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5 best quick loans for emergency cash in 2024

There comes a time when a person requires emergency cash to cover a life expense, whether medical or otherwise. Even if you have money set aside for emergencies, you may run out of funds while attempting to repair something or pay a bill. Small and large financial service providers are available to assist in finding emergency funds for any purpose.

It is not difficult to obtain emergency loans. These loans can be applied for online, and funds are made available within minutes of approval. Normally, an applicant for an emergency loan must have:

  • A South African cellphone number;
  • South African ID number;
  • Bank account details; and 
  • A recent proof of income. 

Emergency loans allow applicants to apply for the loan amount they require as well as the loan period. Applicants may be granted a loan with a repayment period of up to 6 months. The maximum loan amount for an emergency loan ranges from R4,000.00 to R8,000.00, depending on the loan provider used.

There are numerous emergency loan providers in South Africa, and for the purposes of this article, we have selected the 5 best emergency loan providers. These emergency loans are discussed further below:

Mpowa Emergency loan

Mpowa provides one of the most convenient methods of obtaining an emergency loan in South Africa. This is because loan applications can be completed on the company’s home page. 

Mpowa provides an emergency loan of up to R8,000.00 that is approved instantly. To ensure that they lend responsibly, a credit check will be performed. If the loan is approved, Mpowa will pay it out the same day, as the company promises to pay out the loan by 5 p.m. the same day.

The loan is due on the next salary payment date. The initiation fee is R165.00 + VAT. There is also a monthly service fee of R60.00. Furthermore, 5% interest is charged on the remaining loan amount, and 3% pm interest is charged on the outstanding balance.

Boodle Emergency Loan

The Boodle emergency loan has a longer repayment period than the other emergency loans on this list. The emergency loan has a repayment period of up to 6 months. This allows those with low incomes to qualify for a larger loan than they wouldn’t qualify for if a shorter repayment period was granted.

The maximum loan amount available for emergencies is R8,000.00. To be accepted for the loan, one must have a good credit score and earn a sizable income. When applying for a Boodle emergency loan, a credit check is performed.

The loan application process takes only a few minutes. A payout is made to your account following a successful application. Payment to your bank account may take up to 10 minutes, but it is usually deposited on the same day.

Wonga Emergency Loan

Wonga emergency loans are available to those who have a regular source of income. It only takes a few minutes to apply for an emergency loan, and funds can be disbursed within minutes of approval. The application is completed entirely online.

Wonga offers emergency loans ranging from R500.00 to R4000.00 with repayment terms ranging from 4 days to 3 months. Applicants can select the loan amount and repayment period that they require. Existing customers can apply for loans of up to R8,000.00, which can be repaid over a 6-month period.

The Wonga emergency loan has one of the lowest interest rates available for an emergency loan. The loan charges interest on the principal amount.

Fasta  emergency loan

Fasta Loan provides emergency loans entirely online, as one can apply and be approved online. The application process is simple and can be completed on the Fasta loans home page.

Fasta offers emergency loans ranging from R800.00 to R8,000.00 per application. The company also provides flexible repayment periods. The loan can be repaid in 1 installment, 2 installments, or 3 installments.

To apply for a Fasta emergency loan, an applicant must have a good credit score. After a successful application, the loan can be approved instantly and funds transferred to the applicant’s bank account.

MyMulah

MyMulah emergency loan provides loans ranging from R200.00 to R4000.00. Existing customers, on the other hand, can obtain an emergency loan of up to R5000.00. MyMulah has a repayment window that ranges from 1 day to 31 days after the loan is granted.

When applying for a MyMulah emergency loan, a credit check is performed; thus, the applicant must have a good credit score in order to be accepted for the loan. It only takes a few minutes to apply for the loan, and funds are available immediately after acceptance.

Failure to repay the MyMulah emergency loan on time may result in fees. Failure to make a timely repayment will result in a monthly fee of R60.00. A monthly interest rate of 5% is also applied to the total outstanding balance.

Conclusion 

Emergency loans are a good way to get cash when you really need it. These loans require a good credit score and can result in loan denial if one has a bad credit score. Maintaining a good credit score will enable you to obtain an emergency fund when you most need it.

Because emergency loans are short-term loans with high interest rates, repaying them as soon as possible can help you save money. Failure to make timely payments results in a monthly service fee and interest on the outstanding balance, which result in a higher repayment amount.

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