3 Ways to Identify a Credible Online Payday Lender in South Africa

July 11, 2019

Online lending has become a viable option for many people nowadays, as it is usually more convenient and straightforward, which means you’ll get the cash you need easily. However, one thing you always have to keep in mind when you’re looking for an online lender is their credibility and suitability. Since there are so many options in the market, you need to know which ones you can trust so you can get the best deals for your payday loans. Here are three ways you can identify a good online lender:

  1. Look for Low Payday Loan Fees

Of course, when we talk about payday loans, the most important thing you need to keep in mind is the loan fees. Payday loans are easy to take out, as you only need a checking account and consistent income to apply for one. That said, the biggest difference between a payday loan and other types of loans is that if you get a payday loan, you will have to pay what you owe at once. If you can’t, then you will have to pay the fees again, which is why you should look for a payday loan with the lowest fee possible.

  1. Check Their Credentials

As mentioned, credibility is one of the most essential qualifications of a lender. You never want to work with a lender that doesn’t follow the rules, as that can come back to harm you in many ways. They can charge you absurd interest rates, and you will have no choice but to comply with their terms. Even if you pay all of the instalments on time, you won’t be able to add it to your credit scores. For this reason, it’s imperative that you check their qualifications to avoid putting yourself in this position in the first place.

  1. Check Their Cybersecurity Measures

One thing that you need to check for when you’re looking for an online lender is their cybersecurity measures. You want to make sure that you are protected throughout the process, so it’s imperative that you do some research to find out about what the lender is doing to protect your interests. Since you will have to put some sensitive information on their website to apply for a loan, the last thing that you want is for your data to be stolen by a hacker.

Remember: Be Honest During the Application Process 

When you’re applying for an online loan, you need to make sure that you are honest in all of the documents you file. If the lender finds out that you use inaccurate records in your application, they are likely to reject it. Even if you can somehow take out that loan, you might eventually end up not being able to pay it off at the end of the day. Therefore, it’s always better for you to be as honest as possible to avoid putting yourself at risk. If you’re looking to take out a payday loan in South Africa, Hoopla Loans is your best option. Get in touch with us today to see how we can help.