R1 000 loan
Borrowing R1 000 in South Africa costs a knowable maximum, because the National Credit Act caps every component. Over 2 months at the ceiling for a first loan, R1 000 costs R428 in interest, fees and VAT — a total of R1 428. Your own quote may be lower; it cannot legally be higher.
Lenders that advance R1 000
ordered by what each discloses · how we rank| Lender · NCR registration | Amount | Term | Interest | Basis | Details |
|---|---|---|---|---|---|
| Boodle NCRCP5361 | R500 – R8 000 | 1–6 months | Up to 5%/mo capped | ✓ Lender-confirmed | View details |
| Atlas Finance NCRCP3994 | R500 – R20 000 | 1–9 months | Up to 5%/mo capped | ✓ Lender-confirmed | View details |
| Letsatsi Finance NCRCP895 | R500 – R7 000 | 1–6 months | Up to 5%/mo capped | ✓ Lender-confirmed | View details |
| Wonga NCRCP12875 | Not disclosed | Not disclosed | Up to 5%/mo capped | ✓ Lender-confirmed | View details |
| Lime24 NCRCP8077 | Not disclosed | Not disclosed | Up to 5%/mo capped | ✓ Lender-confirmed | View details |
| FinChoice NCRCP8162 / NCRCP23514 | Not disclosed | Not disclosed | Up to 5%/mo capped | ✓ Lender-confirmed | View details |
| Barko NCRCP1764 | Not disclosed | Not disclosed | Up to 5%/mo capped | ✓ Lender-confirmed | View details |
- Boodle✓ Lender-confirmedNCRCP5361
- Amount
- R500 – R8 000
- Term
- 1–6 months
- Interest
- Up to 5%/mo capped
- Provider
- Boodle (Pty) Ltd
- Atlas Finance✓ Lender-confirmedNCRCP3994
- Amount
- R500 – R20 000
- Term
- 1–9 months
- Interest
- Up to 5%/mo capped
- Provider
- Atlas Finance
- Letsatsi Finance✓ Lender-confirmedNCRCP895
- Amount
- R500 – R7 000
- Term
- 1–6 months
- Interest
- Up to 5%/mo capped
- Provider
- Letsatsi Finance and Loan (Pty) Ltd
- Wonga✓ Lender-confirmedNCRCP12875
- Amount
- Not disclosed
- Term
- Not disclosed
- Interest
- Up to 5%/mo capped
- Provider
- Wonga Online (Pty) Ltd
- Lime24✓ Lender-confirmedNCRCP8077
- Amount
- Not disclosed
- Term
- Not disclosed
- Interest
- Up to 5%/mo capped
- Provider
- Lime Loans South Africa (Pty) Ltd
- FinChoice✓ Lender-confirmedNCRCP8162 / NCRCP23514
- Amount
- Not disclosed
- Term
- Not disclosed
- Interest
- Up to 5%/mo capped
- Provider
- FinChoice Africa Ltd / FinChoice Finance (Pty) Ltd
- Barko✓ Lender-confirmedNCRCP1764
- Amount
- Not disclosed
- Term
- Not disclosed
- Interest
- Up to 5%/mo capped
- Provider
- Barko Financial Services (Pty) Ltd
Listed because the amount falls inside each provider’s published range. Whether you are approved for it depends on the affordability assessment. Last checked 10 August 2026. ZarCash may earn a commission when you apply through a partner — it never changes this order. Affiliate disclosure
What it costs — work it out
Set the amount and the term and see the instalment and the total repayable, with every fee the National Credit Act allows and VAT included. An estimate at the legal maximum — not a quote, and not an offer.
Rates and fees use the NCA caps for short-term credit agreements: interest 5%/month (3% repeat), initiation fee R165 + 10% of the amount over R1 000 (max R1 050), service fee R60/month, VAT 15% on fees.
| Principal — what you receive | R3 000 |
|---|---|
| Interest (5%/mo × 3 months) | R450 |
| Initiation fee | R365 |
| Service fee (3 × R60) | R180 |
| VAT on fees (15%) | R82 |
| Total cost of credit | R1 077 |
Check these three things before you sign — here or anywhere
- The lender’s NCRCP number is published on its own site, and it checks out in the National Credit Regulator’s register.
- The pre-agreement quote breaks out the total cost of credit: interest, initiation fee, service fee and VAT — as one figure you can compare.
- Nobody asks you for an upfront “release fee”. A registered credit provider never charges you before it pays out.
R1 000 at each term, at the legal maximum
Calculated at the National Credit Act maximums for a first short-term loan. An illustration of the ceiling — not a quote, and not an offer.
| Term | Interest | Fees + VAT | Total repayable | Monthly instalment |
|---|---|---|---|---|
| 1 month | R50 | R259 | R1 309 | R1 309 |
| 2 months | R100 | R328 | R1 428 | R714 |
| 3 months | R150 | R397 | R1 547 | R516 |
Interest on short-term credit is charged on the full R1 000 for every month of the term, not on a reducing balance. That is why the total climbs faster than the instalment falls.
What R1 000 over 1 month actually costs
At the NCA maximum for a first short-term loan (5% a month). An illustration, not a quote.
| Line | Amount |
|---|---|
| Amount borrowed | R1 000 |
| Interest (5% × 1 month) | R50 |
| Initiation fee | R165 |
| Service fee (R60 × 1) | R60 |
| VAT on fees (15%) | R34 |
| Total you repay | R1 309 |
| Monthly instalment | R1 309 |
Cost of credit: R309 on R1 000 borrowed. Figures are calculated at the statutory maximum — your own quote may be cheaper, and must be shown to you in full before you sign.
What the National Credit Act allows a lender to charge
Maximums for short-term credit under the National Credit Act 34 of 2005. A registered lender may charge less — never more.
| Charge | Legal maximum | How it works |
|---|---|---|
| Interest — first loan | 5% per month | Applies to your first short-term loan in a calendar year. |
| Interest — repeat loan | 3% per month | Applies to further short-term loans taken in the same calendar year. |
| Initiation fee | R165 + 10% above R1 000, capped at R1 050 | Charged once, on the amount you borrow. Excludes VAT. |
| Service fee | R60 per month | Charged monthly for the life of the loan. Excludes VAT. |
| VAT | 15% on the fees | Added to the initiation and service fees — not to interest. |
Fee caps are published excluding VAT. With 15% VAT a R1 050 initiation fee costs you R1 207,50 and a R60 service fee costs R69 a month. Always compare the VAT-inclusive figure on your pre-agreement quote.
What R1 000 actually costs
R1 000 sits exactly on the initiation fee boundary. Up to R1 000 the fee is a flat R165 before VAT; above it, an extra 10% applies to every rand of the excess. Borrowing R1 000 rather than R1 100 saves you R10 of fee plus VAT — small, but it is the one point on the scale where the fee steps.
It is also the amount at which two loans versus one starts to matter. Two separate R1 000 loans carry two initiation fees; a single R2 000 loan carries one. If you know you will need both, one loan is materially cheaper.
Related
Sources and last checked
- National Credit Act 34 of 2005 and its regulations — Government, as at 10 August 2026.
- National Credit Regulator — register of credit providers — Regulator, as at 10 August 2026.
Page last checked 10 August 2026. Statutory caps and lender terms change — confirm anything you intend to rely on with the provider or the National Credit Regulator. Found something wrong? Tell us and we will correct it.