Short-Term Loans

A Short-Term Loan offers almost instant cash to borrowers to be repaid typically within a number of days or months. Most of the time, this type of loan is used for an unexpected expense that you have not budgeted for but can pay back relatively quickly, such as car repairs. Short-Term Loans are usually the most expensive type of loan that you can apply for as the interest rates are high.

Short-Term Loan Basics

A quick overview of the criteria, common types and what to consider before applying.

Criteria for a Short-Term Loan

There are certain criteria that need to be met in order to qualify for a Short-Term Loan. You need to be a South African citizen, you must be older than the age of 18, you must be employed, earn a regular income, and have an official bank account. Once you have submitted proof of these requirements, you will be subjected to a credit check before approval. This type of Personal Loan is often easier to obtain than most other loans and repayment terms are sometimes negotiable.

Payday Loans

The most common type of Short-Term Loans are payday loans, where a small cash loan is paid out and you are expected to pay it back when you receive your salary the following month. Some creditors do allow a longer repayment period.

Asset-Based Loans

Another type of Short-Term Loan is an asset-based loan, where you offer one of your assets to the creditor and you are given a loan to the value of the asset. If you default on payment, the creditor can gain possession of the asset to sell. However, if you pay it off in time, the asset will be returned to you.

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Debt Consolidation

A Debt Consolidation loan merges multiple debts into a single Personal Loan with one monthly repayment, one credit provider and ideally a lower interest rate.

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Service Plans

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Helps protect your vehicles by assisting with recovery in the event of theft. Many providers also use Vehicle Tracking to flag when your vehicle is in an unfamiliar area.

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*Based on independent research by Kaufman Levin & Associates 2025.

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