Truth in Lending
No History Needed
Loans can be used for any purpose
What Would You Like To Borrow?
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Mayday Loans is an online loan broker. We allows customers across South Africa to get funding as they need it. We have over 8 lenders and 3 major banks on our platform that provide Payday Loans, Personal Loans, Long Term Loans, Debt Consolidation and Vehicle Finance. All customers from all credit backgrounds are welcome as a result our online services are quick and easy. Furthermore allowing customers to access between R100 and R200,000. Finally repay over a minimum of 6 months to a maximum of 60 months.
ILLUSTRATIVE EXAMPLE ON A 12 MONTH LOAN
Some lenders or brokers that we use probably charge you a fee to process your application the amount will differ with each lender
This is an example of the rates and terms. Should you borrow R10,000 over 12 months at a fixed rate of 20% per annum. With a admin fee of R68.40 per month as well as an initiation fee of R1,197 the charges would amount to a representative rate of 44% APR (fixed). The total amount repayable would be R12,522.72.
Do you qualify for online loans?
We help our customers by finding the online loans, finance and direct lenders they need. As a result the qualifications for you to use our service is very flexible. You by law need to be over 18 and a resident of South Africa with a permanent address and have a regular income and hold an active bank account.
In addition other companies will ask for paperwork. We do not ask for paperwork like other companies do. To assess your suitability for the loan product you’re applying for, we only need a few brief details. You will not be asked to provide paperwork.
HOW ONLINE LOANS WORK.
Applying for online loans via our online platform is simple, safe and secure as a result, The entire application will take no longer than 5 minutes, and in addition can be completed all online as a result.
Complete online process
Review your loan offer
Accept and get funds
In conclusion Mayday Loans is not a lender as a result does not have the ability to disclose exact APR. We work hand in hand with various lenders that are NCR Licensed and Regulated. Consumers who originated via a paid Google advertising feature rates on MayDay Loans of a minimum of 3.95% APR to a maximum of 35.99% APR (calculated in line with National Credit Act) with repayment terms from 3 months to 60 months. This number may be set by your lender and you will be notified of the final number before accepting the loan terms. Annual percentage rates can vary based on both:
1) the information that you supply in your initial loan request.
2) the information that your lender supplies to you.
It Is also especially relevant to note rates are based on you credit worthiness. Rates are subject to change without notice as a result your actual rate and monthly payment will most probably vary. You must be 18 years of age or older to apply for online loans. Mayday Loans does refer consumers to trusted professional lenders who can provide loan information and assistance. There is no charge for our service. Once your application has been submitted and if approved, you shall be presented with the loan offer agreement. Lenders will disclose all details related to the loan — including APR, loan finance charges and admin fees should there be, or any other loan terms you would be agreeing to. We recommend to all users to carefully read and review the loan terms of any offer you receive due to your personal affordability.
Please carefully review the late, partial, and non-payment policies that your lender provides with your loan agreement. Mayday Loans works hard to partner with only the most trustworthy and reputable lenders who pursue the collection of past-due loan accounts in a fair and reasonable manner.
When taking out online loans, it is especially relevant to understand the implications that may happen if you do not adhere to the terms and agreement of your loan, We have listed here the possible repercussions and stress that you thoroughly read and understand the terms of any loan offered to you before making a final decision to proceed.
Late or Non Payment
It is especially relevant to note that accepting the terms and conditions of a loan, you essentially agree to repay the loan both:
1) with interest.
2) In the time frame specified in the loan agreement. In most cases, failure to repay the loan in full, or making a late payment probably can result in additional charges. MayDay Loans cannot predict or estimate what supplemental costs will be incurred in the event of late payment, partial, or non-payment. Mayday Loans also has NO control or knowledge of any loan agreements or details between you and your lender.
Credit Score Impact
Our online loans providers may probably will perform credit checks to determine your creditworthiness, credit standing and credit capacity therefore by submitting your request, you agree to allow our lenders to verify your personal information and check your credit. Most noteworthy that missing a payment or making a late payment will negatively impact your credit score.
Mayday Loans is not a lender due to this, We have NO involvement in the debt collection process. As part of the lending agreement provided to you by the lender, they will disclose their debt collection practices. If you have any collection questions, please contact the lender for complete details. Mayday Loans works with reputable lenders who use fair collection practices.
Lenders will probably permit another loan only after three successful payments as a result.
All lenders on our website are licensed and regulated by the National Credit Regulator (NCR). This ensures that you are in safe hands when applying through our platform