Payday Loans – Financial stability is what we all strive for. However, more often than not, it seems to be impossible. Along the way of reaching out savings goals, we fall short due to emergencies and other things. In the end, frustration builds up as it becomes more and more difficult to secure the amount of money in our savings accounts.
Financially speaking, loans are used at one point or another in an individual’s lifetime. They, as much as people like to avoid them, are an essential helping hand to financial stability. In the rough patches that are inevitable, a little boost can go a long way.
There are many types of loans, and knowing about as many as you can be extremely helpful in the process of choosing the best loan for you. Payday loans are one of the most popular types of loans. From the name, most people would think that payday loans have something to do with a payday. However, they do not. Let us explore just what payday loans are and why they can be just the help you need in your time of financial needs.
What Are Payday Loans?
A payday loan is also called a cash in advance loan. It also goes by many other synonymous names such as salary loan short term loan, and payday advance. This loan works by a cash advance mechanism which allows the borrower to receive cash upon a prearranged line of credit. In other words, a payday loan is a short-term cash loan that is given to the borrower’s personal check. This means the prospective borrower must have good records in their bank standing and have a steady source of income in order to be approved. This is because the lender uses this information to determine whether or not the borrower will be able to repay the loan.
Other payday loans require no credit check, however, this varies from one lender to another. The borrower is required to write a personal check to the lender on the exact amount borrowed in addition to finance charges fees in order for them to receive cash. In some instances, depending on the lender, the bank may require the borrower to sign over their bank accounts to the bank in order to get their payday loan repaid.
To repay the loan, the borrower can redeem the check he or she wrote to the lender at the beginning of the transaction with cash. On the other hand, if the borrower would like to roll over, or extend, the loan for another period of time, there will be a fee added to the lump sum. As to the amount an individual can borrow in a payday loan, it varies from lender to lender as well as according to legal state jurisdiction where the law applies to banking options.
Instant Payday Loans Online
Given the current trend of banking online, payday loans have also been able to move to this new paperless platform. Consumers can now apply for instant payday loans online without the hassle of visiting the physical office to apply for the loan. Through the designated website, the customer will have access to critical information regarding the loan at hand. This information includes interest rates, the amount of time before repayment, and method of cash transfers.
The customer will likely be asked to relay his or her accurate banking information if applying to a site that requires credit checks. For this reason, it is important to have this information handy when applying. Once your online application has been approved, you will be taken to a review page that takes you through the loan agreement details and you will be asked to sign and agree to the terms of the loan. The convenience of this process is that you are able to track important information regarding your loan right online at your fingertips. You can even apply for another loan or roll over your current loan as easily as with a couple of mouse clicks.
One major worry consumers have about applying for their loan online is safety, and rightly so. Given the current cyber threats, it is good to be cautious about giving out sensitive personal information online. However, credible payday loan sites offer top most consideration to the safety of exchanged data online. For this reason, all data transacted between the user and the website is encoded and kept safe.
Why Should You Consider A Payday Loan?
Life happens when we least expect it, and sometimes, we are not at all ready or well equipped to deal with it. We all run into some sort of emergency that requires an amount of money we do not readily have. In these cases where finances appear to be tight and unable to meet at a happy end without taking out a loan, you need to be smart about which loan you will take out.
A payday loan is great for those quick between payday and low finance demand emergencies. This is because they are time contingent.
If you are able to pay the designated loan on time, you can be sure that you are safe to take out a payday loan.
Depending on your financial ability to repay the loan and how much time you need before you are able to repay, you are able to determine the amount of money you are able to take out.
In this type of loan, the most important factor is your ability to repay. So, if you are sure you will be able to repay the loan in good time, it is the right loan for you. On the other hand, if you are not able to pay the loan by the deadline, there is the rollover option which lets you extend the deadline.
For you, this may be a valuable time for you to recoup your financial standing and rectify any discrepancies. If you are steady and careful with the process, you will have a good experience with your instant payday loans.
Payday loans prove to be a handy tool for many families having poor economic conditions. To apply for these loans is very advantageous for such families or even for individuals. These loans can help you to pay bills and to fulfill your money needs in various emergency situations. As these loans require a little information, so they act as an economic solution for various people around the world. These payday loans provide you certain benefits like you can pay your bills if you apply for these loans which you may not have been able to pay in time.
Advantages Of Payday Loans
One of the major benefits of these loans is that you don’t need to have some sort of credit rating for the approval of the loan. You have to provide some basic information to apply for the loan and then you will get it through a very simple process. You can also apply from your home by filling an online application form. Just you need is a computer and an internet connection and by this, you secure your privacy as no one can steal your personal information.
Disadvantages of Payday Loans
Although there are many advantages associated with the payday loans, there may be some disadvantages which you must consider before applying for the loan. It is important and mandatory for you to assure that you can pay off the loan and the interest which may be included in it within them. If somehow you are not able to pay off the loan in time and ask for the extension, there will be some additional fees that you have to pay.
You can get extension more than one time but each time you ask for an extension, you have to pay its fee. At the end, you may have to pay the company twice the amount given to you as a loan. Definitely, this will not be a good thing for you. One of the reasons for the Downfall of payday loan is the rate of interest which is extremely high. Such interest rate makes these loans difficult to pay off. They are only helpful when you badly need some money or you are in a serious emergency condition.
Under certain circumstances when you are not able to pay off your loan in due time, the amount may be automatically withdrawn from your bank account. But if you don’t have enough money in your bank account to pay off the required amount of loan then the issue may arise. You may be charged some extra fee for having your account deficient in the required amount.
If you take care of the time of payment, you can possibly keep the issue away. While applying for the loan you have to pay special attention to the terms and conditions of the agreement. Usually, the interest rate is 10% – 30%, and if you fail to repay the loan on time, the interest will be doubled for the next payment. The loan repayment plan indicates the duration in which you have to pay the amount back. Normally the maximum time of 30 days is given to repay the loan with interest.
If you are already in debt then you are advised not to avail the payday loan because by this you will be in another debt. One of the conditions for a loan is that you must have a fixed workplace and salary otherwise you are not able to apply for the loan. Another condition is the existence of your bank account. If you don’t have an account you cannot avail the opportunity of getting a loan and your request will not be processed by the lender.
Do You Need A Payday Loan?
Do I need a payday loan? Payday loans are meant for your unexpected expenses that may arise from nowhere. Most people use these loans in certain unusual situations such as car repairs, medical bills or household emergencies. These loans are also called paycheck advances or cash advances. These are basically short-term personal loans which provide you the flexibility to cover your expenses until your next pay comes into your hands. These loans are utilized for urgent cash needs in certain emergency situations. These loans are mostly helpful for low and middle-income families to fulfill their unexpected needs. Sudden emergency situations grab most of the people towards such loans. Most of the individuals are not able to get or borrow money through traditional ways, so they move towards this kind of loans. These loans provide cash even to those people who don’t have good credit. The time frame required for the repayment of loan extends from two weeks to a month.
You can avail a loan of the amount R500 to R1 500 up to R2 500. This amount may vary depending upon the regulations of the country or the loan providing company. Most of these loan providing companies have certain conditions for the borrowers. One such condition is that the borrower must be at least 21 years of age. Some of the facilities provided by these companies include online services by which you can apply online for the loan through the internet. Recent uncertain economic conditions have forced people to get advance loans. Unemployment has caused various financial problems for a common man and most of the people hardly find some means of getting food.
Some people ask this question to brokers. A payday loan is indeed a blessing for those people who don’t have enough money to pay their bills on time. It serves as a great lifesaver for many individuals. The worst situation is when you have an emergency regarding some medical treatment. You cannot delay the treatment but don’t have enough money to pay to the hospital or for the medication. Such emergency situation cannot be ignored in any way.
To avoid such hectic situation people usually tries to apply and avail such types of loans. These loans help a person when he needs money in an emergency situation like car repairing, payment of bills, hospital treatment expenses. If you think to take a loan from a bank, it usually requires certain formalities like filling out various forms and providing a number of personal information.
Contrary to that, when you decide to apply for a payday loan you will not come across such things. You never know when such emergency situation may occur and you immediately need money, so these loans may help you resolving such financial problems. These instant short term loans also have certain limitations. The first and most important thing you must be at least 18 years old to avail this loan. You must be a job holder and have a salary which is provided to you every month. You can enjoy this service only when you are an employee with payday every month.
If you meet these conditions then you can apply for the loan but make sure to use it in a right way. It is better not to use your loan until or unless you have some financial problem like you have to pay the electricity bill or get your car repaired but it will be a bad practice if you use this loan to buy a new electronic device. Taking all these things into consideration, you must be very clear about the time you need to apply for the loan. You must avoid using a loan for the things not much necessary.
How To Apply For A Payday Loan
Getting a payday loan in South Africa is easy and convenient. Your application gets approved in minutes for a loan to pay off emergency expenses before they derail your finances. The lenders try to make the application process fast and easy, enabling consumers of all backgrounds and incomes to obtain cash within 24 hours.
Payday Loans Application
The online application will be forwarded to the lenders that offer a South African payday loan in your area. After the submission your call request we’ll connect you with South African lenders who compete with each other to offer you the best rates. We will ensure that you will receive the full terms of the loan borrowing before you agree to anything, in accordance with the South African regulations. You will be able to review the lenders and accept their rates, or declined with no further obligation. Once the lender’s terms have been accepted, the request funds are deposited directly into your bank account within 24 hours.
No Hidden Fees
“No Hidden Fees” is our motto when trying to assist you in finding the best payday loan lender in your area. The disclosure of all fees upfront is a must and requested from all the South African loan lenders in our network. When you search for a payday loan at our site, you will be presented with a transparent information on all the lenders, their fees, and business practices. It’s worth to note that all the lenders are accredited and follow the correct business conduct when lending the funds to the public. Once again, it is imperative that you know what amount you will be repaid at the end of the term and remember you can cancel the application process at any time you want with no further obligation. Instant Loans SA is not a lender itself and does not charge a fee to use the online resources presented on the website. Your chosen lender will determine their rates and fees.
Fast Cash to Cover Emergencies
We’ve all had those moments when emergency imposed a threat our financial security. These days, even an insignificant debt may grow out of control. For example, should your car break down, it becomes very difficult to get to work, especially in South Africa with the public transport being not that efficient evenly throughout the country. Being able to pay for the car service becomes vitally important in order for you to get back to work and continue earning money to pay off monthly bills and mortgage. There’s probably no easier and faster way to obtain a grand or two than through payday loan lenders in South Africa. And our aim is to try to help you get as much information as you need to choose the right lender in your area.
Ease of Qualification
Getting approved for a payday loan is simple. Usually, the requirements are very similar from lender to lender and go as follows:
- You must be at least 21 years old.
- You need to have a bank account in your name.
- You must have a working email address and phone number.
- You must have a job that you’ve been with for at least 90 days.
- You must be a South African. citizen or permanent resident.