We offer Personal Loans, Business Loans, Consolidation Loans, Mortgage Loans at 5% Interest Rates. Apply from R10,000 to R50,000,000.
If you’ve got bad credit, a previous bankruptcy, or problems with employment, it can seem impossible to get a loan when you need one.
Payday loans offer borrowing options for people that traditional lenders leave out – those with a less-than-perfect credit history. These loans are not huge, they range from R100 to R1,000 or even R2,000, but they are manageable and offer a quick financial solution.
Payday loans are small, short-term loans that are provided against your earnings. They’re typically paid back either the following month, or within 3-12 months.
You don’t necessarily have to have a good credit score to qualify. Other forms of income, such as benefits and self-employment, can also help those who are currently unemployed qualify for a payday loan.
Payday loans range from R100 to R1,000 or even R2,000 Exact amounts will depend on your needs and application as well as the lender. Rodeco Finance offers loans in R50 increments, in the following amounts:
| R50 | R550 | R1050 | R1550 |
| R100 | R600 | R1100 | R1600 |
| R150 | R650 | R1150 | R1650 |
| R200 | R700 | R1200 | R1700 |
| R250 | R750 | R1250 | R1750 |
| R300 | R800 | R1300 | R1800 |
| R350 | R850 | R1350 | R1850 |
| R400 | R900 | R1400 | R1900 |
| R450 | R950 | R1450 | R1950 |
| R500 | R1000 | R1500 | R2000 |
This will depend on the loan amount.
For reference, here is an example of the fees and interest you would pay on a R100 payday loan.
| When you repay on schedule | When you default the loan | |
|---|---|---|
| Principal (your original loan amount) | R100 | R100 |
| Loan processing fee (decided by the ender, capped at R24 per R100 borrowed) | R24 | R24 |
| Interest (representative) | R39,92 | R63,92 |
| Default Fees (no more than R15) | NA | R15 |
Yes. If you are approved, your loan will be processed almost instantly. The money will be sent to your bank account electronically for faster processing.
Not much!
Traditional lenders require a lot of paperwork and documentation. Payday loans only require that you submit the following in order to apply:
A valid form of identification.
A valid address.
Bank account information.
Only borrow what you need.
Just because you can borrow up to R1,000 or even R2,000, doesn’t mean you should. If you only need R100 to cover a quick emergency before your next payday, don’t borrow more than R100. Never borrow more than you can repay during the repayment period. You shouldn’t seek a payday loan just for extra spending money.
If you need more than R1,000 you can still apply for a payday loan from Rodeco Finance. You can borrow between R10,000 and R50,000,000 with us by completing our short application form here.
