Personal loans
See the whole cost first. Then decide.
Most lending in South Africa asks you to apply before it tells you the price. WynkPay does it the other way round: put in what you need and what you earn, and the app returns the full quotation — every fee, the annual cost rate, and each instalment with its date — before there is anything to accept.
Apply for a loan
The National Credit Act requires us to know who you are and what you can afford before we quote. Fill this in and the full cost appears immediately — every fee, the annual cost rate, and what you repay in total.
Your quotation
Fill in the form and the full cost appears here — every fee, the annual cost rate, and what you repay in total.
- What you can ask for
- R1 000 – R50 000
- Over how long
- 3 – 36 months
- When you see the cost
- Before you apply
A registered credit provider
WynkPay (Pty) Ltd, company registration 2016/409836/07, is a registered credit provider with the National Credit Regulator, NCRCP17266. A loan from WynkPay is a credit agreement under the National Credit Act 34 of 2005. Affordability is assessed before any offer is made, the Regulation 42, 43 and 44 fee caps are applied, and the annual cost rate is disclosed on every quotation — including the ones below.
A worked example, if you would rather just read one
What R5 000 over six months actually costs
Produced by the same pricing the app uses. Nothing here is illustrative — it is the quotation that account would be shown.
- You receive
- R5 000.00
- Initiation fee
- R649.75
- Monthly service fee
- R69.00
- Interest rate
- 25.40% a year
- Six monthly payments of
- R1 081.60
- Total you repay
- R6 489.60
- Annual cost rate
- 151.84%
The annual cost rate is everything the loan costs — interest and every fee — as one yearly figure. It is high on a small, short loan because the initiation fee is close to a fixed amount, so it weighs far more on R5 000 than on R50 000. It is the number to compare against any other credit you are offered, and it is why this page shows it rather than quoting a monthly instalment on its own.
Both ends
The cost of credit, across every loan we would write
Cost of credit is the total you repay less the amount you received, as a share of what you received. It is not the same as the annual cost rate — a short loan can have a small total cost and a large annual rate, because the rate annualises a few weeks. Both are given, at both ends, because either one on its own can mislead.
- Least
- 7.31% of the amount borrowed
- The cheapest shape
- R50 000 over 3 months — an annual cost rate of 53.13%
- Most
- 319.60% of the amount borrowed
- The dearest shape
- R1 000 over 36 months — an annual cost rate of 265.99%
A small loan taken over a long term is the most expensive thing on this page by a wide margin, because the monthly service fee is charged for every one of those months and the initiation fee barely moves with size. Borrowing R1 000 over three years means repaying about R4 200. If you can take less time, take less time — there is no early settlement penalty.
How it works
Four steps, and you can stop after the third.
Tell us what you need
The amount, the term, what it is for, and what you earn and already pay out each month. Four fields and a credit-check agreement that starts unticked.
Get a quotation, not a decision to chase
The affordability assessment runs against the money that actually moves through your wallet, not only what you typed. If it comes back approved you get the full pre-agreement quotation immediately.
Read the whole cost
Initiation fee, monthly service fee, interest rate, the annual cost rate, the total you repay, and all of the instalment dates. On one screen, above the button.
Accept, and it is in your wallet
Nothing moves until you accept. When you do, the money lands in your WynkPay wallet and the repayment schedule is fixed — the same figures you were shown.
What you should know
Before you borrow anything, from anyone.
- A loan from WynkPay is a credit agreement under the National Credit Act 34 of 2005.
- Affordability is assessed before any offer is made, and an application can be declined.
- Missing a payment costs you more and is reported to the credit bureaux.
- Fees are capped by Regulations 42, 43 and 44 of the Act and are quoted inclusive of VAT.
- You may settle early at any time without penalty.