P
Loans
Payday Loan
Quick cash for emergencies, due back on your next payday. Usually R2,000 to R8,000. The interest is hectic — 60% annual sometimes. Use it once, never get stuck in the cycle. Regulated by the NCR but still rough.
Usage Examples
"Nomsa's salary hits Woolworths on the 25th but a Checkers shop bill came in on the 20th. She got a R3,000 payday loan from Boodle, paid R450 interest. Sorted until payday, then repaid everything."
"Mpho took a payday loan from Wonga for R2,500 because his transport broke. Cost him R600 in fees. The annual interest rate was 72% — but he only needed it for 2 weeks, so the total damage wasn't bad."
"Thandi learned the hard way. She took a payday loan and couldn't repay on payday, so she rolled it over. That R1,500 payday loan became R2,100, then R2,700, then she was gatvol. Now she uses her emergency fund or asks family."