A First-Timer’s Guide to Payday Advance Loans – What to Know

February 06, 2020

There may come a time that you will need access to immediate financial assistance. A few years back, it is so much to difficult to get a loan approved fast. But today, there are several options South African borrowers can turn to.

One of the fastest and easiest ways to get a certain amount of cash that you need is called “take out financing.” However, it lasts far longer than other options, effectively making you pay more than double what you borrowed. 

On the other hand, other loans require borrowers to repay what they borrow as quick as possible. So paying back becomes a challenge if you’re still in need of quick money but don’t have the means to pay back until your next payday? 

Well, there’s one solution to that—a payday advance loan.

What is a Payday Advance Loan? 

Whether it’s to pay for a repair, put some food on the table, or to take care of a few bills, a payday advance loan is the best option for someone waiting in agony for their next paycheck. Payday advance loans in South Africa provide borrowers with the necessary support that they need to take care of any unexpected expenses. However, there are a few myths that prevent many people from taking advantage of payday advance loans. 

Myth #1:Payday advance loans require too much documentation

On the contrary, payday advance loans only require three to five documents, making it much easier to apply as compared to other types of loans. 

Myth #2: Payday advance loans are complicated

When it comes to the entire process of applying for a payday advance loan, everything can be done within 30 minutes to an hour. Some approvals only take as little as five minutes.

Myth #3: Payday loans are expensive to apply for

Compared to other types of loans, payday advance loans have a relatively lower interest rate, making them perfect for anyone struggling financially. 

The Benefits of Getting a Payday Advance Loan 

Payday advance loans are regarded as one of the best loan options that anybody in financial need can seek for a variety of reasons. Here are a few benefits that South African borrowers can enjoy:

  • Payday advance loans are highly-regulated for a borrower’s safety 

Compared to other forms of quick loans that are only semi-legal through their terms and establishment, providers of payday advance loans are fully regulated. The regulation ensures the protection of every borrower, canceling out the possibility of fraud, exorbitant rates, and the like. 

  •  Payday advance loan interest rates are kept low

One of the greatest benefits that one can enjoy when taking out a payday advance loan is that the interest rates of cash loans are kept as low as possible so that they are much easier to pay back. With a lower interest rate, borrowers don’t have to risk their hopes of achieving financial stability over the sake of seeking assistance when needed. 

  • Payday advance loans are much more convenient to get with the help of technology

Over the past few years, the process of applying for a payday advance loan has become much easier due to the advent of technology. Today, various lenders offer payday loans over the internet. They facilitate borrowing and lending processes in 30 minutes or less, cutting out the inconvenient experience of waiting in line at the bank. 

Payday advance loans are an excellent way for South African borrowers to attain financial assistance, especially when your next payday is still far away. Every payday advance loan is designed and developed with the borrower in mind, so keep this option in mind the next time you need immediate cash.

If you’re in South Africa and are looking for a payday loan, get in touch with Hoopla Loans today! We’re happy to help.