Best Same Day Loan lenders in South Africa for 2025
- Written by Wesley Vos
- Updated
Same Day Loans
Lime24: Best for short-term emergency loans
Interest (APR)
0.1-0.16% per day
Loan Amount
R500-R8k
Loan Term
5-90 days
Apply on partner site
Pros & cons
Pros
- Quick and almost instant loan approval
- Available to those with bad credit
- Simple online application process
- No hidden fees
- Discounts on future loans for good repayment behaviour
Cons
- High interest rates compared to traditional loans
- Short repayment terms could lead to difficulty in managing payments
- Penalty fees for late payments
- Lower loan amounts may not be suitable for larger expenses
- Limited to short-term financial solutions only
Our take
Overview
Lime24 is a South African digital lender offering same day loans designed for short-term financial needs. Founded to provide quick and accessible financial support, Lime24 uses a fully online process to streamline loan applications. Borrowers can apply for loans ranging from R500 to R8,000, with up to 90-day repayment terms. The lender focuses on offering fast, hassle-free access to funds, typically disbursing loans within minutes of approval, making it ideal for those facing urgent expenses.
Lime24 is known for its transparent lending practices. It allows borrowers to view all costs, interest rates, and repayment schedules before finalising the loan. While the interest rates can be higher than traditional bank loans due to their short-term nature, Lime24 is a solid choice for borrowers looking for a quick solution to cover unexpected expenses.
Key Facts
- Loan Amount: Lime24 offers loans ranging from R500 to R8,000, catering to smaller, short-term financial needs.
- Repayment Terms: Loan repayment periods range from 5 to 90 days, depending on the loan amount.
- Interest Rates: The interest rate ranges from 36.6% to 58.56% APR, which is higher than traditional loans.
- Approval Time: Loan applications are processed almost instantly, with funds disbursed within minutes if approved.
- Eligibility: People with bad credit can apply, provided they have a regular income and meet the basic criteria.
Known qualification requirements
- South African ID
- Bank account with a South African bank
- Regular income
- Must be over 18 years old
- Access to the internet for online application
Fees
Lime24 charges an initiation fee and monthly service fees, although the exact amounts can vary based on the loan. There are no hidden fees, and the total cost of the loan is presented upfront during the application process. Penalty fees are applicable for late payments.
Time to receive funds
Once approved, Lime24 transfers the funds within minutes to your bank account, making it one of the fastest lenders for short-term loans. The entire process, including application, typically takes about 10 minutes.
Illustrative Example
Loan Amount: R2,000
Repayment Term: 30 days
Daily Interest Rate: 0.1% (3% over 30 days)
Fees: Initiation fee of R200, monthly admin fee of R60
Monthly Instalment: R2,500.39
Total Cost of Credit: R500.39 (interest + fees)
Total Repayment: R2,500.39
*Please note this is just an illustrative example. Your rate, fees, and loan terms will depend on your personal risk profile. To get an accurate quote, request one directly from Lime24.
Same Day Loans
Fasta Loans: Best for instant online loans
Interest (APR)
0.1-0.16% per day
Loan Amount
R800-R8k
Loan Term
1-3 months
Apply on partner site
Pros & cons
Pros
- Fast approval process
- Bad credit applicants accepted
- No collateral required
- Ideal for short-term needs
- Transparent terms and fees
Cons
- High interest rates for bad credit borrowers
- Short repayment terms
- Low maximum loan amount
- Initiation fees increase total cost
- Not suitable for long-term borrowing needs
Our take
Overview
Fasta is a digital lending platform in South Africa that offers same day loans and other short-term financial solutions. Established to provide quick and accessible loans, Fasta allows users to apply online for R800 to R8,000, with repayment periods between 30 days and 3 months. Known for its user-friendly interface and fast approval process, Fasta is ideal for individuals seeking immediate financial relief for short-term needs.
One of Fasta’s standout features is its quick turnaround time—borrowers can receive funds within hours of approval. The platform also offers repayment flexibility, allowing borrowers to manage their loans effectively over a few months. Although their interest rates can be as high as 60%, they are transparent about all fees, ensuring users know the total cost upfront.
Key Facts
- Loan Amount: Fasta offers personal loans ranging from R500 to R8,000, making it suitable for short-term needs.
- Interest Rates: Fasta offers interest rates starting at 3% to 5% per month, which equates to an annual rate starting from 36%, depending on your credit profile and loan term.
- Loan Terms: Repayment periods range from 1 to 6 months, designed for short-term financial needs.
- Quick Approval: The application process is fast, with approvals usually happening within minutes and funds available within 24 hours.
- Target Market: Fasta specializes in short-term loans, particularly appealing to those with lower credit scores who may not qualify with traditional banks.
- No Collateral: Fasta provides unsecured loans, meaning no assets are required as collateral.
Known qualification requirements
- Must be 18 years or older
- South African ID
- Recent payslips or proof of income
- Bank statements (3 months)
- Proof of residence
- Active cellphone number
Fees
- Initiation Fee: Applicable based on the loan amount, calculated as per the NCA regulations
- Monthly Admin Fee: Typically around R69, but can vary depending on the loan amount and term
Time to receive funds
Once approved, funds are typically disbursed within 24 hours, making Fasta one of the fastest options available in the market.
Illustrative Example
Loan Amount: R4,000
Repayment Term: 3 months
Annual Interest Rate: 36%
Fees: Initiation fee of R534 and a monthly admin fee of R69
Credit Protection Insurance: R73.67
Monthly Instalment: R1,650.67
Total Cost of Credit: R952.00 (interest + fees over loan term)
Total Repayment: R4,952.00
*Please note this is just an illustrative example. Your rate, fees, and loan terms will depend on your personal risk profile. To get an accurate quote, request one directly from FASTA.
Same Day Loans
Boodle: BEST for fast funding
Interest (APR)
0.17% per day
Loan Amount
R500-R8k
Loan Term
2 days-6 months
Apply on partner site
Pros & cons
Pros
- Quick approval and payout
- Fully online application process
- Transparent fee structure
- Flexible repayment terms
- SmileRank® system to increase loan limits
Cons
- High interest rates compared to traditional loans
- Short repayment terms
- Limited to smaller loan amounts (up to R8,000)
Our take
Overview
Boodle is an online loan provider in South Africa that was established to offer quick, short-term loans to individuals facing financial emergencies. Launched to simplify the borrowing process, Boodle’s platform allows borrowers to access funds swiftly, with approval times as short as 10 minutes. They offer loan amounts ranging from R500 to R8,000, with flexible repayment terms of up to six months. Boodle operates under the National Credit Regulator (NCR), ensuring compliance with the country’s lending laws.
What sets Boodle apart is its SmileRank® system, where responsible borrowers can increase their borrowing limit over time. First-time borrowers can access loans of up to R4,000, while returning customers with good repayment histories can borrow up to R8,000. The application process is entirely online, with no hidden fees, making it an attractive choice for those needing a fast, transparent personal loan.
Key Facts
- Loan Amount: Boodle offers same day loans from R500 to R8,000, with the option to increase your limit over time.
- Repayment Terms: Loans can be repaid in 2 days to 6 months, giving flexibility for short-term financial needs.
- Interest Rates: Daily interest is 0.17%, with an annualized rate of approximately 60%.
- Approval Speed: 10-minute approval process for new and returning customers, with quick payouts.
- SmileRank® System: Returning customers can increase their loan limits and access up to R8,000 based on their repayment history.
- No Hidden Fees: All fees, including initiation and service fees, are disclosed upfront, ensuring complete transparency.
Known qualification requirements
- Valid South African ID
- Must be 18 years or older
- Proof of income (recent payslips or bank statements)
- Active South African bank account
- Internet access for online application
Fees
Boodle charges an initiation fee of R165, plus 10% of the loan amount, along with a monthly service fee of R60. All fees are clearly shown during the application process to ensure transparency.
Time to receive funds
Once your loan is approved, funds are typically disbursed within 10 minutes, making it an ideal solution for emergency expenses. The entire application and approval process takes less than 10 minutes for most borrowers.
Illustrative Example
Loan Amount: R4,000-00
Repayment Terms: 2 months
Interest Rate: 0.17% per day (60% Annual Interest Rate (APR))
Initiation Fee: R165 plus 10% on the loan value above R1000 plus 15% Vat
Monthly Admin Fee: R60 plus 15% Vat
Insurance Premium: R4.50 per R1000 per month on the daily balance
Monthly Payment: R2,491.88
Total Cost of the Loan: R4,983.76
*Please note this is just an illustrative example of what it would cost you. Your rate and initiation fee will be determined according to your personal risk profile. To get an accurate quote we recommend getting a quote from Boodle.
Same Day Loans
Wonga: BEST FOR Lower Credit Score
Interest (APR)
0.16% per day
Loan Amount
R500-R8k
Loan Term
6 days-6 mo
Apply on partner site
Pros & cons
Pros
- Quick approval and same day payouts
- Fully online and easy application process
- Transparent fee structure
- Flexible repayment options
- No penalty for early repayment
Cons
- Higher interest rates than traditional loans
- Limited to smaller loan amounts
- Short repayment terms could be difficult for some
Our take
Overview
Wonga is a well-established online lender in South Africa, known for offering loans designed to help with short-term financial needs. Launched to provide quick and flexible loan solutions, Wonga allows first-time borrowers to access up to R4,000, while returning customers can borrow up to R8,000 with repayment terms ranging from 6 days to 6 months. The platform is entirely online, enabling users to apply anytime without needing to visit a branch, with funds typically disbursed on the same day.
Wonga stands out for its transparent approach to lending, clearly displaying interest rates and fees before customers commit to a loan. Their focus on responsible lending includes assessing borrowers’ ability to repay, ensuring they do not fall into unsustainable debt. The company is widely regarded as a reliable choice for individuals facing unexpected expenses and needing quick access to cash.
Key Facts
- Loan Amount: First-time borrowers can access up to R4,000, while existing customers can borrow up to R8,000.
- Repayment Terms: Wonga offers repayment terms ranging from 6 days to 6 months, giving flexibility for different financial needs.
- Interest Rates: Wonga charges a daily interest rate of 0.16%, about 5% monthly.
- Fast Approval: The loan approval process is quick, with same-day payouts for applications submitted before 3 PM.
- No Hidden Fees: Wonga is transparent with all costs, including initiation and monthly service fees of R69, which are displayed upfront.
- Flexible Repayment: Borrowers can repay their loans early without penalties, helping reduce the total cost of the loan.
Known qualification requirements
- Valid South African ID
- Must be 18 years or older
- Proof of income (recent payslip or bank statement)
- Active South African bank account
- Valid cellphone number
Fees
Wonga charges an initiation fee (around 15-17% of the loan amount) and a monthly service fee of R69. All fees are clearly displayed upfront during the application process.
Time to receive funds
If your application is approved before 3 PM on a business day, funds are disbursed the same day, usually within hours. This makes Wonga a fast solution for those needing immediate financial assistance.
Illustrative Example
Loan Amount: R3,000-00
Repayment Terms: 30 days
Interest Rate: 5% per month
Fees: Initiation fee of R419.75, monthly service fee of R69
Monthly Instalment: R1,319.23
Total Cost of Credit: R957.70 (interest + fees over the loan term)
Total Repayment: R3,957.70
*Please note this is just an illustrative example of what it would cost you. Your rate and initiation fee will be determined according to your personal risk profile. To get an accurate quote we recommend getting a quote from Wonga.
Same Day Loans
Atlas Finance: BEST for outstanding service
Interest (APR)
0.1-0.17% per day
Loan Amount
R500-R8k
Loan Term
1-6 months
Apply on partner site
Pros & cons
Pros
- Fast loan approvals and payouts within 24 hours
- No collateral required for loans
- Transparent fee structure
- Flexible repayment terms
- Available nationwide with 250+ branches
Cons
- High interest rates for short-term loans
- Limited loan amounts (maximum of R8,000)
- Late payment fees apply if repayments are missed
Our take
Overview
Atlas Finance, founded in 1994, is one of South Africa’s leading microfinance institutions, known for providing accessible short-term loans to help individuals cover urgent financial needs. With a strong national presence and over 250 branches, Atlas Finance is a trusted lender, issuing over 2 million loans. The company offers same day loans designed to be repaid within 1 to 6 months, catering to South Africans who require quick access to cash for emergencies.
Atlas Finance’s offering is built around convenience and flexibility. Applications can be completed online or in person, and approvals are typically processed within 24 hours, ensuring borrowers can access funds quickly. Atlas Finance is also committed to transparency, with clear disclosure of fees and interest rates before a loan is taken out, allowing borrowers to make informed decisions.
Key Facts
- Loan Amount: Atlas Finance offers loans ranging from R500 to R8,000, providing flexibility for small financial needs.
- Repayment Terms: Repayment terms range from 1 to 6 months, allowing borrowers to choose terms that suit their budget.
- Interest Rates: The interest rate ranges between 0.1% and 0.17% per day, which amounts to an annualized rate of around 36-60%.
- Fast Approval: Atlas Finance provides loan approvals within 24 hours, ensuring quick access to funds.
- Application Process: Borrowers can apply online or at any of the 250+ branches, making the process convenient.
- No Collateral Required: Atlas Finance’s payday loans are unsecured, meaning no assets are required to qualify.
Known qualification requirements
- Valid South African ID
- Proof of residence (no older than 3 months)
- Latest payslip
- Active South African bank account
Fees
Atlas Finance charges an initiation fee of R165 plus 10% of the loan amount, and a monthly service fee of R60. All fees are disclosed upfront during the application process to ensure transparency.
Time to receive funds
Funds are typically disbursed within 24 hours of loan approval, making Atlas Finance a fast and reliable option for urgent cash needs.
Illustrative Example
Loan Amount: R2,500-00
Repayment Terms: 3 months
Interest Rate: 0.17% per day, up to 5% per month
Initiation Fee: 15% on first R1000.00, +10% on any value above R1000.00, to a max of R1000.00, plus 15% VAT
Monthly Admin Fee: R60.00 per month plus 15% VAT
Credit Life: 0.55% of total loan amount
Monthly Payment: R1,148.49
Total Cost of the Loan: R3,445.46
*Please note this is just an illustrative example of what it would cost you. Your rate and initiation fee will be determined according to your personal risk profile. To get an accurate quote we recommend getting a quote from Atlas Finance.
Compare same day loan rates with Fundrate's top picks
Lender | Best For | Est. Apr | Loan Amount | Loan Term | |
|---|---|---|---|---|---|
Lime24 | Short-term emergency loans | 0.1-0.16% per day | R500.00-R8,000 | 5-90 days | |
Fasta | Instant online loans | 2.25-5% per month | R800.00-R8,000 | 1-3 months | |
Boodle | Fast funding | 0.17% per day | R500.00-R8,000 | 2 days-6 months | |
Wonga | Lower credit score | 3-5% per month | R500.00-R8,000 | 6 days-6 months | |
Atlas Finance | Outstanding service | 0.1-0.17% per day | R500.00-R8,000 | 1-6 months |
Pros and cons of same day loans
While same day loans can be helpful, they may not be the best financing option for everyone. It’s important to weigh the pros and cons before making a decision.
- Quick access to funds
- Simple, fast approval process
- No collateral required
- Accessible with low credit scores
- Can help in financial emergencies
- High interest rates
- Short repayment periods
- Risk of debt cycles
- Limited loan amounts
- Fees for late payments
What is a Same Day Loan?
A same day loan is a short-term financial solution designed to provide you with immediate access to funds, typically within 24 hours of approval. These loans are ideal for addressing urgent expenses or unforeseen financial emergencies, offering a quick and convenient way to bridge temporary cash flow gaps.
How Does a Same Day Loan Work?
When you apply for a same day loan, lenders typically assess your eligibility based on income, employment status, and credit history. Upon approval, the loan amount is disbursed directly into your bank account, often on the same day. Repayment schedules are usually structured around your income frequency, with terms ranging from a few days to several months. Interest rates and fees are predetermined, allowing you to understand the total repayment amount upfront.
Loan Use Cases
Same day loans are commonly utilised for:
- Emergency Expenses: Covering unexpected medical bills or urgent repairs.
- Short-Term Cash Flow Needs: Bridging the gap between paychecks when expenses arise.
- Home Improvements: Financing minor renovations or essential household repairs.
Loan Eligibility Factors
To qualify for a same day loan in South Africa, lenders typically require:
- Minimum Income Requirements: Proof of a stable and sufficient income to ensure repayment capability.
- Credit Score Considerations: While some lenders may consider applicants with less-than-perfect credit, a higher credit score can improve your chances of approval and better terms.
- Employment Status Requirements: Steady employment or a consistent income source is often necessary.
- Age Limitations: Applicants must be at least 18 years old.
Credit Score Impact and How to Improve It
Your credit score significantly influences the terms of your loan, affecting interest rates and approval chances. To improve your credit score:
- Pay Bills on Time: Consistently meeting payment deadlines boosts your creditworthiness.
- Reduce Debt Levels: Lowering your credit utilisation ratio can enhance your score.
- Regularly Check Credit Reports: Monitoring your credit report helps identify and correct inaccuracies.
Interest Rates Breakdown
Interest rates for same day loans in South Africa vary depending on the lender and your credit profile. Rates are typically fixed, ensuring predictable repayment amounts. The Annual Percentage Rate (APR) encompasses interest and fees, providing a comprehensive view of the loan’s total cost.
Early Repayment Flexibility
Many lenders allow early repayment of same-day loans, potentially reducing the total interest paid. However, it is essential to review your loan agreement for any prepayment penalties or specific terms related to early settlement.
Comparison with Other Loan Types
Compared to traditional personal loans, same day loans offer faster access to funds but often come with higher interest rates and shorter repayment terms. They are more suitable for immediate, short-term needs rather than long-term financing.
Regulatory and Legal Considerations in South Africa
In South Africa, same day loans are regulated under the National Credit Act (NCA), which aims to promote a fair and non-discriminatory credit market. The NCA mandates responsible lending practices, requiring lenders to conduct affordability assessments and adhere to caps on interest rates and fees. Consumers have the right to receive clear information about credit terms and to apply for debt counseling in cases of over-indebtedness.
Alternatives to Same Day Loans
If a same day loan isn’t the best fit for your situation, consider alternatives such as:
- Credit Cards: Credit cards can offer flexible repayment options for manageable expenses.
- Personal Loans: Suitable for more significant amounts with longer repayment terms.
- Borrowing from Friends or Family: An interest-free option, though it requires clear agreements to maintain relationships.
How to Apply for a Same Day Loan
To apply for a same day loan:
- Eligibility Assessment: Ensure you meet the lender’s age, income, and residency criteria.
- Document Preparation: Gather necessary documents, such as your South African ID, proof of income, and recent bank statements.
- Application Submission: Complete the lender’s application form online or in person, providing accurate information.
- Approval Process: The lender will review your application and may conduct affordability assessments. Approval times vary but are typically swift.
- Receiving Funds: Upon approval, funds are disbursed directly into your bank account, often on the same day.
FAQs
What is a same day loan?
A same day loan is a short-term financial product designed to provide immediate access to funds, typically within 24 hours of application approval. These loans are intended to cover urgent expenses or unforeseen financial emergencies.
How do I apply for a same day loan in South Africa?
You can apply online by selecting your desired loan amount and completing the application form. Approval processes are swift, with funds often disbursed on the same day.
What documents are required for the application?
Typically, you’ll need:
- A valid South African ID
- Recent payslip
- Three months’ bank statements
Some lenders may have additional requirements.
Can I get a same day loan with bad credit?
While a poor credit record may affect your application, some lenders consider various factors beyond credit scores. If they determine you can repay the loan, your application may still be approved.
How much can I borrow with a same day loan?
Loan amounts vary by lender. Some offer loans ranging from R500 to R8,000, depending on your affordability.
How quickly will I receive the funds?
Once approved, payments are typically made the same day. However, depending on your bank, the funds may take up to 24 hours to reflect in your account.
Are there additional fees associated with same day loans?
Yes, fees can include initiation fees, monthly service fees, and interest charges. The exact amounts and structures vary by lender.
What are the typical repayment terms?
Repayment terms differ among lenders but generally range from a few days to several months. It’s essential to confirm the specific terms with your chosen lender.
Are there penalties for early repayment?
Lender policies on early repayment vary. Some may allow it without penalties, while others might impose fees. Review your loan agreement or consult your lender for details.
Do I need collateral to qualify for a same day loan?
Most same day loans are unsecured, meaning no collateral is required. However, specific requirements can vary by lender.
How we choose our best same day loan lenders
To select the best personal loans, Fundrate evaluates the most prominent lenders in South Africa. Each lender was ranked focusing on four main categories:
Affordability
This section of the scoring evaluates interest rates, penalties, and fees. Lower rates and fees, along with fewer penalties, contribute to a higher score. Lenders that offer rate discounts, grace periods, and the option to change the due date receive bonus points.
Availability
This category considers factors such as minimum loan amounts, number of repayment terms, eligibility requirements, the option to apply with a co-borrower or co-signer, and the loan turnaround time.
Customer experience
This category includes customer service hours, the availability of online applications, online account access, and mobile apps.
Transparency
For this factor, we assess how clearly information is presented to borrowers on the lender’s website. This includes details on credit requirements, rates, fees, and the availability of prequalification.