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Same day payday loans
Find out which lenders can fund your same day payday today.
Some people associate same day payday loans with shady cash lenders or pawn shops, but there are a number of reputable lenders to choose from. Find out how to compare same day loans and what you need to consider before you apply.
Different ways to apply for a same day payday loan
Different lenders offer various types of same day payday loans. Understanding the differences between the assorted same day payday loans available will help you choose the best lender to suit your circumstances – and give you the best chance of a successful application.
- Same day funding for new and existing customers. Some lenders will process loan applications quickly for all applicants, regardless of whether or not they are existing customers. This is best for people who do not have a history with a particular lender.
- Same day loans for existing customers. Some lenders will only offer same day payday loans to their existing customers. Banks and other lenders use the data that they already hold on their existing customers to make a decision about their suitability for a same-day loan. This is best for people who have a good history with a participating lender.
- Short-term lenders. Lenders that offer small, short-term payday loans can usually have funds to you on the same day. For a list of short-term payday loans, check out our guide to short-term loans in South Africa. This is best for people who do not have a relationship with a lender and would prefer not to apply through a major bank.
- Line of credit. A personal overdraft or line of credit is a small funding option that banks usually offer to their existing customers. Your bank can usually organise a line of credit within the hour. As a result, this option is best for people with a good relationship with a participating bank.
- In-branch applications. Some lenders offer automatic approval and provide same-day funding to customers who apply in a branch. You will generally need to provide your South African ID, bank statements, and details of your finances including your income, assets, credit accounts and debts. This choice will appeal the most to people who are willing and able to appear in-person at a branch.
What should you consider before applying for a same day payday loan?
While same day payday loans can seem like a quick and convenient option to access money, their fast turnaround time does not mean that you should give these loans any different consideration than you would other loans.
Consider the following before applying for a same day payday loan:
- Your personal financial situation. Do you know what the loan repayments are likely to be? Can you afford to make the repayments?
- Fees and costs. Are all fees and costs transparent? Do you know exactly how much the loan is going to cost you overall?
- Interest rates vs fee-based. Some lenders charge interest on short term personal loans, while others are entirely fee-based. These differences can make it more difficult to compare loans from different lenders.
- Information required to apply. Even lenders who are solely based online and who offer instant approval will generally require you to upload financial information during the application process. Understand the information and paperwork you’ll need beforehand, as ordering bank statements or finding payslips could increase the amount of time taken to submit your application.
- The loan’s purpose. Same day payday loans have a sense of urgency about them. Once the loan funds have been spent and the repayments fall due, will you regret taking out the loan? Consider the difference between using same day loans for emergency medical expenses or to fund a weekend away.
- The loan’s features. Does the loan have a fixed or variable rate? How does the interest rate compare to other similar lenders? Are there incentives or penalties for early repayments?
- Alternative forms of credit. Would it be more cost-effective to put this expense on a credit card or to take out a personal loan?
What documents will you need in order to apply?
Here are some examples of the documents you may be asked to supply when signing up for a same day payday loan:
- SA ID (offers proof that you are a South African citizen and over the age of 18)
- Bank statements
- Payslips to verify your income
- Proof of employment
- Credit history reports
What same day payday loans are there in South Africa?
At the time of writing, in March 2020, these were some examples of same day payday loans in South Africa:
- Hoopla Sameday Loans: These loans typically come with terms of 1-6 months, and borrowing amounts of up to R8000.
- Little Loans: These loans can be obtained from an application process that is 100% online-based. You may typically borrow amounts up to R8,000.
- Magma Loans: These 24/7 loans offer same-day cash advances, typically ranging from R200 to R3,000.
- Supreme finance: Same day payday loans that typically have to be repaid in 30 days, or by your next paycheck. Borrow amounts usually range from R500 to R5,000.
Alternatives to payday loans
Consider these alternatives before applying to get cash with a quick loan:
- Payment plans. Talk to your electricity, phone or water provider to see if you can work out a payment plan or receive an extension on your due date if you’re behind on payments.
- Contact your creditors. Speak with creditors about extending the due date of your payment, or working out a new payment plan that works for both of you. Seek personal loans elsewhere. Consider a small personal loan from a bank or a credit union. You may qualify for a loan with much lower interest rates than those offered by payday loan companies.
- Pay with a credit card. Consider paying with your credit card to cover your emergency bills or payments. This is not a long term solution, as you’ll need to pay off the balance as soon as possible, but it’s an alternative to a short term loan with high – and immediate – interest rates.
Same day payday loans could cover your urgent expenses or bills. However, you should always take the time to explore your other financial options before giving serious thought to a same day payday loan. Before you apply for any payday loan, it’s important to make sure that you can afford to pay the relevant fees and charges, along with the total cost of the loan.
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