Often, we’re under the impression that we have our finances under control and that our budgets are fail proof.
However, as life goes things do come along that demand a bit more than we’re accustomed to having over at the end of the month. Needing money for something unexpected or even expected, however ill budgeted for, can render us feeling a little hopeless with no idea how to come up with the necessary funds.
As a Capetonian, you might find that you’re used to the notion of having order when it comes to your life and business, but when times are tough and cash flow is low, we're all in the same boat. We need money and we need it fast.
Don’t let the pressure get to you, there is a multitude of lenders at your disposal that can offer personal loan approval in Cape Town. Each one is different, albeit not that different, but certainly, enough that one of them will have the best solution to suit your individual financial requirements.
Personal loans are a great way to secure the funds you require for your personal needs. The approval process is simple and you can be sure that you’ll be assisted through every step of the way once you’ve taken the leap!
The loan application process
The first step is to choose an institution or lender that suits the needs for your personal loan. It goes without saying that the lender should be a registered lender since that will give you peace of mind that you are in good hands and only being offered an approval based on what you can afford. Anything more could be dangerous for your wallet and could land you in a serious predicament where you end up in a debt trap.
If you go online and visit the website of the lending company, you will find an overwhelming amount of information where you can find all the answers to your questions pertaining to personal loan approval. What you’ll also find is the application section whereby online application forms are completed in order to get the loan submitted. It’s all very conveniently structured, and after a few minutes of data capturing and document uploading, you can be sure to receive a response within the hour!
Submit your form if you are happy and wait patiently for correspondence from the next available consultant that will be reviewing your credit profile. If everything checks out and you have deemed a good payer with a clean credit record and can afford the monthly repayments, you will receive approval for your loan.
What are the qualifying criteria?
In order to get quick loan approval online you must be a valid citizen of South Africa and be over the age of 18 years old. You will need to have the documents available to furnish the lender proving this. You also need to earn an income and have proof of residence, as well as your bank statements and most recent payslips from your employer.
What are the loan amounts?
Each lender has a varied amount that they are willing to lend, based on the profile of the client. Short term loan approval is designed for people looking to borrow small amounts of money over a short period of time. Personal loans, however, can be anything up to R200, 000, payable over a term of 60 months. The amount you can borrow will always be determined based on your current financial situation, which is assessed through an affordability assessment.
How soon will I receive my money?
You can expect to have the approved funds cleared into your account within 24 hours if you have provided all the correct information in your application. This is a great turnaround time for a loan, especially when the funds are needed in a hurry!
It’s vital to remember that lenders cannot lend you more than you can afford to repay. They have an obligation to only approve payday loans or personal loans of the amount that will ensure repayments are affordable until completion of the loan. Payday loan approval may offer you instant cash however the loan amounts are small and must be paid by your next payday. Repayments are determined by a rate of interest attached to it, as well as the initiation fee or admin fee for drawing up the agreement. Generally, you can pay these fees up front, however, you can also include them in the financed amount.