In the past, you would have to go from one financial institution to another in order to get a payday loan. But now, there are online lending companies that make the process faster and easier. The online lender will ask you a few questions about your income so they can assess your creditworthiness. This information is used to decide how much money they will lend you and for what period of time.
Are Online Payday Loans Quick?
In the past, you had to take a bus or taxi to get to a lender. The next step is to locate supporting documents such as proof of address, bank statements and payslips. These documents will need to be printed and submitted to the lender to verify and access your loan request. The process could take several days before you get your money.
You can apply for a loan with Lime24 Loans and get your money the next day. You can even submit all of your documents 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: