Need an R500 loan in South Africa to cover unexpected expenses? Do you want quick money to cover the cost of your car repairs? Or want to pay back some urgent due bills? Do you need better credit and face rejection to get a bank loan?
No matter your situation, at CoreLoans, you can easily apply and get funds within 10 minutes*. Read out more about the R500 loan online in the details below:
Where can I get R500 loan online in South Africa?
Due to the small amount, getting an R500 loan in South Africa is relatively easy. At Coreloans.co.za, our lenders offer online R500 loans to hard-working Africans who need extra cash, especially during emergencies.
If you need an R500 loan in South Africa from a reliable and responsible direct lender who will exactly match your financial problems, you are welcome to apply with CoreLoans.
Some stunning features of CoreLoans are:
- Borrow money from anywhere and anytime.
- Flexible repayment terms between 3-6 months.
- Only direct lenders from South Africa.
- No hidden fees for R500 loans in the South Africa.
- Decisions made by humans, not computers.
- Quick and easy application online.
- No guarantor or collateral required.
- All credit scores considered.
- You’ll usually receive the cash the same day as approval.
What do I need to borrow R500 loan today?
The eligibility requirements depend from lender to lender; you still have to meet some familiar lenders’ requirements. Anybody can manage these types of requirements to get instant money with no hassle of paperwork formalities.
It would help if you kept some things when applying for loans. You must meet the eligibility criteria of lenders, so be prepared with that.
Basic eligibility criteria to get R500 loan are:
- Age: Your age comes under the criteria, so you must be 18 or above to apply for loans and get fast approval.
- Income: Your loan repayment is more than anything else, so you must prove your ability to repay your loan on time.
- A bank account: You need to have your active bank account along to receive money after you have got the loan approval.
- Address proof: Your address proof is among the requirements for your lender.
- Contact number: Your contact number is mandatory to contact your money provider. So you need to provide it as well.
Can I get a R500 loan with bad credit?
Yes, you can get a small R500 with your bad credit to eliminate certain expenses with some trustable lenders. Since your bad credit score is globally not accepted because this leaves a wrong impression on lending institutions to help you further. On the other side, some online lenders like us accept your bad credit and offer you the funds to meet your temporary needs.
Can I apply online for R500 payday loan with no credit check?
Yes, you may qualify for an R500 payday loan with no credit check. Usually, payday lenders see your employment, income, and ability to repay the loan. It means your past credit score isn’t a problem to qualify for an R500 payday loan.
Today in South Arica, more and more people are turning down loans from banks, even if they have a good credit score. Banks and other conventional financial institutions are only interested in lending money to people with healthy credit files, superior credit scores, and a substantial savings history.
Unfortunately, many South Africans do not fulfill such conditions, especially during today’s dire economic tremors. If you have rough patches in your credit history, payday loans with no credit check are the option that suits you.
How long do I have to repay R500 loan?
An R500 loan is based on a short period of 1 to 2 weeks, so that you will need more time for repayment. Once you have used the funds, you must repay them as soon as your payday arrives.
Since R500 loans are short-term and small, they are offered at high-interest rates. It is recommended to repay your loan on the due date; otherwise, it attracts late payment penalties and fees.
Can I get a R500 loan with no guarantor?
Yes, it is possible to get a 500 loan without a guarantor. Usually, a guarantor is a person who takes full responsibility for making repayment of your loan if you default. Since R500 loans are small enough and the risk of lending is minimal, adding a guarantor is not required.
However, adding a guarantor can increase your chances of securing an R500 loan at lower interest rates.
Why should I only take a R500 loan from a direct lender?
There are many valid reasons responsible for taking out an R500 loan from direct lenders only rather than any banking institution. Maximum people apply for any financial services from financial institutions having some expectations.
But they don’t stand on fulfilling their expectations, but some reliable direct lenders have proved themselves in their favor.
Top 5 reasons to apply for a R500 loan from direct lender:
- No fee: They have no fee to charge you initially; you have to pay only interest rates during loan repayment.
- Everything online: You will have everything online, from filling out an application to receiving the money in your bank account without going anywhere physically.
- Fast approval: You will have fast approval in a few minutes, only receiving a notification on your phone.
- Fewer requirements: You will have standard requirements to carry along with the maximum possibility of getting loan approval and funds.
- Flexibility: Direct lenders are willing to work with you at your convenience because their main motive is to help you as quickly as possible.
Will applying for a loan affect my credit score?
No, applying for any loan won’t affect your credit score. It only happens when you stop making loan payments or lending institutions have imposed hard credit checks.
When facing a hard credit check, not making your loan payments on time can affect your credit negatively.
Although, some direct lenders do a soft credit check only where some recent payments are checked before fund-releasing.
Can I borrow more than R500?
Yes, you can borrow more than R500 up to R5000 or more. But you should check out your needs. Then, you can justify how much you will need the money. Since this type of loan is very expensive, you should borrow the loan amount you can afford for repayment.
Your current income is something that you should check out, too, before you take out the specific loan amount. And most importantly, you can’t go for the higher amount having a bad credit score with traditional lending institutions.
What can I use the R500 loan for?
An R500 loan is beneficial for handling various expenses that occasionally surprise you during your cash shortage. These types of expenses force people to take steps that might not be suitable for them.
Beyond that, there is a solution to deal with those types of expenses, whether you have cash availability or not. But you can surely fix your emergencies with the help of this kind of funding solution.
Common uses of R500 loan:
- Grocery bills: You can pay groceries with such funds during your cash shortage.
- Medical bills: You can pay off the medical bills of any patient in your family by using this type of fund.
- Fixing wall cracks: You can fix the wall cracks of your home by using this money that spoils the beauty of your home.
- Accidental cases: You can handle accidental cases using a loan that requires money on the spot.
- Rent payment: Your rent payment date and payday date may differ, so you can use this money to pay your rent too.
Apply for R500 Loan in South Africa today!
Applying does NOT affect your credit score!