We all have times when money is tight, when we need extra cash when we need money fast. This is when you can consider getting a payday loan! A payday loan in South Africa refers to a short term loan that you take out and will pay back in instalments after payday. In the past, the process of getting a payday loan was slow. However, thanks to technology, online payday loans make the process fast and efficient.
Are Online Payday Loans Quick?
Back in the old days, you would need to catch a taxi or a bus or drive to a lender. You would then have to find supporting documents like proof of address, bank statements, payslips and ID. You would need to print and submit these documents to the lender so they can verify and access your loan request. This process would usually take a few days before you got your money.
However, with quick online payday loans South Africa, the process is much easier and faster. With lenders like Fasta Loans and Mpowa Loans offering same day pay out, you can now apply and receive your money in the same day. And better yet, all your documents can be submitted online.
Can You Get a Online Payday Loan with Bad Credit?
Sometimes we make mistakes, sometimes we forget to pay, other times we can’t afford to pay. While talking to your creditors is the best solution, all these cases can affect your credit score. This score is used by lenders to see if you are to high risk to lend money to.
Lenders in South Africa have to follow strict regulations set out by the National Credit Regulator (NCR). These lenders will access users on both affordability and risk to make sure they are giving loans responsibly.
So, apply with your financials and credit score to see if you qualify. If you credit score is standing in your way, work on ways to increase your credit score. Ooba has an article that lists six easy steps to improve your credit score. Follow these steps, and you will improve your credit score in no time!
Costs in a Online Payday Loan
There are a few costs assisted with online payday loans. These costs are very similar to those your would find in traditional payday loans. These costs include:
- Interest – Interest is charged on the amount you owe.
- Initiation Fees – These are once off fees paid at the start of your loan period.
- Service Fees – These are ongoing fees while you still have the loan facility.
- VAT – VAT is charged on the fees.
Where to Get a Online Payday Loan in South Africa?
Online Payday Loans in South Africa are not incredibly hard to come by. There are many lenders out there who will be able to assist you with getting a short term loan online. But which lenders offer premium service to their customers? We have reviewed some of the lenders and have found the following lenders to offer great service: