3 Common Questions About Payday Loans Over The Phone – What to Know

January 16, 2020

Regardless of whether or not you’ve subscribed to a loan service provider, you’re likely going to receive a message or call about a limited time payday loan offer at some point—and frankly, the idea can be rather enticing.

Nowadays, getting a loan in South Africa has become so easy that the application process can be carried out on the phone, making it much easier to get cash right away when you need it. Even those who have never considered taking out a payday loan can be convinced with a simple call or text.

Just like all short-term loans, the process of applying for a payday loan is as easy as breathing, which makes sense as to why you’d get a text or call about a quick application process. The truth about getting a payday loan over the phone, however, is that it’s more of a blessing than it is a temptation, especially when it comes to emergencies that you need to tend to right away. That said, the idea of taking a loan over the phone can seem rather shady, which is why there are so many questions surrounding the concept. Here are three questions you may be asking:

Why did I get a call or text for a payday loan?

Calls or texts for payday loans are usually either made at random or with the help of newsletters or surveys that you may have signed up for or answered in the past. It is worth noting, however, that calls and texts about payday loans are carried out with the intention of offering valuable help and not financial contempt. 

A significant percentage of South Africans that received calls or texts about payday loans over the phone believe that the experience was convenient and came to them at their time of need— most of them were unaware that they needed a payday loan in the first place! 

What do you need to qualify for a payday loan over the phone?

Other than not requiring an in-bank visit, applying for a payday loan over the phone is so easy to the point that you’ll only need to provide these following details: 

  1. Two (2) valid IDs
  2. Proof of income
  3. Your signature
  4. Your employer’s contact details 
  5. Your contact details and home address 
  6. Your bank account number and account details

Aside from the necessary requirements, you’ll also need a stable internet connection as you’re most likely going to have to deal with an online application form towards the end of the process. 

Is it secure to get a payday loan over the phone?

Modern security protocols have made it much easier for South Africans to maintain privacy when taking out a payday loan over the phone (or any other type of loan, for that matter). Most payday loan providers will give you a call after your online application form has been received to confirm that you have applied for a loan and agree to continue. In addition, applying for a payday loan over the phone comes with the requirement of going through an easy-to-read contract that states all the terms and conditions in plain text. 

Payday loans over the phone are the latest development in the financial assistance industry. They are designed to service those in financial need with an easy and quick application process. Should you find yourself on the receiving end of a call or text about a South African payday loan, feel free to get in touch and learn more about how it can help you today!

If you’re looking for payday loans in South Africa, get in touch with us today to see how we can help.