Cash loans compared
Written byFinmart Editorial Team
What to compare before you apply
| Loans | Loan amount | Loan term | Interest rate | Age |
|---|---|---|---|---|
 Springloans | R100 – R8,000 | 62 – 120 days | 54.75% – 60% APR | |
 Cashgist | Up to R4,000 | Up to 30 days | 36% – 60% p.a. | 21+ |
 Jabulani Money | R500 – R4,000 | 62 – 90 days | 20% – 28% p.a. | |
 Bongo Credit | Up to R4,000 | Up to 35 days | ||
 Creditbar | R500 – R5,000 | 7 – 61 days | 18+ | |
 Boodle | Up to R8,000 | 1 – 6 months | Up to 60% APR | 18+ |
 Clickcredit | R500 – R8,000 | 5 – 40 days | 0.16% per day | 18+ |
 Crediwise | Up to R8,000 | 30 – 62 days | 5% – 60% p.a. | |
 Fasta Cash | Up to R15,000 | 1 – 6 months | From 3% per month | 18+ |
 LendPlus | Up to R4,000 | Up to 90 days | From 0.17% per day | 21+ |
What is a cash loan and how does it work?
A cash loan is a small unsecured loan that is paid into your bank account, so you can use it like cash — for a medical bill, a car repair, school fees or another urgent expense. Most cash loans are short-term loans of R500 to R8,000, repaid on your next payday or in up to 6 monthly instalments by debit order.
The process is the same as for other online loans: you apply, the lender checks your credit record and affordability, you sign the quote and the money is transferred to your account.
Types of cash loans
| Type | How it works | Watch out for |
|---|---|---|
| Payday cash loan | Repaid in full on your next payday | The whole amount comes out of one salary |
| Short-term instalment loan | Up to R8,000 over up to 6 months | Service fees for every month of the term |
| Personal cash loan | Larger amounts over 6 to 72 months | Interest over a long term and credit life insurance |
| Pawn or car title loan | Secured against an item or vehicle | You can lose the asset if you do not repay |
What you need to apply
- Be 18 or older (a few lenders set the minimum at 21)
- Have a valid South African ID; some lenders also accept permanent residents
- Earn a regular income that is paid into your own bank account
- Have a South African bank account and a cell phone number
- Pass the lender’s credit check and affordability assessment
- Your green ID book or smart ID card
- Bank statements for the last 3 months showing your salary deposits
- Your latest payslip (some lenders accept bank statements instead)
- Proof of residence not older than 3 months, if the lender asks for it
- Your bank account details for the payout and the debit order
Fees and charges
A cash loan from a registered lender can only include the costs the National Credit Act allows:
| Cost | Short-term credit (up to R8,000, up to 6 months) | Unsecured credit (personal loans) |
|---|---|---|
| Interest | 5% per month on the first loan, 3% per month on further loans in the same calendar year | Linked to the repo rate (repo + 21 percentage points), about 28% a year in 2026 |
| Initiation fee | R165 plus 10% of the amount above R1,000, never more than R1,050 plus VAT | R165 plus 10% of the amount above R1,000, never more than R1,050 plus VAT |
| Monthly service fee | Up to R60 plus VAT (R69) | Up to R60 plus VAT (R69) |
| Credit life insurance | Usually not required | Can be required for terms over 6 months; you may use your own policy |
If you pay late, the lender may add default administration charges and collection costs. Any other fee — for example a “processing” or “release” fee before payout — is a red flag.
Cash loans compared with personal loans
| Cash loan (short-term) | Personal loan | |
|---|---|---|
| Amount | R500 – R8,000 | Up to R250,000 – R350,000 |
| Term | Up to 6 months | 6 – 72 months |
| Interest cap | 5% per month (3% on later loans that year) | About 28% a year in 2026 |
| Speed | Often the same day | Same day to a few business days |
| Best for | Small, urgent expenses | Larger costs repaid over time |
Repayment and missed payments
Repayments are collected by debit order on the dates in your agreement. Keep enough money in your account on those days — a failed debit order can lead to extra charges. If you cannot pay, contact the lender before the due date: most will agree to a payment arrangement. Ignoring arrears can lead to collections, a negative listing with the credit bureaus and, eventually, legal action.
Your protection under the National Credit Act
- Registration: every credit provider must be registered with the National Credit Regulator.
- Quote first: you receive a pre-agreement statement and quote before you sign.
- No reckless lending: the lender must check that you can afford the loan.
- Illegal practices: a lender may not keep your ID, bank card or PIN.
- Complaints: you can complain to the lender first and then to the National Credit Regulator.
Tips before you take a cash loan
- Borrow only the amount the emergency actually requires
- Compare the total amount repayable from at least three registered lenders
- Choose repayment dates that match your salary date
- Settle early if you can to save interest and service fees
- Do not use a cash loan to pay another loan
How to apply for a cash loan online
- Work out exactly how much the emergency costs.
- Compare registered lenders and read their representative examples.
- Apply with your ID, employment and bank details.
- Verify your income with bank statements or online bank verification.
- Accept the quote only if the total amount repayable fits your budget.
- Sign, approve the DebiCheck debit order and receive the money in your account.
What urgent cash loans cost in practice
Lenders publish representative examples that show the full cost. A few examples as published by the lenders:
| Lender | Loan | Total repayable |
|---|---|---|
| Boodle | R6,000 over 6 months at 3% per month | R7,890 (instalment R1,315) |
| FASTA | R4,000 over 3 months at 3% per month | R4,952 |
| Wonga | R5,000 over 3 months | R6,382.38 (3 instalments of R2,127.46) |
Your own quote depends on your credit record, the amount and the term, but examples like these show that fees and insurance can add a quarter or more to the amount borrowed.
Frequently asked questions about cash loans
How much can I borrow as a cash loan?
Most short-term cash loans range from R500 to R8,000. Larger amounts are offered as personal loans with longer terms.
How fast is the money paid out?
Often within 15 minutes to a few hours after approval during business hours. Some lenders pay out 24/7, others on the next business day for after-hours approvals.
How do I know a cash lender is legitimate?
Check the NCR registration number on the lender’s website against the NCR register, make sure you receive a written quote, and never pay a fee before the loan is paid out.
Can I apply if I am self-employed?
Yes, many lenders accept self-employed applicants. You will usually need bank statements that show regular income over the last 3 to 6 months.
What is a mashonisa and why avoid one?
A mashonisa is an informal, usually unregistered moneylender. Such lenders often keep bank cards or IDs and charge far above the legal caps, which is illegal and leaves you without the protection of the National Credit Act.