Emergency Payday Loans South Africa
Getting emergency payday loans South Africa is a relatively quick & easy process for most people.
The reason for being able to get these paperless payday loans with no credit check is that they are secured (in a way) against your salary.
Therefore, these types of bad credit payday loans can also be seen as a cash advance on your salary with will be paid back when your payday rolls around.
In other words it’s similar to a short term loan that gets repaid to the lender from your salary on payday without the lender having to perform a personal credit check on you.
Be Cautious Before Signing Up For Bad Credit Payday Loans
Many payday loan lenders often offer quick money that comes at ridiculously high interest rates which could quickly add to your financial distress.
- Whilst bad credit payday loans can be seen as a quick way to raise some money, please be careful of signing up for loans that come with exorbitant interest rates & fees.
- Some payday lenders have been known to charge in the region of 1000% which is outrageous & can quickly place you in a financially distressing situation.
- Don’t get trapped with compelling advertising & easy access to quick cash that is used by some payday loan lenders to trap consumers in to signing up for loans at sky high costs.
See below for more disadvantages of bad credit payday loans.
Do I Qualify For a Payday Loan?
To qualify for a payday loan you need to meet the following criteria.
- 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
Click Here To Get Your Payday Loan Now »
Benefits Of Payday Loans No Credit Checks
- When you need money in an emergency, it gets paid quickly into your account with no hassle.
- No time spent on doing a personal credit checks which would delay the money getting into your account.
- You will be notified of your loan approval usually by SMS with the details & get instant access to your money.
- This short term emergency payday loan is repaid from your salary on the next payday.
- Paperless payday loans – no paperwork required as your application is all handled online.
- Bad credit applicants are welcome – no credit checks are done.
- Same day payday loan payout – you get your money in your account the same day your application is submitted & approved.
- Your personal financial crisis can be resolved quickly & easily.
Disadvantages Of This Type Of Payday Loan
- Being so easy to access makes this type of cash advance open to abuse & can leave you short of money for the following month once the loan has been deducted from your salary.
- Like any other type of loan there will be a certain amount of interest & fees added to the repayment amount of your short term loan.
- It’s easy to be tempted into getting a cash advance to buy that new shiny gadget or for things that are not really necessary which could place you under financial strain when you really do have an emergency expense.
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.
However, for those who need a short term cash advance or payday loan for an unexpected emergency you can apply here »
Get Your Payday Loan In 3 Easy Steps…
- Click Here To Complete a Simple Online Application »
- Get a quick decision from LoanFinder SA
- Check for the money in your bank account soon after