If you are in a cash emergency or facing an unforeseen expense, a payday loan is your perfect cash solution.
Reputable payday loan credit providers in South Africa offer consumers easily obtainable loan approval online, which are intended to assist in financial emergencies.
How can a payday loan help you?
A payday loan is a quick cash loan that gives you access to cash almost immediately. This makes it ideal for cash emergencies or other unexpected expenses such as car repairs. If you have an expense that simply cannot wait, applying for payday loan approval in Nelspruit, Johannesburg or any other major city, is the best possible financial solution.
Payday loans are short-term loans, which have low lending requirements and are repaid within a period of a few weeks. Generally, with your next salary deposit, at which point the payday loan will be repaid in full. You will be required to have a valid SA bank account, in which you your salary is deposited as the repayment of the loan will be deducted immediately after your salary deposit.
When should you consider applying for a payday loan in South Africa?
Are you facing an unexpected medical cost, repair or other related expense? Do you need quick loan approval within minutes? During these times it is best to apply for a payday loan as it is ideal for emergency financing purposes. The loan amount that you qualify for usually depends on your income.
Apply for a payday loan without a credit check in SA
Even if you have bad credit, you could still be approved for a payday loan. Payday loans usually do not require credit checks as the loan amount is directly debited from your nominated bank account, and in one repayment. The lender is thus not running a very high risk and payday loans are therefore easily approved. You can also apply for loan approval for bad credit should you require more money than is offered by payday lenders.
Features of payday loans
Small cash loans
Payday loans are designed for cash emergencies and not for long-term financing purposes. It is a small cash loan, which is available almost immediately.
Easy to apply for
The lending requirements for short-term loan approval are basic and in most cases do not require a credit check, making it the most accessible loan to consumers in South Africa.
Payday loans are short term loans as the total repayment amount is repaid within weeks of receiving it. The repayment amount will be authorised to be debited directly from your bank account. The repayment amount will also include the agreed upon interest that is to be repaid. Payday loans have higher interest rates but are helpful during cash emergencies.
Extended repayment terms
Depending on the lender, consumers might have the option of extended repayment terms.
Find the best payday loan in South Africa
The easiest way to find the best payday loan in SA is to use a comprehensive loan comparison site. It gives you access to all the information you need to make an informed decision. It allows you to navigate through South Africa’s most trusted lenders to compare interest rates, fees, features, benefits and more. You can also make use of loan approval tips and advice online which is typically offered by most lenders.
How to apply for a payday loan
Online loan application gives you access to instant cash. You are able to apply online from anywhere, at any time by simply completing an online loan application form. If any, the supporting documents will be required to be uploaded, and within minutes you are ready to receive the cash loan. If your payday loan is approved, you can have the cash ready to resolve your financial emergencies. Independent and traditional lenders offer payday loans to consumers in South Africa.
To apply for a short term loan you generally require the following:
- Valid SA ID
- 3 months’ payslips
- 3 months’ bank statement
- Valid South African bank account
- The primary requirement is that you earn a salary or steady income
Why makes payday loans a popular financing choice?
Apply with bad credit
Even if you have bad credit you can apply and be approved for a payday loan. A payday loan is probably the most widely accessible loan to South African consumers.
Minimal paperwork to apply
Payday loans are easy to apply for and require minimal paperwork to process. If you are required to submit any paperwork, you can do so via the online loan application, saving you time and hassle.
A payday loan requires only one repayment committed which is scheduled to be repaid with your next salary deposit. Some lenders offer an extended repayment option and you can also opt to seek personal loan approval which offers longer repayment terms. However, this option will accumulate more interest on the principle amount.
No credit check
Some lenders do not require a credit check before approving a payday loan. Compared to other loan types, payday loans are easy to get approval for. Simply apply online and get the cash you need in a few minutes, depending on your credit provider.