To get approved for a short-term loan in South Africa is easy and affordable.
Short term loan types have a number of features in common. Typically, short term loans have a shorter repayment term and lower loan amounts compared to long-term loans. The loan requirements for short term loan approval are minimal and depending on your financial needs, there is a short term loan that is best suited for you.
Finding a short-term loan in South Africa
To find a reputable lender in South Africa is not a difficult task if you use a loan comparison site. It allows you access to hundreds of registered, reputable South African lenders that offer quick loan approval online. And you are able to apply online and have your loan approved and transferred within minutes.
Whether you are applying for short-term loan approval in Johannesburg or applying for payday loan approval in Cape Town, applying is easy. Simply apply online! With no paperwork and no hassles, applying for a short-term loan won’t take much of your time and you can simply upload the supporting documents, and have the cash transferred to your account.
What are your short-term loan options?
Overdraft – is a financial product, which is considered a short-term loan. It gives you instant access to cash. Overdrafts are linked to bank accounts, as a result, consumers are required to have a valid bank account that supports an overdraft facility.
Payday loans – are small cash loans that are ideal for financial emergencies or unexpected expenses. The repayment period is usually no longer than six weeks.
Personal loans – are flexible loans that give you the opportunity to spend the money as you wish. Personal loan approval is mostly in the form of unsecured loans however depending on your credit score, and your loan amount it might be required to of you to apply for a secured personal loan. This means your loan is secured with collateral in the form of your assets.
Why are short-term loans popular in SA?
Various types of short term loans
If you are considering applying for a short-term loan, you should know that you have more than one option. From payday loans, credit cards, overdrafts, personal loans and quick cash loans – short-term loans cover it all.
Quick & easy loan application
For quick loan approval time you should apply online. Depending on the loan you are applying for, you should be able to have the cash loan transferred into your bank account on the same day. Ensure you have your supporting documentation readily available to ensure you have your loan approved in the quickest time possible.
Are you facing an emergency expense?
One of the biggest advantages of a short-term loan is that you are able to apply for a loan and have it approved within an hour, which is useful if you are facing an emergency or unexpected expense or repair cost.
Apply for a loan with bad credit in SA
Bad credit loan approval is readily available in South Africa and gives consumers with bad credit access to the financing they require. Bad credit loans are usually secured but relatively easy to apply for.
You can apply for an unsecured short-term loan
Another reason why short term loans are so popular is that you can apply for an unsecured loan, which makes it easy to apply for an you are not required to secure any of your assets against the loan in the event of default on repayment.
Get your short term loan on the same day
If you need cash in a hurry, a short term loan is your best option. Depending on the loan type you should have your loan on the same day without any hassle or fuss.
Choose your repayment term
Additionally, short term loans have flexible repayment terms. This allows you to choose a repayment term that fits your budget.
No long term commitments
Home loans, business loans and personal loans with larger loan amounts require long term commitments. The loan amounts of these loan types are much larger and thus require a longer repayment term. Short term loans do not require a long term commitment from consumers. Depending on the type of short term loan that you choose, your repayment term could be anything from six weeks to 24 months.
Simply apply online for a short-term loan
Getting a short term loan is as easy as applying online. And within no time at all, you can have your loan approved.
General loan requirements for short term loans in SA
When applying for short term loan approval you will generally be required to have the following standard documentation:
- Valid South African ID
- Proof of residence
- Three months’ pay slips / bank statements
The loan requirements are subject to the lender and in some cases other related supporting documentation might be required.
Short term loans offer consumers the most flexibility and you have access to many different loan types depending on your financing needs.