There may be times when you need to get a quick loan for an unexpected expense, but having to apply for a large personnel at the bank. This is why you can benefit from cheap loans, as they normally offering smaller amount to borrow, as well as shorter repayment period.
Short Term Loans
Another great option that you can go for is to make use of alternative crew providers that offer short-term loans on smaller amounts of under R5000. This is also often called payday loan and the whole loan amount needed to be played back on your next salary date, all within the next 30 days. Although these events can be applied for online and they are very quick to approve you, they may ask the higher interest rates always make sure you compare the rates and interest first.
But sometimes you may just need a little more money to borrow. You can apply for a loan from ABSA, Nedbank, FNB, Standard Bank, Capitec or African Bank. Let’s take a look at an example from ABSA. ABSA offers loans up to R8,000 to qualified individuals.
An Express Loan could be the right choice if you:
- Need to access between R1 500 and R8 000
- Want a short-term loan payable over 1, 3 or 6 months
- Earn a minimum income of R1 500 per month
Similarly, Nedbank also offers small loans, for example:
- You get cash of R1 000 to R200 000 deposited in your salary account.
- Flexible payment periods of 12, 24, 26, 48 or 60 months.