Short-term loans are great.
You might feel as though you have budgeted to the best of your ability when it comes to your finances and saving for that holiday on the side, but as we all know, things come up that have financial demands attached to them.
Not having spare funds to cater to these demands, means tucking into your savings account which eventually will leave your holiday fund shy a few rands when the time comes to pack your bags!
In this particular instance, and many, such as this one, short-term loan approval will suit your financial needs. It provides you with access to a relatively average amount of funds that are required for a once off reason and settled over a short period of time.
If this doesn’t sound like your scenario, then you should consider consulting the lender and ensuring that you are in fact applying for the right product for your financial situation.
In Johannesburg, individuals are living a life where everything is fast and hours are few. A short-term loan will cater to the demands of your lifestyle, by offering you a loan that is simple and fast, in terms of the processing times and turnaround time of receiving the funds into your account!
How much can one borrow?
Since the loan is short-term and unsecured, the amounts aren’t very high. They are higher than payday loans, however and range from up to R4000 for new customers and existing customers can borrow up to R8000. Each lender might have a slight variation on those amounts, it’s up to you to choose the provider that will cater to the amount you need. The terms are generally 6 months to settle the full loan amount and if you settle early, you benefit from saving on interest!
What do I need?
As with any legal and financial commitment, there are a few important documents that will be required for short term or payday loan approval. You’ll need to provide a valid cell phone number, your 13-digit ID number, all of your bank information and the last three month’s proof of income.
How does one apply in Johannesburg for this type of loan?
The moment you have decided to take out a short-term loan in Johannesburg and ascertained that it is the correct loan type for your needs, finding the appropriate lender is in order. The best place to start is online. There is a multitude of lenders available through the web, you simply need to search for the most ideally suited one to offer you the ideal personal loan approval.
When online visiting the webpage of the lender of choice, you’ll mostly find handy tools such as sliding scale calculators. Through the help of this calculator, you can enter the amount you wish to borrow and the number of days you choose to repay the loan over and it will automatically calculate your monthly instalment. This is great for determining your affordability prior to applying since it’s you who knows best whether you can afford the repayment or not.
At this stage simply click “apply now” if you are happy with what you see and you will be taken to a screen where you can enter all of your personal details for a credit check by the consultant on the other end! If everything checks out on your credit profile and the affordability, then you can be sure that your short-term loan approval in Johannesburg will meet all your needs.
Once the loan is approved
After the wave of relief upon receiving your quick loan approval, you can expect payment into your account as soon as possible. You’ll receive confirmation that the funds have been transferred into your bank account. Depending on the bank you’re with will depend on how soon the funds reflect in your account.
Concerns about bad credit?
If you have bad credit it will be taken into account. However, there are a number of other factors that are taken into account which means that you still have a chance at obtaining bad credit loan approval. The more information you provide that works in your favour – i.e. information that will highlight your affordability – the more likely you are to receive approval.