed to:

  • Help you find alternatives available in the market

  • Help you filter your research and results when it comes to loans

  • Help you find credit services and loans that match your credit profile and needs.

Could I access a list of cash loans companies available in South Africa?

In South Africa, you will be able to obtain all sorts of loans. Fast cash loans can be found in many companies all over South Africa. Now, there are three main companies that offer cash loans and have remained competitive in the loan market:

  • Cashloans SA

  • Fast cash loans

  • Low budget loans

Cashloans is located in Cape Town. There, you can apply for a fast cash loan online or in person by visiting an office.

Are long term loans online convenient in South Africa?

Many clients wonder whether it is better to get a short term loan or a long term loan. It actually depends on your particular needs and situation. The time period determines the type of loan. A loan that needs to be repaid within a year or just a few months generally means that it is a short term loan. On the contrary, the repayment of a long term loan may last a couple of years. Long term loans are ideal if what you need is a large amount of money and you need time to repay it, which gives you more flexibility to handle your costs.

What is an SMS loan?

Technologies have changed and so, many clients are not aware of the fact that they can access a loan in a completely different way. SMS loans are loans that can be activated via a text message. They are known as mobile loans too. These are the main characteristics of SMS loans:

  • You can apply for this type of loans by simple sending a message to the lender

  • They are becoming in a trend in this changing world

  • They are ideal for those who are in need of quick money

  • They tend to be given in short terms and the process is quite fast

  • Clients can access amounts that tend to be small

  • They can apply from their home

  • You may not have to fill application forms

  • Money will be deposited into the back account of the person who applies for it, in case it is approved

How do cash loans quotes work?

Quotes are not a difficult topic to handle. Clients can only access quotes online or via telephone but they need to provide all their personal data to the entity that will provide the loan. These quotes are meant to show you the amount that you would spend per month and the options available for your particular situation. Some agencies tend to create specific, tailored quotes so that clients can have all the options before choosing them to compare with credit cards for example.

Which are the loans requirements?

In order to apply for a loan, there are certain factors and details you need to take into consideration. In general, you need to meet certain standards that have to do with your credit profile. Depending on the type of loan you go for, you will have to meet different criteria. If you are looking for a business loan, for instance, the most important requirement has to do with eligibility. Lenders tend to ask for:

  • · The client’s credit score

  • · The age of business of the one who is applying

  • · The annual revenue

  • · The operating income in net

  • · Potential collateral

  • · The purpose of the funds

  • · The ratio that has to do with the debt to credit

Is there a cash loans online application in South Africa?

There isn’t a single online application for all the loans available from all the agencies. However, there are some banks and financial institutions that have created their own personal online application so that clients can use them whenever they feel like it and they do not have to visit a branch in person. The process is actually pretty easy:

  • You access an entity with the possibility of applying online

  • You will be given a form to fill

  • The forms has to be filled with your personal information, personal income, and details for the bank to make sure that you are getting the loan that fits you

  • The bank will probably evaluate your credit score or profile in order to check you particular situation

Could I apply for a R300 loan?

Many companies offer R300 loans. One of the companies that offer loans for this amount and other amounts is Standard Bank. This bank offers different possibilities like different type of loans for employees. You can apply for a loan with a payment that is fixed per month. If you decide to go for a loan of R300 000, your monthly income would be of R 3000 (the minimum). You would be able to repay the loan in up to seventy two months. The interest rate would be personalized based on your particular situation.

May I apply for R500 instant cash loans?

Many agencies and banks offer R500 as an amount for instant cash loans. In general, the companies that offer such small amount are online and you can even apply for it via a text message or by downloading an application.

Can I apply for 1 month loans in South Africa?

Some agencies offer loans for such short periods. In general, this only happens when the loans are instant and in cash. The rate will probably be adjusted to meet certain factors but the client will be able to enjoy the money they need and they will have to repay it within a month.

Are there any 6 month loans in South Africa?

Yes, many agencies and banks, once again, offer loans in South Africa for all kinds of terms. If you need a loan for six months in term, Nedbank and Standard Bank are great options to take into account.

In conclusion, you can get a cash loan in South Africa and enjoy all the benefits that have to offer you. Get instant cash with just a few clicks.

Is it possible to find a 10 years personal loan in South Africa?

Generally, the credit lending institutions able to offer longer-term loans are banks. This is mainly because they are able to lend higher amounts of money. However, personal loans are usually not offered with such longer terms as 10 years. Some of the leading financial institutions of South Africa offer the longest term loans. 

Preguntas Frecuentes

What’s the longest term for Wonga?

This company has recently added a 6 months repayment term as the maximum alternative.

Is it possible to get a home loan online?

Yes! You’ll have to go over the entire process of completing the application and, sending the documents via email.

Can I find a physical Wonga branch?

No, they only work online.

I want to reset my used pin code.

If you want to reset your pin code, you should contact the financial institution to which you wish to request the loan to. Also, remember that most banks and financial companies offer you the possibility of applying for their loans online. Also, bear in mind that the amounts that you will be able to borrow will depend on an affordability check on you.

I forgot my ussd string pin can i be able to reset it? And if yes how?

If you want to ask for a loan via SMS and you forgot your USSD string pin, you should contact the bank you are trying to borrow from to request them to reset the pin. However, if you want to ask for a loan at Capfin, all you have to do is send your South African ID number.

Can I pay cash every week?

That is not a usual alternative banks offer. To begin, banks usually take the money right through the client’s bank account, as in the case of Capfin. Beside, payments tend to be made per month, not per week. A possible solution for you, if you get weekly cash, is to deposit it into your own bank account as soon as you receive it. So, when the payment day arrives, the bank can take it from that account.

I need to apply for a capfin loan online, is it possible?

Of course it is! The first step is to open your Capfin profile which you will have to use to start and continue with the loan request. After opening it, you will be sent a unique PIN to your cellphone. That PIN is what you need to access your account. Once you enter your Capfin profile, you can complete the application form with your information to see what loan term you qualify for.

Can u please lend me 500 000?

First you need to figure out which bank you would like to borrow money from and what type of loan you are looking for. That amount of money might only be possible for a business loan, and for you to get this kind of loan you need to own a company.

I have applied for a loan at Capfin 3 days ago but I never received it

It is possible that Capfin need more than 3 days to give you a response about your application form. You have to bear in mind they need to make sure you qualify for the loan. So, they will verify every little detail. But, to make sure, you can check if the loan application was correctly uploaded together with all the documents. If you detect a mistake, we can correct it but, if days pass by and you still don’t get an answer, please call Capfin’s assistants to ask for an answer.

I want a loan for r2000 back payable in 3 months.

If you want a loan of R2,000 and pay it back in 3 months, you should first decide which financial entity will work out best for you. This will have to do with your economic situation. For instance, if you have a permanent job or not. If you do and your credit record is satisfactory, you might want to choose a traditional bank for your loan.

I used to have a loan but I finished paying it, can I apply for another?

Normally, banks let their clients wait for 1 or 2 years after they’ve finished cancelling the first loan before allowing them to get new funds. This waiting period helps borrowers to stand up on their feet before entering a new payment period. So, if few years have gone after your last loan, you can surely apply for another one. If not, you may wait some time so as to be financially ready.

How can I apply for a personal loan with Capfin via ussd?

This option is not currently available as, the only ways to apply are through Capfin’s website, over the phone or in person. The USSD facility can be used to have easy access to information about your loan. For example, if you want to settle your account or, to ask for the balance of an existing loan.

Please, send me information about Capfin loan terms

With Capfin, you can get a maximum of R 50000 that will depend on the affordability assessment they carry out. Now, there are two possibilities as regards the payment term. For quotes below R8000, the term to repay the loan is 6 months. If the quote is higher than that amount, the term will be 12 months. If focusing on the application, you can use the internet, the phone or you can go to apply in person.

How much interest is charged by Capfin?

The interest rate is calculated taking into consideration two main factors: the sum of money borrowed and the period of the loan chosen on one hand and, the credit profile the applicant has on the other. As an example, for R10000 over a year, the client may have to pay almost R4100 just on interest rate and fees. But, for R22000, the interest rate and fees charged may be around R5600

I used the ussd code for the quick loan via my cellphone. I put my id number then I was asked to provide my Capfin direct pin. I don’t have one. I have never heard of it so. What do I do and where do I get that pin from? I did try my id number again but they said the pin is incorrect

The Pin, or as Capfin calls it OTP meaning One Time Pin, is absolutely private and, for that reason, the bank sends it only to the cellphone number you registered in the application. If you didn’t receive it, you need to click on “Send OTP link” and, you’ll get it on your phone. That’s the only way to get it as, Capfin will always make sure the Pin is received only by the applicant, avoiding their clients being possible victims of frauds.

I already have a loan with Capfin but wish to increase to the amount of r20000. Can I?

Not all clients are allowed to get more money when they’re in the middle of an existing loan. Capfin, as any lending company would do, has to bear some points about your current payments in mind. One of those points is how many installments have you paid and if there were canceled with no delay. Besides, again, they are going to carry out a new affordability assessment, in which this existing loan will be included, to see if you can pay for the total cost of the new loan.

Can I get r10000 if I earn r3500?

Taking as reference the maximum rate you may get, the monthly installments over a year for R 10000 are approximately R1145 each of them. So, to start, your earnings are sufficient to qualify. However, your credit and affordability capacity must be good in order to get the approval for such amount. If you know your credit score is high, you’ll feel more confident about the approval of the request.

I want a loan for r2000 back payable in 3 month

There are plenty of companies that can help you with those terms. For example, Wonga has recently added up to 6 months to repay the money. In the quote you are asking, there’d be almost R 6670 on the rates and different fees Wonga charges, which leaves a total of R 2664 to pay for the loan. If we divide it by three, you’ll have to pay R 888 on each month. Of course, these are all estimated costs and, to have the official cost you need to start the loan application.

Is it possible to apply for a capfin loan even though you don't have payslip?

Yes! They accept whether payslips or bank statements form the last three months at least. This, of course, if we assume you have a job and your salary is deposited every month in your bank account. That way, the bank will have clear information about your affordability and, they will be able of getting loan terms right for you.

Can I apply for a loan online? Do I qualify for a loan?

Online application is available for Capfin and, for most lending company. If we focus on the qualification, the company will check the applicant does not have current or past liabilities. But, before getting to that point, they’ll verify the applicant has a job and is old enough to get involved with such contract.

Hi, I had a loan with you. I can’t log in because I have changed my cell numbers. Please tell me what to do

In order for you to be able of logging into your Capfin’s account, you need to have the OTP. This refers to a pin the bank will give you through your cell phone only. As you’ve changed it, you will have to call Capfin’s Customer Service to update your personal details. Otherwise, you won’t have access until you get your Pin.

How long before I get the money?

It will take 2 labor days after you got the loan confirmation for Capfin to deposit the loan amount into your bank account. Remember, you must have gotten the approval and the terms must be stated beforehand and then, you’ll get the money in just 48 hours. Before that, you’ll have some waiting days or the application loan.

Hi. I have an existing loan at Capfin, can I top up my loan?

On one hand, yes, you can use bank statements instead of pasylips to apply for a Capfin’s loan, as long as your income is clearly reflected in it. But, on the other hand, that may not be enough to get a new loan in such short time. I mean, after you finish repaying your existing loan, there’s usually some time that needs to be waited before applying for another loan so, you probably won’t get it in the same day.

I applied for Capfin loan at pep last week but yet I didn’t get any feedback telling me I did qualify or not. What may had happened?

When a person applies for a loan, there’s certain time the company needs to go into the information in that form. Not only do they have to read the application form but they also have to check the information is true. This is done by verifying the documents the applicant submitted are valid. After that, they study the terms for the loan and, of course, all that takes time. So, you may have to wait a little longer, if here’s still no answer, you can give them a call to ask Capfin’s consultants.

I asked for loan, I'm working at a day spa. Can I get it?

As you said you are currently working at a day spa, you have one of the requirements covered. If you have a cell phone number, SA ID, you own a bank account and you can provide pasylips or bank statements, you can apply for a loan with Capfin. If, besides, your credit profile is good, you will be granted the loan, without a doubt.

I will like to settle my loan today and apply for a new one but, I don’t have new payslips, can I use my bank statement? Also, I will like to have it today

On one hand, yes, you can use bank statements instead of pasylips to apply for a Capfin’s loan, as long as your income is clearly reflected in it. But, on the other hand, that may not be enough to get a new loan in such short time. I mean, after you finish repaying your existing loan, there’s usually some time that needs to be waited before applying for another loan so, you probably won’t get it in the same day.

If I don't have payslip, what must I do?

If you meet the rest of the requirements, meaning, for example that you have a regular job for which you received a regular salary, you can apply for a loan by submitting bank statements as a substitute of payslips. This, clearly, is to assure Capfin you have enough income to pay for the cost your loan will have.

Do I qualify for a loan? if yes, how much? If I m a self-employed what requirements are needed?

As Capfin admits banks statements to prove your monthly income, that could perfectly be your answer. Just, keep in mind, you need to have all the other requirements covered as, for instance, be 18 years old at least, and having SA document and bank statements. After that, if your monthly income and credit profile are good enough, Capfin will accept you as a client. They will set terms according to your finances.

Why capfin does deductions on a wrong date?

Whenever a loan is confirmed, the entity sends the applicant detailed information about the terms. Among that information, you’ll find how each of the installments are going to be paid. So, first of all, check that information to see if that change was established from the start. If not, another reason may be if the pay day was on a non-working day and, for that reason, they changed it to the next working day.

I’m your customer, can you help me again with r1500?

Capfin can help you once more but, you have to go over the application process again. Taking into consideration your last loan and, how responsible you were with those installments, the bank will decide if you qualify again or not. Of course, your current credit profile will, once more, be taken into account for the terms Capfin will state for your loan.

Can I apply for another loan?

Some banks allow their existing clients to have more than just one loan at the same time. However, there are few banks that require their clients to cancel the current loan before getting more money. But, even for those who do let their customers to hold two loans together, the applicant must prove their income is sufficient to pay for both monthly installments.

Can I get the loan on the same day that I applied?

This option may be available for la specific type of loan. those that are known as payday loan. as they are granted for little money to be paid in the following month, the entities that grant them usually need less time to process the application. In this case, you may take a look at Wonga, for instance or, Cash Converters.

I’m a self-employed south African, are there loans for me?

Yes, of course there are! You can work with First National Bank, for instance. That bank understands being your own boss shouldn’t be an obstacle to get economic help. So, you only have to get your profit in your bank account for the bank to verify you can cancel the loan. Also, lending entities use that information to check your affordability, which means, to know the loan amount you can take.

I get an income but, I don’t work. Can I take a loan?

Yes, you might qualify for a credit providing you are talking about getting a high income. However, you need to keep in mind the type of earnings you receive. For example, if you’re a pensioner, you must go for a bank that allows such situation. It’s important to remind you, you will be asked to submit documentation showing how much money you get to find out if you can take money borrowed.

Would you please help me get the cheapest loan?

The most effective method is to take advantage of an amazing tool we have for you to use freely. The online calculator you find in our platform will get you closer to the banks from South Africa charging the lowest rates. But, more important, you will get an estimation of the monthly payment you would have to pay with each of them. Then, you can compare and decide which loan is for you.

Hello I want to know if I take a r6000 how much am going to pay?

With the purpose of having an official quote, you need to contact the company you want to apply with to inform them about your monetary situation. That is key information banks use to agree on the interest rate of the loan, which is what determines the cost of such service. Another key element is the number of installments you will take to pay for the debt.

If I settle my loan, will I be able to apply for another loan?

If you pay all your installments on time, you have more chances of getting the bank approval. But, all the same, the lending entity will go over your financial data as they did with your current loan to decide whether to help you with more money. So, if you know your payments have been properly cancelled, there is no reason for the bank to reject your new request.

I changed banking details, what do I do to update u with these new details?

In the simplest way, Capfin needs you to give them a call to provide them with any new information you think they should have. There, you will talk to one of their agents from Customer Service and, you can inform him or her about those new details. Do this as soon as you can to avoid problems that may delay this month’s payment.

I want a personal loan to get a new house

I’m afraid, there’s no company issuing personal loans as high as the amount of money any citizen needs to pay for a house. Unless you have a big sum of money saved and, you just need to complete the value of a house with a loan, you will have to think about getting a home loan.

I need loan to pay may study. What can I do?

You have many options to finance your studies and, the one you choose will depend on some factors. For instance, if you have a job and, if you do, if it’s a part-time job. Besides, the kind of study you need to pay for will be important to select the bank to apply with. Next, I’ll name some entities you can look at to get a student loan: Standard Bank, FNB or, ABSA Bank are just three of your many options.

I already apply for a loan and now I need to re apply again. How do I do it?

For any loan application, you will have to provide the bank with your updated information. This includes personal details as, since last time you ask for a loan some of them may have changed. But, more importantly, your current financial situation will establish if you can borrow more money. Therefore, you have to complete a new loan application.

I need a personal. Loan today, please

Personal loans are not the kind of loans that can be granted in less than a day as, the company has to check affordability and financial status to lend the money. If you can’t wait, you can go for a payday loan but, I must warn you, their interest rate is usually higher. It’s up to you to decide to wait a couple of days for a personal loan or, be willing to pay a higher cost on a payday loan.

How can I get an urgent loan?

You can simply go for a payday loan company like Wonga, Cash Converters or Letsatsi, to get the fastest loans to be issued. These loans are meant to be granted and cancelled in a really short time. You can get the approval in just few hours and, the repayment terms can be from just a month to no more than 6 months in few cases. But, in general, they have to be cancelled in 3 months top.

Does Capfin consolidate?

I’m sorry to let you know Capfin will not consolidate your loans. At Capfin you will only find short term loans that can help you get through a simpler financial need. If your total debt is R50000 or less, you might get a Capfin loan to cancel them but, it won’t be a consolidation loan. This means, you will have to manage the payments yourself. The good news is that, after doing that, you will be left with just one liability with Capfin.

Please assist me to get a loan approval

The most important thing you ought to keep in mind, if you want to make sure to get the loan, is to understand what are the requirements and what are the documents you have to submit. Generally speaking, the requirements always involve getting proper salary, being a South African citizen and having a reasonable credit record. Then, of course, you have to gather the documents that prove that information: SA ID., pays lips and bank statements.

I would like someone to lend me 10.000

There are plenty of banks and lending companies granting that sum of money. For example, you may research about what African Bank, Nedbank, WesBank or Absa offer for such quote. You can even consult our loan simulator which will show you the interest rate different banks charge in South Africa. Then, once you decide, you can get started and apply for your 10000 rands loan.

Hi, I got your message on my phone stating that I can get a free interest loan up to r8000 do you still have that offer for me?

On any circumstances you get messages directly into your cellphone about such loan offers, you need to check it as soon as you receive it. It’s not common banks send that kind of benefits over text messages so, it may not be true. When this happens, you have to get in contact with the bank immediately to confirm if they are the ones offering such products or, there’re malicious people trying to take money from you.

I need a r3000 loan, what will my installment be?

As you know, for that loan quote, the repayment term is 6 months. So, on each of those months, you would have to pay approximately 738.55 rands and, that monthly payment, will have a total cost of 4431.85 rands for the loan. Of course, this is a simple estimation as, you need to know the rate Capfin will state for your loan in particular to have the final cost.

Can I apply for a loan via sms?

Nowadays, that may not be a real option. You can use that method of communication to ask for specific information about your loan but, to apply for a loan, you must use one of these channels: trough one of the PEP Stores closer to your home, through Capfin’s website or over the phone.

Is it possible to apply for a capfin loan even though you don't have payslip?

Yes! They accept whether payslips or bank statements form the last three months at least. This, of course, if we assume you have a job and your salary is deposited every month in your bank account. That way, the bank will have clear information about your affordability and, they will be able of getting loan terms right for you.

Hi, I would like to apply for a loan of about R5,000.

If you want to apply for a personal loan of about 5,000 rand, you can resort to African Bank. For example, for a repayment period of 7 months with an interest rate of about 15% to 24.50%, then you will be paying monthly instalments of 969,48 rand. It is important to have a positive credit history and a regular income. 

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