{"id":85482,"date":"2015-04-24T00:05:12","date_gmt":"2015-04-23T22:05:12","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=85482"},"modified":"2015-04-23T19:28:22","modified_gmt":"2015-04-23T17:28:22","slug":"how-much-online-short-term-lenders-charge","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/85482\/how-much-online-short-term-lenders-charge\/","title":{"rendered":"How much online short-term lenders charge"},"content":{"rendered":"

You don’t have to look hard to find a short-term lender\u00a0in South Africa, with multiple companies willing to give you a quick buck in your moment of need.<\/p>\n

Short-term lenders like Wonga and Boodle give users access to amounts ranging from one hundred rand to a several thousands, which can be paid back in one day, or over a few weeks.<\/p>\n

Companies such as Wonga have come under fire in the past<\/a><\/strong>, though, for lending money to people without properly verifying their income.<\/p>\n

The number of South Africans who are over-indebted is also of concern, according to the SAHRC. According to a March 2015\u00a0statement by the commission<\/strong><\/a>, 50% of SA’s credit-active consumers have impaired credit records.<\/p>\n

How much online lenders charge<\/h3>\n

With sliders for the loan amount and duration of the loan, finding out how much you will be charged on sites like Wonga.co.za is a quick task.<\/p>\n

The company states its service has an annual interest rate of 60%, but most loans are paid off after a few days or weeks.<\/p>\n

If you fail to pay back your loan, interest and fees will\u00a0build up, after which “collectors” will be used to reclaim the amount.<\/p>\n

Below are examples of how much interest you would have to pay a short-term lender if you borrowed R2,000 over 30 days.<\/p>\n

Wonga<\/h3>\n

Wonga.co.za charges 22.88% in interest and fees for R2,000 over 30 days.<\/p>\n

The total you would have to pay back: R2457.50<\/strong><\/p>\n

\"Wonga\"<\/a>

Wonga<\/p><\/div>\n

Wannaloan<\/h3>\n

Wannaloan.co.za charges 21.86% in interest and fees\u00a0for R2,000 over 30 days.<\/p>\n

Total repayment: R2,437.21<\/strong><\/p>\n

\"Wannaloan\"<\/a>

Wannaloan<\/p><\/div>\n

GetBucks<\/h3>\n

GetBucks.com charges 21.32% in interest in fees\u00a0for R2,000 over 30 days.<\/p>\n

Total repayment: R2,426.39<\/strong><\/p>\n

\"GetBucks\"<\/a>

GetBucks<\/p><\/div>\n

Mulah<\/h3>\n

Mulah.co.za charges 21.81% in interest and fees for R2,000 over 30 days.<\/p>\n

Total repayment: R2,436.13<\/strong><\/p>\n

\"Mulah\"<\/a>

Mulah<\/p><\/div>\n

Boodle<\/h3>\n

Boodle.co.za charges 22.75%\u00a0in interest and fees for R2,000 over 30 days.<\/p>\n

Total repayment: R2,455.03<\/strong><\/p>\n

\"Boodle\"<\/a>

Boodle<\/p><\/div>\n

Power Loans<\/h3>\n

Power Loans charges in 24.31% in interest and fees for R2,000 over 30 days.<\/p>\n

Total repayment: R2,486.12<\/strong><\/p>\n

\"Power<\/a>

Power Loans<\/p><\/div>\n

More on loans<\/h3>\n

Peer-to-peer vs Payday loans<\/a><\/strong><\/p>\n

Online homeloans in 45 minutes by Nedbank<\/a><\/strong><\/p>\n

Student loan applications on the rise<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

There’s no shortage of websites in SA which can give you a quick loan, but how much do these companies charge in interest and fees?<\/p>\n","protected":false},"author":27,"featured_media":2625,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[9756,26,9752,9754,4709,9758,6813],"class_list":["post-85482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-getbucks","tag-headline","tag-loans","tag-mulah","tag-short-term-loans","tag-wannaloan","tag-wonga"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/85482","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\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=85482"}],"version-history":[{"count":21,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/85482\/revisions"}],"predecessor-version":[{"id":85632,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/85482\/revisions\/85632"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/2625"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=85482"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=85482"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=85482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}