Fast loans, also known as short-term loans, are a type of credit designed to provide you with quick access to cash when you need it most. Unlike traditional loans from banks, fast loans typically offer smaller amounts and shorter repayment periods. Here's what you need to know about fast loans:
| Fast Loan | Traditional Loan | |
| Speed | Decision within 24 hours | Long application process and approval time |
| Accessibility | Less stringent eligibility requirements | Lots of eligibility criteria to meet |
| Flexibility | Smaller borrowing amounts | Usually larger sums of money |
| Convenience | Can be done online | May need to visit a bank |
Speed: Fast loans offer a much faster application process and approval time compared to traditional loans. You can often apply online and receive a decision within 24 hours (subject to approval).
Accessibility: Fast loans typically have less stringent eligibility requirements than traditional loans, making them accessible to a wider range of borrowers.
Flexibility: Loan amounts offered by fast loan providers are usually smaller, allowing you to borrow only what you need for the specific expense.
Convenience: The entire application process for fast loans can be done online, saving you time and effort compared to visiting a bank branch.
Ready to access the cash you need quickly? Mulah makes it simple! Here's a breakdown of our streamlined 7-step process:
1. Choose Your Loan Amount & Term:
Use our handy slider calculator to select the exact amount you need and see your repayment options based on your next payday. Happy with your choices? Click Apply Now to start your online loan application. (Need to adjust the details later? No problem! You can update them throughout the process.)
2. Quick & Easy Online Application:
Fill out the simple online form with the required information. Honesty is key – it speeds things up for everyone! We'll guide you through each step, ensuring a smooth process. Plus, your information is always kept secure, and you only need to fill it out once.
3. Submit Your Documents:
To responsibly manage loans and avoid unnecessary stress for our clients, we require some verification. Simply email your most recent 3 months of bank statements and a clear copy of your ID to [email address removed] or fax them to +27 (86) 599 6280.
4. Fast Credit Check:
Our advanced system will analyse your application and perform a quick credit check based on the information provided. It's almost instant! Take a quick break – we'll have the results waiting for you.
5. Loan Approval Notification:
We'll notify you by SMS and email about your loan approval status. In some cases, depending on credit bureau response times, the process might take a bit longer. Rest assured, we're constantly working to improve our speed and efficiency!
6. Review and Accept the Quote:
If your loan is approved, we'll send you a quote outlining the loan terms, repayment schedule, and any associated fees. Carefully review the details online. If you're happy with everything, simply accept the terms and conditions electronically and return the signed contract.
You have two options for returning the signed contract:
Email: accounts@mulah.co.za Fax: +27 (86) 599 6280 Each quote is valid for 5 days, giving you time to review at your own pace. You can also access your application details through your "My Account" section for reference.
7. Get Your Funds!
Once we receive your signed contract, we'll transfer the approved loan amount directly into your bank account. Now that's what we call fast and convenient!
Mulah makes getting the cash you need quick, easy, and secure. Apply for your fast loan today!
At Mulah, we understand that clarity around loan details is crucial. Interest will be calculated on the average daily outstanding balance, accrued daily and shall not exceed the maximum rate allowed by the National Credit Act 34 of 2005.
You will be charged Interest on the Principal Debt from the date on which the Loan is made until the full Settlement Value is paid to us.
A monthly service fee will be levied and added to the Principal Debt. The amount of this service fee is provided in the Quotation.
Here's a breakdown of what you can expect:
Loan Amounts:
We offer a range of loan amounts to suit your specific needs. You can use our online slider calculator to determine the exact amount you require.
Interest Rates:
We are transparent about our interest rates. The specific rate you receive will be based on your individual circumstances, including your credit score and loan term. However, we won't disclose the exact rates here.
Repayment Terms:
Our loans are designed to be repaid by your next payday, offering a short-term solution for unexpected expenses. The specific repayment term will be clearly outlined in your loan agreement.
Transparency Around Fees:
We believe in upfront and honest communication. There will be fees associated with your loan, and these will be clearly detailed in the loan quote you receive after applying. This will include any origination fees or administration charges.
Getting a Quote:
The fastest way to understand the exact interest rate and fees applicable to your situation is to initiate a loan application. Mulah will present you with a personalised quote outlining all the details before you commit to anything. This ensures you can make an informed decision about borrowing.
At Mulah, we want to empower you with the financial tools you need. Fast loans can be a helpful solution for unexpected expenses, but it's crucial to borrow responsibly.
If you're unsure about your ability to repay a loan, it's best to wait. Mulah is here to help with responsible financial solutions, and that includes encouraging informed borrowing decisions.
When you need a quick financial boost, Mulah stands out as a reliable and convenient option. Here's why choosing Mulah makes sense:
Fast and Easy Application: Our streamlined online application process takes minutes to complete. No need for lengthy visits or complex paperwork.
Quick Decisions: Mulah's advanced system provides near-instant credit checks, allowing you to know your approval status quickly.
Secure Platform: We take your privacy seriously. Mulah utilises a secure platform to protect your personal and financial information.
Transparency You Can Trust: We believe in upfront communication. You'll receive a clear quote outlining loan terms, interest rates, and any fees before you commit.
Competitive Rates: While we can't disclose specific rates here, we strive to offer competitive interest rates within the short-term loan market.
Funds When You Need Them Most: Once approved and your contract is signed, we transfer the loan amount directly into your bank account quickly.
Mulah makes getting the cash you need fast, easy, and secure. We are committed to responsible lending practices and helping you achieve financial well-being.
Q: How quickly can I get a loan?
We try our best to make this process as quick as we can, hence ‘fast loan’. Once your application is approved, your Mulah Loan could take as little as 60 seconds to be paid into your bank account. For the time being our payments are linked to bank hours so the payment period may fluctuate. We're working on making constant, instant availability possible. Watch this space.
Q: What documents do I need to apply?
We will require your latest 3 months' bank statements and a clear copy of your ID document.
What are the eligibility criteria?
Only South African citizens qualify for a Mulah loan. You must have a regular income and bank account into which your salary is deposited monthly. Oh, and you must be over the age of 21.
What are the interest rates and fees?
Please see our fast loans interest rates and fees page here.
Q: How can I repay my loan?
You can choose the amount you would like to loan as well as when you would like to pay it back within the 32-day repayment period. Always in time for that next paycheck.
Q: What happens if I can't repay my loan?
Please contact us as soon as possible if you are going to default on a payment so that we can discuss your situation and work on a mutually beneficial outcome. Call +27 (87) 237 7010 or email us at info@mulah.co.za.