InstaLoan is a short-term cash lender that does business entirely online. This is very beneficial to South Africans who need cash at odd times of the day and those who live in areas that are distant from lending institutions. The company endeavours to make loan applications simpler and easier so they can provide faster service to borrowers who live all over the country.
InstaLoan is brought to you in partnership with MTN, who has teamed up with global fin-tech admin giant Cash Credit, to provide an online only short term loan offering to its clients. As such, this is exclusively available to MTN clients at this stage.
Using the power of technology, InstaLoan provides an online platform to process loan applications, transfer the loan amount and allow their clients to manage their accounts online. The online application form is simple and easy to understand. InstaLoan offers a short-term cash loan of up to R2, 500, within minutes after loan approval.
InstaLoan is an unsecured loan that is payable for up to 3 months. The loan amount is customisable, and you can choose the amount as well as the repayment period based on your capability to pay. The website has a loan calculator so you can instantly see the amount to be paid based on the loan amount and the payment period. After registering for an account, you must provide personal information and banking details.
You are required to attach your 3 latest bank statements and wait while the company crosschecks the information. Once approved, an email and an SMS will be sent to you. You need to login to the website, provide consent to the arrangements electronically and the company will deposit the cash to your bank account.
InstaLoan follows the National Credit Act eligibility guideline. The borrower must be over 18 years old, have an MTN PDA number, a resident of South Africa, is gainfully employed, and receives a regular monthly salary.