Short Term Loans

Short term loans are a method of financing in South Africa. They are an alternative option to traditional payday loans. People usually apply for a short term loan online, with the loan typically lasting for up to three months for a maximum of around R4000.

Short term loans are great when you need cash for an unexpected expense or grudge purchases you haven't budgeted for, but they’re not always easy or quick to get. Wonga offers short term loans that are easy to apply for and quick to receive.

Sometimes you just need access to a quick loan that provides flexibility and convenience. The problem is that most short term loans and a lot of unsecured loans from banks will only let you borrow set amounts and penalise you for paying it back quickly. But now there's a totally new way of borrowing cash – introducing the new breed of short term loan lenders... Wonga.

Why are other short term loans so expensive?

A lot of short term loan providers claim not to do a credit check on loan application, which is in contravention of the National Credit Regulations. With Wonga, in order to get a short term cash loan, you'll have to pass our credit check, which usually only takes a few seconds. When you do, you'll be able to take advantage of our short term loans and get the funds in your bank account within the same day of your application. Most customers receive their funds within a couple of hours once approved.

A short term loan that gives you financial freedom

We advise that our short term loans should only be used when you are faced with an unexpected expense you haven’t budgeted for and you should only borrow what you can afford to repay within a month. Just think of it as a cash advance before your money comes in.

When there's too much month at the end of your money and you have a tough time covering your expenses, Wonga can help you get by until your next payday, so you can continue living your life.

How to apply for a Wonga short term loan

We’ve worked hard to make our application process quick and easy. Just follow the steps below.

1. Connect to our site using a mobile phone, tablet or desktop PC.
2. Create your account to log on to www.wonga.co.za.
3. Specify your desired amount of Rand (maximum of R4000 for new customers).
4. Specify your desired amount of time (maximum of 3 months for new customers and up to 6 months for existing customers).
5. Complete your application via our secure form.
6. You provide your most recent payslip or bank statement (not older than 60 days) as proof of income.
7. If successful, your cash is sent to your bank account, typically within 15 minutes.
8. You pay back the loan within the agreed timeframe, early repayment is allowed and actively encouraged so you save money.

Conditions of the Wonga term loan product

• Our short term loans are exactly that – designed for short term usage, paying back your loan sooner will result in you saving money. We do not suggest using our loans to manage existing debt.

• If your loan is repaid later than the agreed conditions of your application this will incur extra costs and potentially have a negative impact on your credit score. If you find yourself relying on multiple Wonga loans regularly, short term finance loans may not be right for you.

• To qualify for a Wonga loan you must be a South African resident with a bank account in your name, you must also be over the age of eighteen and have access to a mobile phone. Proof of income is also required.

What is Wonga’s credit selection criteria?

Wonga conducts a thorough credit assessment for each applicant based on a number of factors including their affordability, credit score, and more. Applicants must:

• Be South African residents aged 18 or older.
• Possess a valid South African ID number.
• Have an active bank account in their name.
• Provide proof of regular income through a recent payslip or bank statement.
• Have access to a mobile phone.

These criteria help Wonga ensure that customers can responsibly manage and repay their loans.

How does Wonga collect payments on short term loans?

Wonga collects repayments via an automatic debit order on the agreed due date. Customers should ensure sufficient funds are available in their bank accounts to avoid additional fees or penalties. Manual repayments can also be made through EFT, Instant EFT, and Ozow.

What happens if I’m unable to make my short-term loan repayment?

If you're unable to make a repayment, it's crucial to contact Wonga immediately to discuss your situation. Late or missed payments can result in additional fees and negatively impact your credit score. Wonga's collections team will work with you to find a suitable resolution.

Short term loan representative example: