Payday loan approval for those unforeseen cash emergencies.
Emergencies aren’t always welcomed by Capetonians since easy and smooth flowing is the general tone with which most scenarios are handled. However, as we all know, the unexpected does not discriminate and can land up in anyone’s daily life. Payday loan approval in Cape Town comes in handy at this point. If your budget is sound, but can’t cater to the problem you’re faced with financially, then it’s time to consider applying for this loan type.
There are so many things to consider when one takes out a loan for the first time. Or if it’s not your first rodeo where loans are concerned, you might still not be au fait with the nature of quick loan approval such as with payday loans. It’s important that you educate yourself on the options, fees and nature of terms with this handy little loan.
What are the qualifying criteria?
Getting approval for a payday loan in Cape Town is very simple when you tick all the boxes. The boxes are simple. You have to be older than 18 years of age and be a valid citizen of South Africa. You should also be employed and have a working contact number. If you’re concerned about your bad debt or credit history, there’s no need. Payday loans don’t undergo thorough credit checks, which means you’re safe for obtaining approval in this regard. It’s the affordability that matters most.
Are there fees involved when applying for this loan type?
Yes and no. Most lenders don’t charge any fees for these types of loans, however, the ones that do might have a lower interest rate attached to their loans. It’s important to remember quick cash loans with shorter terms come with higher than average interest rates. This is due to the fact that they need to turn a profit on these loans and since the repayment term is a one-month cycle, they make their money on the interest. It’s also an unsecured loan, therefore the risk is high for the lender.
In understanding how lenders charge, the best thing you can do for yourself is researching the quick loan approval options out there. Cape Town has a lot to offer, both online and in store when it comes to payday loans.
The application process to obtain loan approval
When it comes the time to apply, make sure to have all your ducks in a row as well your documents handy. There are banks and companies where you can walk in, queue for assistance and apply for a loan the traditional way. The alternative is to apply online through an online application. We recommend the latter, since it’s an emergency that you are in quick funds are likely what you’re after. There is no quicker way to receive cash than online, of course. By filling in your personal details and uploading a few simple documents such as a utility bill, recent payslip and in some cases a bank statement, you can get your application submitted and your personal loan approval granted in the shortest time possible.
At this stage, all you need to do is wait, but not for long. While you’re off making yourself a cup of tea, a consultant is closely perusing through your documents and information to quickly determine an outcome of your loan application. If all goes well, you could have feedback just in time for your return from the kitchen.
If it’s approved, you can expect to have funds available in your account within 24 hours. Payday loans are not dissimilar to bad credit loan approvals since good credit is not typically a requirement. For a paperless and completed online application, that is pretty fast! It’s been known that certain applications have seen funds paid into the designated account the same day when one applies early enough in the day.
The repayment structure is quite simple in that the total amount is debited from your bank account at the very next payday. This amount is the capital amount borrowed plus the interest as per your agreement for the loan.