4 Practical Expenses for Your Small Payday Loans – What to Know

January 02, 2020

Did you know that the total consumer credit debt sums up to R1.66 trillion in South Africa? Another statistic shows that more than ten million people in South Africa are actually in debt. 

Given the financial circumstance of the country, impacted individuals with financial situations typically resort to different types of loans. When it comes to paying financial liabilities, taking out small payday loans is often seen as a viable solution. Know that this payday loan can be used for various reasons, other than paying your debt. In fact, for some purchases, it’s practical to use a payday loan.

That said, below are four practical expenses that you can cover through your payday loan. Keep on reading to find out more.

1. Daily meals

Financial experts would say that you may come tight with your expenses, but never with food. Food is a basic necessity everyone needs to live and survive. When it comes to taking out a payday loan, food is one of the most popular reasons for many individuals to do so. 

Many individuals use payday loans to fill in the gaps between now and their next paycheck. They need money to buy food and get by until the next payout. For parents, they are more likely to use payday loans for groceries, which is a practical choice. 

2. Medical costs

Cliché as it may seem, but health is wealth. When your health is compromised, you should never take it for granted. This is why it’s worth investing in a small payday loan, especially when your health is on the line. 

You can use the money from your payday loan to buy important medicines, visit a clinic for a check-up, pursue medical tests if recommended by your doctor, or even buy casts, inhalers, and other medical devices, if necessary. Delaying all these just because you don’t have enough funding can be detrimental to your health and can even cost your life.

3. Car expenses

Your car is an indispensable part of your everyday living, whether you use it to go to your office or drive your kids to school. When you start having car issues, this will impact your day-to-day routine. 

Because of this, it makes sense to get a small payday loan to help you cover the cost of repairs. The same is true if your car breaks down, gets a flat tire, or needs to be towed. If you need a car part replaced but are lacking financially, you can resort to a payday loan as well.

4. Computer or phone issues

Today’s technological devices are an integral part of many people’s lives, especially those in South Africa. Your phone is needed to get in touch with the world on a daily basis. The same is true with your computer, laptop, or other devices particularly needed for work. 

When your phone or computer gets busted, it makes sense to get it fixed or seek a new replacement as soon as possible. If you don’t have the financial means, then you can opt for a payday loan so that you can get this device handy. Delaying your plan of investing in this device may compromise your work or day-to-day routine.

The harsh reality in South Africa is that only 23 per cent of individuals are left with enough money at the end of the month. For most South Africans, on the other hand, the chances are that making some purchases or covering some expenses can be quite hard. By applying for a payday loan of up to R8,000, you’ll be able to fulfil your desires and get by financially.

If you are in South Africa and are looking for small payday loans, get in touch with Hoopla Loans today! We are happy to help.