90-Day Payday Loans With No Credit Check in South Africa
Payday loans provide fast access to short-term funds to tide you over until your next paycheck. Most payday lenders conduct credit checks to assess eligibility before approving loans. However, some lenders now offer 90-day payday loans without intensive credit checks for added convenience.
This guide explores options for 90-day payday loans with no credit check in South Africa. I outline the loan features, costs, eligibility criteria, application process, pros and cons, and tips for borrowers.
Also See:
Top 10 Payday Loans in South Africa
List of guaranteed payday loans in South Africa
List of Payday Loans South Africa bad credit
List Of payday loans South Africa no credit check
What Are 90-Day Payday Loans?
90-day payday loans are short-term cash advances designed to be repaid over a 90-day period. They provide immediate funds to cover pressing financial needs until your next salary.
These loans range from R500 to R10,000 with a fixed repayment term of 90 days. The loan amount and interest cost are repayable in 3 equal monthly installments over the 90-day period via debit order.
Since payday loans are typically aligned with your salary cycle, 90-day terms make repayment more affordable. Payday lenders are now offering these medium-term loans without intensive credit checks.
Top Lenders for 90-Day Payday Loans
Here are some top lenders providing 90-day payday loans without credit checks in South Africa:
Protea Loans
Protea Loans offers guaranteed payday loans with 61-90 day repayment terms.
Loan Amount: R500 to R10,000
Term: 61 to 90 days
Rate: 38% APR
Requirements: ID, Pay slips, Bank statements, R8000 income
Williams Finance
Williams Finance provides 60-90 day payday loans with no credit checks.
Loan Amount: R1000 to R8000
Term: 60 to 90 days
Rate: 36% APR
Requirements: ID, Payslips, Bank statements
Haibo Finance
Haibo Finance offers 90-day payday loans based on affordability.
Loan Amount: R500 to R10,000
Term: 60 to 90 days
Rate: Per National Credit Act
Requirements: ID, Payslips, Bank statements
Loan Amounts Offered
90-day payday loans are available from R500 up to R10,000 depending on your income and the lender policies.
Consider your financial situation and needs to determine the ideal loan amount to apply for. Here are the typical amounts:
- R500 to R5000 for payday loans
- R5000 to R8000 for short-term loans
- R8000 to R10,000 for personal loans
Avoid maxing out the maximum amount offered if possible. The larger the loan, the more expensive it becomes.
Costs, Fees, and Interest Rates
90-day payday loans are cheaper than standard 1-month payday loans but still carry higher costs than traditional loans. Expect to pay:
Interest Rates
- 30% to 60% Annual Percentage Rate
Initiation Fee
- R50 to R150 once-off
Service Fees
- R40 to R60 per month
Credit Insurance
- R7 per R1000 borrowed per month
Compare quotes across multiple lenders before applying. Pick the lender offering the lowest advertised interest rate based on the loan amount you need.
Repayment Terms and Schedule
The defining feature of 90-day payday loans is their 3-month repayment term. Here is how it works:
- Loan term: 90 days or 3 months
- Installments: 3 equal installments
- Payment dates: Aligned with your salary, usually month-end
For example:
For a R3000 loan, you repay R1000 per month over 3 months on your paydate via debit order. This makes it more affordable than 1-month terms.
Eligibility and Requirements
To qualify for 90-day payday loans without credit checks, you’ll need:
- 18+ years age
- South African ID
- Proof of income (payslips, bank statements)
- R3000+ net monthly income
- Active checking account
- Contact details for verification
Lenders confirm your employment and income before approving loans. They may check your existing debts for affordability assessment. Credit checks are not required.
Application Process
The application process is quick and simple:
- Apply online – Complete the application form providing your details.
- Upload documents – Provide requested documents like ID, payslips, etc.
- Affordability assessment – Lender checks income, and existing debts.
- Verification – Employment and details are verified.
- Decision – Loan decision provided in 1-2 days.
- Payout – Accept the loan offer and the amount credited to your account.
- Repayment – Repay in 3 equal monthly installments via debit order.
Pros of 90-Day Payday Loans
Some benefits of 90-day payday loans without credit checks include:
- Quick access to cash within 2 days of application
- Convenient online application without paperwork
- No impact on your credit score or credit history
- Fixed 3-month repayment term makes it affordable
- Coincides with salary cycles so easy to budget repayment
- Unsecured loan so no collateral is required
- Get approved as long as eligibility criteria are met
Cons to Be Aware Of
However, consider the downsides before applying:
- Still carries high interest costs of 30%-60% APR
- Max limit may tempt you to borrow more than the required
- Multiple applications can negatively impact your credit profile
- Not a long-term financial solution
- Missing payments results in penalties and extra costs
- Debt traps if used frequently or outstanding amounts are rolled over
Tips for First-Time Borrowers
If taking a 90-day payday loan, remember:
- Borrow only what you can comfortably repay in 3 months
- Have a clear repayment plan before borrowing
- Avoid extending or rolling over the loan duration
- Repay in full by the due dates to avoid penalties
- Don’t apply for multiple loans at once from different lenders
- Compare quotes to get the best rate you qualify for
- Consider alternatives or try to delay the expense if possible
Conclusion
In summary, 90-day payday loans with no credit check offer easy access to short-term funds for up to R10,000. The 3-month terms make repayment more affordable than standard 1-month payday loans. However, credit checks are avoided by charging higher interest rates. Avoid excessive use of payday loans and have a plan for repayment before applying. Consider the pros, cons and tips before taking a 90-day payday loan.
FAQs
Q: What is the maximum amount I can get with a 90-day payday loan?
A: Most lenders offer up to R10,000 with 90-day payday loans. The maximum you can get depends on your income, existing debts and the lender’s policies. Start small if taking your first payday loan.
Q: How soon can I get the money after approval?
A: Online payday lenders can disburse funds to your account within 1 day of loan approval. Some even offer same day payouts within hours of approval.
Q: Can I pay off my 90-day loan early?
A: Yes, most lenders allow early repayment of the full outstanding amount without penalties. This saves on interest costs.
Q: What happens if I default on repayment?
A: If you miss payments, penalties, additional interest and fees are charged. It also negatively impacts your credit profile. Ensure you repay on time to avoid defaults.
Q: Where can I get a 90-day loan with no bank account?
A: Legitimate lenders require an active bank account to deposit the loan amount. Try micro-lending apps that rely on mobile money transfers if you don’t have a bank account.
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