Loan4Debt is one of the most popular choices when it comes to quick and short-term loans like payday. They’re preferred for their easy-to-follow application process and their claim to process loan requests swiftly.

The requirements they ask for aren’t very hard to acquire, either. All you need is to be at least 18 years old, have a stable job, and have an RSA ID.

Loan4Debt accommodates several loan types, both long- and short-term loans, like payday loans. The company’s versatility is a plus for us as it’s convenient and offers more choices to clients. 

Another feature we like about this lender is they’re very flexible with the terms of borrowing.

You can borrow anything from R 1000 to R 1,000,000, which we find impressive. As for the repayment period, you can decide on a duration ranging from one to 72 months.

Their application process also allows the borrower to propose the estimated monthly amount they can pay. Take note, though, that this amount is still subject to approval.

Borrowers also appreciate how Loan4Debt swiftly processes applications. 

The company claims to only take 24 hours to review requests. While this might be true for some, there are a handful of complaints about the delayed processing of their payday loans, which isn’t ideal.

As for the loan disbursement, Loan4Debt claims to release quick loans just 15 minutes after the application approval. 

We’re pleased to hear that previous borrowers whose applications were processed promptly are satisfied with the schedule of loan disbursement.

We do have slight issues with Loan4Debt’s availability, particularly when it comes to communicating with borrowers. We’re told their representatives can be quite inactive, which is a red flag for us.

The first thing we like about Letsatsi Finance and Loan (Pty) Ltd is their credibility as a business. They’re an authorised financial services provider and registered credit provider with years of experience backing them up.

We’re impressed to find that the company has multiple branches all over South Africa, which just reflects its capability as a lender. In Johannesburg alone, Letsatsi Finance and Loan (Pty) Ltd has nine offices.

Letsatsi Finance and Loan (Pty) Ltd offers several products, all designed to provide financial assistance to their clients. You can choose from personal loans, insurance policies, or financial wellness assistance.

For personal loans, borrowers are allowed to choose from one-month loans (payday loans), short-term and long-term loans, as well as debt consolidation.

For payday loans specifically, the lender allows the standard one-month repayment period. Take note, though, that they only allow loan amounts from R 500 to R 7 000.

We also appreciate how it’s easy to submit a loan application using only a valid ID, recent payslips, and three months’ worth of bank statements. Borrowers commend how swift the loan officers are in processing applications.

Nonetheless, there are several grievances from loan applicants who said their application was declined, but the lender proceeds to put accounts in their name to credit bureaus, which we think is quite unfair.

We were alsodisappointed to hear that borrowers complain about how difficult it is to reach out and follow up on their cases.

Mr. Cash Loans is an up-and-coming lending entity in the finance industry. What sets them apart from competitors is all their operations are done online, which is why they offer a product called “online loans”.

This means that the application process, coordination of borrower-lender, disbursement, as well as repayment, are all virtual and done through their website. They don’t have a physical office and communication is done through email.

We like how Mr. Cash Loans’ approach seems to be more convenient and efficient compared to the traditional process. In fact, because of this, they’re able to accommodate more clients, and from all over the country.

Submitting requirements is a lot easier too, as borrowers would only need to upload documents through the lender’s website alongside their application form. We also like that tracking your loan application is simple.

Mr. Cash Loans focuses on three types of loans: personal, short-term, and small cash loans, which they also call payday loans. 

Through the payday loan, clients can borrow as much as R 3,000. Mr. Cash Loans’ terms are quite flexible too, allowing borrowers to pay for their payday loan over three months, instead of just one.

Lastly, another feature previous borrowers appreciate is Mr. Cash Loans’ quick approval of applications and loan disbursement. We’re told that once the application is approved, the money is reflected the borrower’s account within the day, which we commend.

However, we also acknowledge the challenges brought by the lack of in-person interaction.

There are multiple grievances about how it’s difficult to maintain communication with Mr. Cash Loans’ loan officers. 

Because correspondences are done through email, communication can apprarently be a hit-or-miss, and it can be a challenge to monitor and follow up on requests.

Etikes Trading & Projects (PTY) is a budding financial solutions provider in Johannesburg. Although they’re relatively new and are less frequently used by borrowers, they’re a promising lender that strongly values personalised solutions.

That’s actually one of the reasons why we included them on our list. Etikes Trading & Projects (PTY)’s loan terms are very flexible and client-centred.

Borrowers have the agency to adjust the repayment amount, as well as the period allotted for restitution of the loan.

We like that they’re very transparent about costs and ensure that the application process is free of charge. Loan interest rates also depend on the borrower’s financial state, which we commend.

On top of that, Etikes Trading & Projects (PTY) claims to impose the lowest rates possible at all times. 

Etikes Trading & Projects (PTY) offers four products: startup capital loan, business loan, payday loan, and personal loan. 

It’s a plus for us that their application process is simple and accessible. To apply, all you have to do is select which type of loan you’re interested in and fill out the form on their website. 

For payday loans, Etikes Trading & Projects (PTY) only asks for the loan amount and personal information such as the borrower’s complete name, address, occupation, income, and a valid ID number.

Regardless, a number of previous borrowers are not satisfied with how long Etikes Trading & Projects (PTY) takes to process disbursement. Clients borrow payday loans for urgent money and delays in the release of funds can be inconvenient.

Last but not least, we have Boodle, a fintech lender established in 2010. They’re currently one of the leading micro loan lenders in South Africa.

We like that their a well-established business with a solid track record and strong credibility. Boodle is also a registered credit provider and adheres to the National Credit Act 34 of 2005, so you know you’re in safe hands.

Boodle is very popular because they’re very fast-paced. Everything is automated and the application is simple and efficient. 

We like how the loan application, tracking, and even repayment are all integrated in their website, making the whole process convenient for their borrowers. 

Boodle offers loans ranging from R 100 to R 4000 for first-time borrowers, and up to R 8000 for regulars. 

Another feature we found notable is how quickly Boodle releases funds. We’re told it only takes them 10 minutes after approval for the amount borrowed to reflect on your account, which we commend.

However, take note that Boodle’s interest fees are higher than traditional lenders. It is worth mentioning, though, that they’re very transparent about these fees and borrowers are informed upfront. 

In our opinion, the convenience and the quick disbursement are worth the additional costs.