Your Guide to Affordable Loans in South Africa

Your Guide to Affordable Loans in South Africa - What to Know Before Applying

Wonga offers affordable and convenient loans with low-interest rates – meaning that you can borrow cash flexibly and conveniently.

Do cheap loans exist?

In South Africa, lenders offer different loan amounts, different repayment terms, and many will charge different fees and interest depending on the kind of loan that you take out.

When applying for a loan, it’s important to ensure that you borrow only what you will be able to afford to repay, as you will not only need to repay the principle (original) sum of money that you intend to borrow, but further the interest and fees your loan provider might charge.

This can quickly mean that borrowing even a small amount of money can quickly become expensive. However, this doesn’t mean that loans can’t be affordable or that ‘cheap’ loans can’t be found – many online lenders offer a simple and fast way to apply for credit online.

What should I consider when applying for a loan?

When applying for a loan, you should consider your loan provider and what interest rates and what fees they charge, and how they will handle your application.

Lenders might charge a different interest rate – which determines the amount of money you would pay to borrow cash. A higher interest rate means that you’ll end up repaying more money over time to settle your loan.

Different credit providers might also charge different fees; some lenders may ask for an up-front deposit or security, or might even ask you to settle an early repayment fee should you decide to settle your loan sooner than you originally promised.

Some lenders may also expect you to make a physical visit to a branch, and might charge fees for handling your application.

Wonga’s affordable loan charges

At Wonga, we believe in offering competitive and accessible short-term loans and instalment loans that will help you manage your cash flow, reach your next step, or achieve your next goal.

Wonga offers some of the most affordable interest rates in South Africa; new customers can expect to pay just 5% interest on their loan regardless of the amount or repayment schedule they choose, and existing customers who have previously had a Wonga loan can expect to pay between 3% - 5% interest.

Wonga charges a simple fee structure which you’ll see before you even apply – when you select your loan amount and term, you’ll also see the total amount repayable over the course of your loan. Should you decide to settle your loan earlier, you can even save on interest and fees by doing so - at Wonga, we actively encourage early repayment to make your loan as affordable as possible.

Our low-interest rates and flexible borrowing options mean that you can opt to take out an affordable loan that meets your needs.

Once you become a Wonga customer, your trust rating will gradually improve – meaning that, over time, you can even apply to borrow up to R8000. This means that you can eventually have access larger loan amounts at the same interest rate, and continue to benefit from Wonga’s flexible and convenient repayment options.

How to apply

Wonga offers flexible loan terms from 6 days up to 6 months. As a first-time customer you can apply for a loan from R500 all the way to R4000 and repay up to 3 months. Existing customers can apply for R8000 and repay up to 6 months. This means that you can always have access to cash when you need it, and it’s easy to set up a repayment plan that works for you.

Our totally online application process means that you don’t need to visit a branch or apply in person – you easily complete your application directly from your smartphone or laptop, entirely from the comfort of your own home.

If you think Wonga might be the right lender for you, take a look at our affordable short-term loans.