Quick Facts

• LendPlus offers R500-R4,000 at 60% for first-timers
• Wonga and Boodle offer up to R8,000 for returning customers
• Interest rates range from 36% to 60% per year
• All lenders are NCR registered and legitimate
• Total costs vary significantly between lenders

Understanding SA Payday Lenders

If you need quick cash in South Africa, many online lenders can help you. But they charge different amounts and offer different loan sizes.

This guide compares LendPlus with other popular lenders. We focus on two main things: how much you can borrow and how much it costs.

All lenders mentioned here are registered with the National Credit Regulator. This means they follow South African laws.

Quick Comparison Table

LendPlus: Loan Amounts & Interest Rates

Loan Amounts

• Minimum: R500
• Maximum: R4,000 (same for new and existing customers)
• First-time borrowers: Usually get R500-R1,500
• Repayment period: 65-90 days

Interest Rates

• First-time users: 60% per year
• Returning users: 36% per year (much better!)
• Daily rate: 0.1% to 0.17% per day
• APR range: 51.85% to 102.14%

Additional Costs

• Initiation fee: 15% (loans ≤ R1,300) or R165 + 10% (loans > R1,300)
• Service fee: Calculated based on loan duration (around R60-R90)

NCR Registration

Registration number: NCRCP17814

Contact: +27 71 868 5388

Wonga: Loan Amounts & Interest Rates

Loan Amounts

• Minimum: R500
• Maximum (new customers): R4,000
• Maximum (existing customers): R8,000
• Repayment period: 6 days to 6 months

Interest Rates

• Monthly rate: 5% per month
• Annual rate: 60% per year
• Daily rate: 0.16% per day

Key Features

• No penalty for early repayment
• Trust rating increases with good repayments
• Transparent fees shown upfront
• Fully online application

NCR Registration

Registration number: NCRCP12875

Contact: 0861 966 424

Boodle: Loan Amounts & Interest Rates

Loan Amounts

• Minimum: R100 (lowest among all lenders!)
• Maximum (new customers): R4,000
• Maximum (existing customers): R8,000
• Repayment period: 2 to 6 months

Interest Rates

• Monthly rate: 3% per month
• Annual rate: 36% per year (lowest among payday lenders!)
• Daily rate: 0.17% per day
• APR: Around 389% (due to fees)

Key Features

• “SmileDial” calculator shows costs before applying
• Often the cheapest for longer repayment periods
• Established since 2010

NCR Registration

Registration number: NCRCP5361

Contact: 0861 266 353

Fasta: Loan Amounts & Interest Rates

Loan Amounts

• Minimum: R800
• Maximum: R8,000 (available to new customers!)
• Repayment period: 30 days to 3 months

Interest Rates

• Annual rate: 36% per year
• Monthly rate: 3% per month

Key Features

• Higher loan amounts available immediately
• Fast funding (often within minutes)
• Fully digital platform
• No need to be an existing customer for R8,000

NCR Registration

Registration number: NCRCP10591

Other Lenders Worth Considering

Finance27

• Loan amount: Up to R6,000
• Interest rate: 38% per year (maximum)
• Repayment period: 61 to 65 days
• Key feature: Lower interest rate than most payday lenders

MyMulah

• Loan amount (new): R2,500
• Loan amount (existing): Up to R8,000
• Interest rate: Varies based on trust rating
• Key feature: Trust rating system increases limits

Lime24

• Loan amount: Up to R2,000
• Interest rate: 3% over 30 days
• Total cost example: Borrow R2,000, pay back R2,500.39

Real Cost Examples: Borrowing R4,000

Let’s compare what it costs to borrow R4,000 from different lenders. This helps you see the real differences.

✅ Which Lender Should You Choose?

Choose LendPlus If:

• You need R500-R4,000
• You want a mid-range option
• You’re a returning customer (36% rate is good)
• You need 65-90 days to repay

Choose Wonga If:

• You’re an existing customer needing up to R8,000
• You want transparent pricing
• You want flexible repayment (6 days to 6 months)
• You want no early repayment penalty

Choose Boodle If:

• You want the lowest interest rate (3% monthly)
• You need a very small loan (from R100)
• You can repay over 2-6 months
• You want the cheapest total cost

Choose Fasta If:

• You’re a new customer needing R8,000
• You want fast funding (minutes)
• You want low interest (36% annual)
• You don’t want to build up trust rating first

🚨 Critical Warnings About All Payday Loans

These Loans Are Very Expensive

You pay back 25-30% more than you borrow. For R4,000, you pay back around R5,000.

Only Borrow If You Must

Use payday loans for real emergencies only. Not for everyday expenses.

Make Sure You Can Pay Back

Late payments mean extra fees. Your credit score will drop. Debt collectors may contact you.

Watch Out for Scams

Legitimate lenders never ask for money upfront. They don’t contact you on WhatsApp. Always apply on the official website.

Try These First

• Ask family or friends for help
• Request salary advance from employer
• Use bank overdraft if you have one
• Sell items you don’t need
• Look for side jobs or gigs

Key Differences Summary

Maximum Loan Amounts

• R8,000: Wonga, Boodle, Fasta, MyMulah (existing customers)
• R6,000: Finance27
• R4,000: LendPlus, Wonga (new), Boodle (new)

Lowest Interest Rates

• 36% annual: Boodle, Fasta, LendPlus (returning customers)
• 38% annual: Finance27
• 60% annual: LendPlus (first-time), Wonga

Most Flexible Terms

• Wonga: 6 days to 6 months
• Boodle: 2 to 6 months
• Fasta: 30 days to 3 months
• LendPlus: 65 to 90 days

Best for New Customers

• Fasta: R8,000 available immediately
• Finance27: R6,000 with lower interest
• LendPlus/Wonga/Boodle: R4,000 maximum

How to Compare and Choose

Step 1: Use Loan Calculators

Every lender has a calculator on their website. Enter the amount you need and how long you need it. See the total cost.

Step 2: Compare Total Costs

Don’t just look at interest rates. Look at the total amount you’ll pay back. Include all fees.

Step 3: Check Your Eligibility

All lenders require: SA ID, bank account, steady income, and DebiCheck authorisation.

Step 4: Verify NCR Registration

Check that the lender’s NCR number is real. Call 0860 627 627 to verify.

Step 5: Read Reviews

Look for customer reviews. Check how quickly they pay out. See if they have good customer service.

Lender Contact Information

For the lowest cost: Choose Boodle or Fasta. They both charge 36% annual interest, which is the lowest among payday lenders.

For larger amounts: Wonga, Boodle, Fasta, and MyMulah all offer up to R8,000 for existing customers. Fasta offers R8,000 even to new customers.

For returning customers: LendPlus drops from 60% to 36%, making it competitive. Wonga and Boodle increase your limits with good repayment history.

Most important: Always use the lender’s calculator before applying. The total cost is what matters, not just the interest rate.

Remember: All payday loans are expensive. Only borrow if you have no other option and can definitely pay back on time.

For help with debt: Contact the National Credit Regulator at 0860 627 627 if you’re struggling with loan repayments.