Answers to the Most Common Questions About Payday Loans

Sometimes in life we need some extra cash. Payday loans online in South Africa can offer easy and affordable loans that can help you get the cash you need. These lenders follow strict guidelines set out by the National Credit Regulator about responsible lending. The lenders look at your affordbaility and credit history to determine if you qualify for the loan.

Here are some common questions people ask about Payday Loans in South Africa:

Are payday loans expensive?

Payday loans are a type of unsecured loan, meaning you do not need to provide collateral. This is risky for a lender and thus they charge higher interest than other types if loans. However, providers like Mpowa try to make these fees as affordable as possible.

Who is the best payday loans online?

The best provider really depends on your needs. However, Mpowa Loans have been praised for their fast and affordable nature.

Are payday loans a bad idea?

Taking out a loan is a commitment and you must look at why you need the loan in the first place. However, the loans if used responsibly are not bad. Read more about personal finance on Once A Week.

Which payday loan gives the most money?

Lime24 Loans offers up to R5400 over a period of up to 7 weeks. This is dependent on your credit score.

When do payday loans work?

Payday loans work well in helping bridge cash flow issues arising from unexpected events, such as a car break down or a funeral.

How many payday loans can I have at once?

There is no theoretical limit, provided you can afford the repayment. However, it is advised to keep your loan number as low as possible.

Will payday loans help my credit?

Payday loans add to your credit history and report. If you pay back on time and never miss a payment, this can help improve your credit score.

Who does payday loans?

There are many payday loan providers to choose from. Mpowa Loans is a good choice if you are wanting fast and efficient service.

Can payday loans build your credit?

Payday loans add to your credit history and report. If you pay back on time and never miss a payment, this can help improve your credit score.

Are payday loans easy to pay back?

Lenders in South Africa follow strict guidelines setout by the National Credit Regulator. This guides them into assessing if you can afford to pay back the loan or not. When presented with a loan agreement make sure to look at the information and repayment amount and see if it will fit into your budget.

Do payday loans affect credit score?

Yes! Payday loans add to your credit score and credit history. If you pay back on time and never default, this can help improve your credit score. Read more about credit scores here.

Why payday loans are good?

Payday loans, when used responsibly, can be a great form of bridging finance to help when unexpected expenses occur.

What payday loans are legit?

Mpowa Loans and Lime24 are both registered loan providers and are regulated by the NCR.

How much is payday loan interest?

Your interest rate varies depending on your risk factor. The more risk the higher the interest rate.

How many payday loans can you have?

There is no theoretical limit, provided you can afford the repayment. However, it is advised to keep your loan number as low as possible.

Which payday loans are the best?

The best provider really depends on your needs. However, Mpowa Loans have been praised for their fast and affordable nature.

Do payday loans build credit?

Yes! Payday loans add to your credit score and credit history. If you pay back on time and never default, this can help improve your credit score. Read more about credit scores here.

How many payday loans can you have at once?

There is no theoretical limit, provided you can afford the repayment. However, it is advised to keep your loan number as low as possible.