Quick Online Payday Loans South Africa

Quick Online Payday Loans South Africa

Payday Loans Online South Africa

Getting quick online payday loans in South Africa is a relatively quick & easy process for most people.

The reason it’s so easy to get online payday loans with no credit check & instant approval in South Africa is that they are short term loans, usually paid back at month end.

Therefore, this type of easy payday loan can also be seen as a cash advance on your salary, with the total amount being paid back on payday with interest.

In other words it’s similar to a short term loan, of a few weeks, that gets repaid to the lender from your salary on payday without any credit checks.

How Much Can You Get With An Easy Payday Loan?

With quick online payday loans in South Africa, you can usually borrow anything from R500 up to R2,500.

The money will usually be paid into your account within 24 hours.

Do I Qualify For Online Payday Loans in South Africa?

The minimum requirements to qualify for an easy payday loan are the following;

  • You must earn a fixed salary or a regular income of a certain amount (usually a minimum of R3,000 per month)
  • Must be employed on a permanent basis or at least for 3 consecutive months
  • You must be at least 18 years old
  • You must have a bank account in good standing into which your payday loan can be transferred electronically – no cash is handed over to the applicant

Emergency Payday Advance Loans Can Be a Blessing

Being able to access quick online payday loans are such a godsend when you need emergency cash to pay an unexpected expense.

So if you’ve been hit with an unexpected medical emergency cost, or a vehicle breakdown that needs to be fixed quickly for you to get to work, emergency payday loans can provide relief.

In these cases the emergency payday advance will get your money paid into your account quickly so that you can attend to your financial crisis without delay.

Only Access Payday Loans Online For Emergencies

  • Having quick access to an easy payday loan can tempt anyone into getting cash paid out for non-essential expenses.
    Therefore, to avoid unnecessary debt, you should not opt for payday advance loans for needs that are not essential.
  • Furthermore, this type of emergency funding is expensive and should not be used irresponsibly as it can increase your debt burden very quickly.
  • It’s advisable to build up an emergency fund, in an interest bearing account, that you can use for unexpected expenses rather than take on extra debt by way of quick payday loans.
  • Like most online personal loans in South Africa, an easy payday loan will come at a relatively high interest rate which will make your principal debt higher than you would like..

Easy Access To Payday Loans Causing Major Debt Issues Amoung Young People In South Africa

Just to prove the point about payday loans being so easily accessible, it was reported on the Fin24 website that there is a dramatic increase in the use of payday loans amoung young people in South Africa(25-39 age group) which is being noted by debt counsellors.

They went on to say that payday loans in South Africa make up the vast majority (67%) of credit agreements in the 25-39 age group among the clients of DebtBusters and Consumer Debt Help (IDM group).

This is a worrying trend that should be taken as a warning to anyone who sees getting a payday loan as a quick & easy way out of their financial debt.

The cost of getting a payday loan could unexpectedly plunge any irresponsible applicant into financial distressing situation & a cycle of never ending debt.

Payday Loan FAQs…

What Is a Payday Loan and How Does It Work

Conclusion On Online Payday Loans South Africa

Whilst easy access to online payday loans do have their obvious benefits, the temptation to getting easy cash could prove too much for some leading to financial ruin.

Therefore only use them if you have a final notice or to avoid a judgement which could harm your credit worthiness.

Never be tempted into getting an easy payday loan for a new cellphone or some shiny new toy as it will only add to your debt.

Lastly, if you have to go this route, only deal with reputable payday loan lenders who are registered with the NCR.

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