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A payday loan is a small loan that a borrower is expected to pay back on or before their next payday.
At Rodeco Finance, we help you borrow up to R50,000,000 from direct, responsible lenders over flexible terms, ranging from 1 to 30 Years.
Yes. Quite surprisingly, and in contrast with popular belief, payday loans have been around in South Africa for decades, albeit under different names and forms.
Traditional ‘employer credit’ – a credit that employees get against their next paycheque – is perhaps the best known and the oldest form of a payday loan. Also, cash advances, credit advances and High Street salary advances are other formats that payday loans can trace their origins back to.
Payday loans are believed to have attained their present form in the early 90’s.
The eligibility criteria to get a payday loan in South Africa are quite broad, and largely inclusive. To get a payday loan from a direct lender in South Africa, you need to:
Be a legal South Africa resident.
Be at least 18 years of age.
Have a valid South Africa bank account, phone number and email address.
The most conventional way to get a payday loan in South Africa is to simply walk to any reliable High Street lender. However, in this day and age, it would seem quite anachronistic and inconvenient for many to follow this route – and quite rightly so.
That’s why, applying for a payday loan online becomes a more convenient and quicker option. Instead of applying to several lenders separately, you can just apply for a payday loan at a free credit broker like Rodeco Finance to get quotes from interested lenders without lengthy paperwork.
In most cases, yes, it is cheaper to get a payday loan online. This is because online payday lenders do not have to pass on unnecessary overheads like shop rent and local taxes to borrowers.
Yes, it is possible.
If you are presently unemployed, you can still get a payday loan, provided that you have an alternate source of regular monthly income in the form of pension, benefits or credit interests from other investments/properties.
That said, it should also be mentioned that most payday lenders are likely to favour applications from full time/part time employed applicants.
Payday loans are often referred to as ‘instant loans’ or ‘same day loans’ because of the following reasons:
Once you submit a properly filled-in application, lenders will decide whether to lend to you or not in a matter of few minutes.
If your application is approved for a payday loan, the funds will be directly transferred to your bank account on the same day – usually within minutes.
‘No credit check’ payday loans are instant payday loans that are granted by payday lenders without running hard credit checks. Since these involve no credit check/soft credit check, these leave no ‘footprints’ on applicant’s credit history, and hence, are called ‘no credit check’ payday loans.
Yes. As long as you fulfil the necessary criteria of qualification and you have an assured source of monthly income at your disposal, most payday lenders will be willing to lend to you – even when you have a poor credit score.
No. Payday lenders operate privately, independent of any bank or credit agency.
While no official stats are made available, it is widely believed that the payday loan industry in South Africa collectively grants loans worth over R2 billion each year. There are over 200 registered payday lenders presently operating in South Africa market.
Of course. Payday loan industry in South Africa is well regulated with a number of regulatory agencies. These include the NCR (NCR), and the Competition Commission (CC).
Since the payday loan industry is regulated in South Africa, it can be implied that it’s absolutely safe to get a payday loan from a responsible lender, as long as you are confident that you will be able to settle it on schedule.
