Quick loans are handy when emergencies strike!
At some point in all of our lives, we have felt the strain of needing emergency funds and not having access to them. It’s not always the case that there are people we can call on in these times of need. Lenders understood that and also understood that when people are faced with an emergency, they don’t have the time to sit around waiting for personal loan approval that may or may not come. Nor do they have the time for standing in queues, filling out paperwork and dealing with other red tape that goes along with legal contracts.
Quick cash loans were tailored to meet these simple needs. The needs of obtaining emergency funds in the shortest time possible.
When applying for quick loan approval in Pretoria, it’s vital that individuals understand the process involved. You might think that it’s as easy as receiving a lump sum of money that you can do with as you please without any consequence. While you can do with it whatever you please, one has to be mindful of falling into a debt trap if not careful with your budget once the loan is in your name. Quick loans come with high interest rates as an example and this amount needs to seriously be considered since it can impact the repayment figure in such a way that you might not afford it. Hence, shop around and ensure you are applying with a loan provider that offers a deal to suit your budget.
The process is as quick and simple!
What are the loan requirements?
While quick loans are easy to apply for, there are still a few things required on your end in order to make sure you get your payday loan approval fast. There are minimum requirements for this loan and if you meet them and have all the documents that the lender requires, then you are welcome to apply online on the website of choice! Even those who are blacklisted are welcome to apply, since affordability overrides the credit record with these loans.
Your financial status could be good or it could need some improvement, but no matter the health of your credit record there are some non-negotiable factors. You need to be 18 years or older and earn a monthly income. You’ll also need to provide proof of residence and be a valid South African citizen. It’s obviously imperative that you have a number that you can be reached on as well as an active bank account.
The costs involved
Quick loans are more expensive than your traditional loans and this is a result of the high-interest rate that gets attached to the loan. Shorter loans have higher interest rates due to the costs involved for such a small amount. So, it’s wise to be cognizant of this, as the total monthly instalment amount will determine whether you can afford the loan.
Certain lenders also charge an initiation fee as well as admin fees on their short term loan approvals. These will differ depending on who is handling your loan. Due to the fact that credit checks aren’t performed, it is considered to be a high-risk loan, however, you can offer security if you so wish. This could actually allow for negotiation on the interest rate if you play your cards right.
What is the application process?
It’s really simple as already mentioned. Online applications are the way forward and why would you choose to do it any other way! By applying online, you avoid queues, people, and paperwork. All that’s required is a bit of time and an internet connection and you can have your funds the very same day. Quick loan approval, means fast turnarounds are fundamental to the purpose of taking out this loan, that is why lenders won’t need too much, won’t perform credit checks and will decide quickly whether you qualify and whether you’re approved or not.
As soon as you have completed your details online, submitted your application and heard back from the loan provider, you only need wait for the fastest turnaround time of a mere 24 hours before funds reflect in your account!