Frequently Asked Questions
1. What is a payday loan?
A payday loan is a short-term loan designed to help you cover urgent expenses until your next payday. It’s typically repaid in full (plus fees) on your next salary date.
2. How much can I borrow?
Loan amounts vary depending on your income and affordability, but we offer amounts typically between R500 – R4,000.
3. How quickly can I get the funds?
Once your application is approved and all documents are verified, payment is usually made within the same business day.
4. What are the costs involved?
We are transparent with all fees and interest upfront. Costs include an initiation fee, monthly service fee, and interest as prescribed by the National Credit Act (NCA). There are no hidden charges.
5. Who can apply?
- Be 18 years or older
- Have a South African ID
- Earn a regular monthly income (from formal employment)
- Have a Bank account in your name
6. Can I apply if I am self-employed?
Unfortunately, no. We do not offer loans to self-employed individuals at this stage. A steady monthly income from formal employment is required to assess affordability reliably.
7. Can I apply if I’m under debt review?
No. If you are currently under debt review , we are not legally
allowed to offer you credit. This is to protect you from taking on further debt and to comply with the
National Credit Act (NCA)
8.What documents do I need?
You''ll need:
- A copy of your ID
- Your latest payslip
- The last 3 months bank statements
9. How do I apply?
You can apply online via our website. The process is 100% digital, fast, and user-friendly. We’ll guide you step-by-step.
10. Is there a credit check?
Yes, as required by the National Credit Regulator (NCR). We perform a credit check to ensure the loan is made responsibly by taking your other accounts into consideration.
11. When is my repayment due?
Your loan is typically repaid on your next payday. This will be clearly stated in your agreement before you accept the loan.
12. How do I repay my loan?
Repayment is done via debit order or EFT, depending on your preference. We'll confirm your repayment method during the application.
13. What happens if I can’t repay on time?
If you're struggling, contact us immediately. We’ll work with you to find a solution. Defaulting may lead to additional fees and a negative credit report, so it’s best to talk to us early.
14. Is Protea Loans a registered credit provider?
Yes! We are fully registered with the National Credit Regulator (NCRCP 9500) and comply with all relevant laws including POPIA and the National Credit Act.
15. Is my personal information safe?
Yes, you can settle your loan early without any penalties. In fact, early settlement may reduce the overall interest you pay.
16. How do I contact you?