{"id":188077,"date":"2017-07-30T12:30:04","date_gmt":"2017-07-30T10:30:04","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=188077"},"modified":"2017-07-30T10:10:23","modified_gmt":"2017-07-30T08:10:23","slug":"how-much-it-costs-to-take-out-a-short-term-loan-online-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/188077\/how-much-it-costs-to-take-out-a-short-term-loan-online-in-south-africa\/","title":{"rendered":"How much it costs to take out a short-term loan online in South Africa"},"content":{"rendered":"<p>According to new <a href=\"https:\/\/businesstech.co.za\/news\/banking\/187585\/what-is-your-financial-limit-how-many-south-africans-can-afford-a-r50000-emergency-in-2017\/\" target=\"_blank\" rel=\"noopener\">research<\/a> published by Old Mutual, 40% of South African households are unable to afford a R10,000 or more shock expense.<\/p>\n<p>This has increasingly pushed South Africans towards friends, savings, and to a lesser extent stokvels to make ends means.<\/p>\n<p>Above the R5,000 mark however, the research notes that formal loans are increasingly beginning to gain traction &#8211; despite a declining reliance on personal loans for amounts of R10,000 and over.<\/p>\n<p>Currently, one of the easiest ways to access short-term loans in South Africa is by turning to an\u00a0online short-term loan provider.<\/p>\n<p>BusinessTech looked at some of South Africa&#8217;s biggest and most popular online loan providers and how they compare.<\/p>\n<h3 class=\"my-4\"><strong>How it works<\/strong><\/h3>\n<p>In order to qualify for an online short term loan, you need the following:<\/p>\n<ul>\n<li>A South African Citizenship with a valid ID<\/li>\n<li>Be 18 years of age<\/li>\n<li>A valid bank account<\/li>\n<li>A valid cell number<\/li>\n<li>3 months proof of income<\/li>\n<\/ul>\n<p>The interest repayable and payment dates can vary widely based on the amount requested.<\/p>\n<p>This information is usually available to users in the form of sliders which show how amounts change based on varying factors.<\/p>\n<h3 class=\"my-4\"><strong>Comparison<\/strong><\/h3>\n<p>Specifically, BusinessTech looked at loans of R3,000 &#8211; typically the upper limit the majority of these sites offer &#8211; with a 30-day\u00a0repayment period.<\/p>\n<p>Several sites also allow lenders to request larger sums of money depending on their user history with the site.<\/p>\n<p><em>The following is meant to act as an informative comparison meaning quoted prices can change depending on a number of factors. \u00a0<\/em><\/p>\n<hr \/>\n<h3 class=\"my-4\"><strong>Wonga\u00a0<\/strong><\/h3>\n<ul>\n<li>Wonga charges R587.60 \u00a0in interest and fees for R3,000 over 30 days.<\/li>\n<li>This is equates to an interest rate of 19.6%.<\/li>\n<li>Total repayment:\u00a0<strong>R3,587.60<\/strong><\/li>\n<\/ul>\n<p><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2017\/07\/Wonga.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-188095 aligncenter\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2017\/07\/Wonga.jpg\" alt=\"\" width=\"600\" height=\"400\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2017\/07\/Wonga.jpg 600w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2017\/07\/Wonga-300x200.jpg 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><strong>Wannaloan<\/strong><\/p>\n<ul>\n<li>Wannaloan charges R609.50 in interest and fees for R3,000 over 30 days.<\/li>\n<li>This equates to an interest rate of 20.3%.<\/li>\n<li>Total repayment:\u00a0<strong>R3,609.50<\/strong><\/li>\n<\/ul>\n<p><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2017\/07\/Wannaloan.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-188099 aligncenter\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2017\/07\/Wannaloan.jpg\" alt=\"\" width=\"600\" height=\"400\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2017\/07\/Wannaloan.jpg 600w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2017\/07\/Wannaloan-300x200.jpg 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<h3 class=\"my-4\"><strong>Boodle<\/strong><\/h3>\n<ul>\n<li>Boodle charges R652.97 \u00a0in interest and fees for R3,000 over 30 days.<\/li>\n<li>This equates to a monthly interest rate of 21.8%<\/li>\n<li>Total repayment:\u00a0<strong>R3,652.97<\/strong><\/li>\n<\/ul>\n<p><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2017\/07\/Boodle.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-188097 aligncenter\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2017\/07\/Boodle.jpg\" alt=\"\" width=\"600\" height=\"400\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2017\/07\/Boodle.jpg 600w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2017\/07\/Boodle-300x200.jpg 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<h3 class=\"my-4\"><strong>GetBucks<\/strong><\/h3>\n<ul>\n<li>GetBucks charges R682.97 \u00a0in interest and fees for R3,000 over 30 days.<\/li>\n<li>This equates to a monthly interest rate of 22.8%<\/li>\n<li>Total repayment:\u00a0<strong>R3,682.97<\/strong><\/li>\n<\/ul>\n<p><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2017\/07\/GetBucks.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-188101 aligncenter\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2017\/07\/GetBucks.jpg\" alt=\"\" width=\"600\" height=\"400\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2017\/07\/GetBucks.jpg 600w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2017\/07\/GetBucks-300x200.jpg 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<h3 class=\"my-4\"><strong>Mulah<\/strong><\/h3>\n<ul>\n<li>Mulah charges R602.67 \u00a0in interest and fees for R3,000 over 30 days.<\/li>\n<li>This equates to a monthly interest rate of 20.1%<\/li>\n<li>Total repayment:\u00a0<strong>R3,602.68<\/strong><\/li>\n<\/ul>\n<p><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2017\/07\/Mulah.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-188105 aligncenter\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2017\/07\/Mulah.jpg\" alt=\"\" width=\"600\" height=\"400\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2017\/07\/Mulah.jpg 600w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2017\/07\/Mulah-300x200.jpg 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<hr \/>\n<p><strong>Read:\u00a0<a href=\"https:\/\/businesstech.co.za\/news\/banking\/187585\/what-is-your-financial-limit-how-many-south-africans-can-afford-a-r50000-emergency-in-2017\/\" target=\"_blank\" rel=\"noopener\">What is your financial breaking point \u2013 How many South Africans can afford a R50,000 emergency in 2017<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With 40% of South African households currently unable to afford a R10,000 or more shock expense, BusinessTech looked at South Africa&#8217;s biggest online short-term loan providers and how much they charge.<\/p>\n","protected":false},"author":10,"featured_media":89390,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[1110,6813],"class_list":["post-188077","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-old-mutual","tag-wonga"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/188077","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=188077"}],"version-history":[{"count":12,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/188077\/revisions"}],"predecessor-version":[{"id":188995,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/188077\/revisions\/188995"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/89390"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=188077"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=188077"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=188077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}