4 Things You Need To Know About Payday Loans – What to Know

February 06, 2020

The financial aid industry has grown exponentially over the past few decades, coming from a once-taboo option that could only be applied for in secret to a part of everyday life. Getting financial aid has become so common that you probably hear it over a conversation on the bus, at the grocery, during work hours, or on the TV and radio every day. 

From housing loans to sub-prime mortgages, financial aid comes in various forms that cater to all types of purposes, whether or not they’re specified. One particular form of financial aid, however, has taken the industry by storm and is currently a crowd favorite amongst those in need: payday loans. 

Defining payday loans

Payday loans are one of the most sought-after financial aid options on the market today that function on the sole purpose of lending money for necessities and emergencies. Payday loans take their namesake from the fact that lenders collect payment on these loans during a borrower’s payday. 

What to know about payday loans

Payday loans are regarded as one of the best financial aid options available, but it’s status as a relatively-new option still leaves many borrowers in doubt. If you’re planning on getting a quick cash payday loan to sort a need out right away, here are a few things you should know about it before you fill out the necessary paperwork: 

1.Payday loans aren’t difficult to qualify for

The majority of lenders that give out payday loans aren’t as uptight with their qualification requirements as one might expect, especially nowadays, where anyone can be reached easily via the web. In most cases, all it takes to qualify for a payday loan is your address information, contact details, salary payment dates, and your employment details! 

2. Payday loans can be found online

Compared to other types of financial aid that require you to show up at the bank or an office and wait in line for hours, the majority of payday loans can be found online at your disposal. 

3. Payday loans have quick application processes

Payday loans are also highly sought after because of the duration of the entire financing process. As of late, a significant percentage of people who take out payday loans are granted financing in as little as five minutes and get the principal amount shortly thereafter. These factors have made payday loans an even more convenient option. 

4. Payday loans can be rolled over to the next month in dire situations

Most people tend to approach the concept of taking out a payday loan with much hesitation out of fear that they may be penalized for not being able to pay on time. The truth, however, is that this isn’t always the case for most payday loan lenders. Payday loans are an apt choice for anyone who is in need of financial assistance because they can be rolled over to the next payday if the person is unable to pay when the payment is due. 

Through the use of a payday loan, anybody who is struggling to make it from paycheck to paycheck can assure themselves with some much-needed financial support at a lower cost. These are only a few of the most vital things that you need to know about payday loans, so make sure to ask your lender as much as possible to know more about the loan option you’re about to take. 

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