Rating based on 8 reviews


  • Payday loans up to R5,000
  • Low-interest up to 38%
  • Repayment up to 65 days

In-page navigation

Koodo homepage
Author Koodo. Screenshot of Koodo website.
[Accessed April 14, 2023]

About Koodo

Payday loans can be a godsend when you’re running low on cash and find you need a loan in a hurry.

Koodo offers a user-friendly platform that makes getting paid out within 24 hours of approval easier than ever.

Why alternative lenders have become so popular

There are many advantages to using banks for your financial requirements. They offer security because they’re well established and can provide excellent rates and terms.

But, receiving approval from a traditional financial institution can feel like it takes forever because of the mountains of paperwork and strict requirements attached to it.

Koodo, like most non-traditional lenders, specialises in a specific finance product allowing them to put more effort into their service delivery and cut down on non-essential processes.

Offering online loans enables them to make their products available nationwide to anyone with a phone.

Trusted lenders are NCR accredited

The NCR was created to oversee financial service providers in South Africa and hold them to a code of conduct that protects consumers. If a lender has an NCR accreditation, they follow responsible lending protocols and are bound to approve loans only if a consumer can afford the repayments.

This is why Koodo’s loan applications require you to consent to a credit check and ask for your bank statements. Your credit score will show them how responsible you are with your existing debt and allow them to assess the risk involved and adjust the interest they’ll charge you.

Non-payment carries heavy penalties

Even with these safeguards in place, it’s vital that you only borrow what you can afford to pay back in a single payment. Payday loans are deducted directly from your bank account when you receive your salary. Koodo adds a service fee of R50 plus 5% to your account per month of late payment.

After an additional 60 days, if you still haven’t settled your account, it’ll be handed over to a debt collection agency. This causes long-lasting damage to your credit score and will affect the success of future loan applications.

Koodo Services

Payday loans are a fantastic way to cover the costs of life’s little emergencies.

You can apply for the cash you need quickly online, and because most of the process is automated, the money can be in your account within minutes.

Borrow up to R5,000

Koodo allows you to borrow between R500 and R5,000, regardless of whether you’re a first-time client or not. However, by responsibly using their service, you can build a positive credit relationship with them and gain access to higher credit limits.

The payment terms offered are between 61 and 65 days; this is double the length of what most lenders offer. While it inevitably increases what you pay in interest, the benefit is that you have more time to save up and pad your account. By doing this, you can ease the impact of the loan repayment on your budget.

A break-down of the fees involved

Finding the right payday loan can be a lot like grocery shopping. You can compare the cost of loans offered by various lenders the same way you would compare brands of coffee.

When comparing the price of finance products, the APR accurately represents the overall cost. The Annual Percentage Rate (APR) combines all fees calculated over 12 months.

Koodo offers a maximum APR of 38%. This includes a service fee of R85 and an initiation fee of 15% of your chosen loan amount. They’ll charge you an interest rate based on your credit score. Once the fees are added together, 15% of the total will be added as VAT.

How the renewal process works

Many people turn to renewal if they find themselves unable to repay a loan on the due date for whatever reason.

While this provides a better alternative to simply not making payments, it’s not without issues. One of the significant considerations before taking this route is the lender's terms and conditions for renewal.

Koodo views it as a new loan and may not approve it unless you have a positive payment history with them. If your application is successful, they’ll apply fees and rates on top of the initial agreement, which will significantly increase the new repayment amount.

Koodo – Payday loan

  • Loan Type Payday loans
  • Interest Rate 38%
  • Loan Amount up to R5,000
  • Repayment 61 days to 65 days

Benefits of Koodo

  • 100% online loan application
  • Quick loan approvals
  • Easy payday loan repayment terms

Payday loan calculator

The interest rate of a loan will vary based on your credit score and risk profile.
This payday loan calculator is for illustration purposes only.
The use of this loan calculator is subject to our terms of use.

Get same-day payouts with Koodo payday loans

Whether you need a way to stretch your budget to cover some much-needed self-care or buy a last-minute birthday gift, payday loans have you covered. Get safe, fast, affordable finance in minutes by filling out a quick Koodo application online.

They offer two ways to apply

Your first option is to fill out the online application form, upload your documents, agree to the credit check and submit. The site will process your information, and you’ll receive a notification when your loan is approved.

The second method uses What’s App. Send Koodo a DM with photos of the copies of your documentation, the amount you’d like to borrow, and some basic info. Once your application is approved, they’ll transfer the money into your account within 24 hours.

What you’ll need to apply

The application form allows you to upload your documents to the site. You’ll need a copy of your ID or passport, your latest payslip, and a 3-month bank statement. You must be over 18 and permanently employed.

A loan will only be approved if you have a bank account that reflects your monthly salary. This will be the account that money is paid into and deducted from. Koodo will check your employment status, so double-check the accuracy of the information you provide before applying.

NCR-accredited lenders only approve responsible loans

Lenders use your bank statements and the financial information you provide in your application to assess affordability. By law, they can’t extend a loan to you if it’s clear that you won’t be able to afford the repayment.

Bad credit can, to some extent, be overlooked, though it will still cause lenders to charge you higher interest rates. But the affordability check will determine whether your application can be approved or not. For the best chance of getting approval, borrow only as much as you can comfortably pay back in a single payment.

man holding thumbs up

Koodo is a trusted & reliable provider of payday loans

In our review, Koodo adheres to the compliance criteria in accordance with the National Credit Act, where the granting the loan will not cause financial distress to the consumer.

✅ Koodo is a registered credit provider in South Africa: NCRCP16647

Customer Reviews & Testimonials

November 2022

Koodo came through for me a few months ago when I wasn’t sure how I would get my car running again. The application was easy, they approved the loan with no fuss, and I got paid out within 24 hou...

Brandon K
— George —

February 2023

I will be referring Koodo’s payday loans to everyone I know. Their website was super easy to navigate and transparent about the fees they charge. I’m impressed with how fast things went once I ap...

Barbara N
— Springs —

October 2022

I applied for a payday loan because I forgot my wife’s birthday, and there was no room left for a nice dinner in our budget. They paid out just in time, and my wife was none the wiser. Thank you ...

Richard W
— Franshoek —

Koodo Contact

Physical Address

  • 2nd Floor Dainfern Square, Corner William Nicol Drive & Broad Acres Drive Dainfern 2055 South Africa
  • Get Directions

Opening Hours

  • not available