We have been asked this question a few times and we can truly recommend 2 companies that fit the bill in terms of online loans. They offer online loans but they offer different loan products.
The first online loan company is Wonga and they truly have been phenomenal in their growth and service offering since they set up shop in South Africa.
They offer more of an online loan option, whereby people can apply online and they can receive instant notification in terms of loan approval.
The user simply completes the online application form and once the application is approved you can have the funds in your bank account very quickly. The online loans go up to R3000 for first time users and R8000 for existing users.
The second option is Lendico and they offer a totally different product, but still in the loan arena. This is an online p2p platform that connects the investor and the borrower directly.
Anyone can apply online for a loan up to R200 000 and the investors will decide if they want to borrow you the money.
The borrower must give as much as possible information in regards to what the loan is for and if the investor decides to lend the money, the rate is determined and everything is finalised.
This is a great alternative to banks and offer people to apply online for a loan.