apply for small personal loan

Apply for small personal loan

What are small loans?

There are times of need when we can find ourselves in a situation and we need to borrow money quickly. This is when a small loan can come into play. Small loans in South Africa are categorized as short-term loans or payday loans, where a borrower requires a quick cash fix for an emergency expense. Small loans typically range from R100 to R8,000 and can be paid back over a few days or months.


Small loans, or ‘little loans’, are designed to provide a limited sum of loaned credit to tide you over for a short emergency period. With Wonga South Africa, you can borrow up to R4000 for up to 6 months. Returning customers can borrow up to R8000.

When should you apply for a small loan?

You might consider applying for a mini loan when you are faced with a short-term financial emergency, such as the need to make repairs in your home, or to your car. Small loans are not suitable for paying off other debts, as here you would simply be exchanging one form of debt for another. You should also avoid taking out a little loan to meet regular expenditure, as if your income isn’t sufficient to cover your expenditure this month, you need to draft a monthly expense budget which will help you live within your means and cut unnecessary costs.


Wonga South Africa will consider your application for a little loan if you have all of the following:

  • A cellphone number
  • Your SA ID number
  • A valid South African bank account
  • Some form of regular income, and you can provide proof of the amount of this income via a recent payslip or bank statement

Once you have applied, Wonga then will assess your application to ensure you are likely to be able to repay your small loan

A small personal loan can be a quick, convenient option to pay an immediate expense, like a medical bill or car repair, if you don’t have emergency savings or alternative ways to cover the expense. The nonprofit Pew Charitable Trusts says affordable small-dollar loans should have:

  • Monthly payments that are not more than 5% of your monthly income.
  • Fixed monthly payments and no balloon payments.
  • Loan terms between 3 and 12 months.