R1,000 loan: total cost and repayment

A R1,000 loan is usually a payday or short-term loan repaid over 1 to 3 months. With the NCR maximums (5% interest per month on a first loan, an initiation fee of up to R165 for R1,000, plus a monthly service fee), expect to repay somewhere between about R1,260 over one month and R1,500 over three months. Repaying sooner saves interest and service fees.

What lenders check

• Monthly income and payday
• Current debt repayments
• Credit record

Documents you'll need

• ID document
• Latest payslip or 3 months' bank statements

Watch out for

• Choose the shortest term you can afford.
• Check the pre-agreement quote shows every fee.
• Avoid taking a new loan to repay this one.

Can I repay a R1,000 loan early?

Yes. The National Credit Act lets you settle early and you should not pay future interest.

What if I miss the repayment?

Default fees and collection costs apply and it harms your credit record. Contact the lender before the due date.

Do I need a payslip?

Bank statements showing regular income are often enough for this amount.

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