A South African’s Guide to Short-Term Money Loans – What to Know
January 02, 2020Short-term loans have become one of the most sought-after solutions to funding any emergency. Regardless of whether it’s a car accident, medical emergency, personal obligation, or a travel expense, a short-term loan can act as a miracle that you can count on.
In spite of the fact that they’re one of the best financial assistance alternatives on the market right now, short-term loans are still quite unknown among many South Africans who may eventually need it sooner or later. If you’ve been trying to find the quickest form of financial assistance but don’t have enough knowledge about short-term loans, we’ve got you covered with this guide.
What is a short-term money loan?
Short-term money loans, to put it simply, are a form of financial assistance whose main selling proposition lies in its namesake: It’s widely available and gives money within short periods of time and can be paid in short periods.
As opposed to other forms of financial assistance available in South Africa, short-term money loans have become the go-to option because their loan approval protocol is far less strict and is easier to work with for any borrower. Instead of waiting days to weeks at a time for a minimal financial loan from a commercial bank, you’ll only have to wait a day to go through the entire approval, processing, and granting phases of a short-term loan.
How to qualify for a short-term money loan?
Just like any other form of financial assistance, a short-term money loan comes with several requirements that must be fulfilled if you want to be approved. These include the following:
- You need to be a citizen of South Africa
- You have a valid South African identification document
- You must be over 18 years old
- You have a valid bank account
- You have a working cell phone number
As long as you have all of these requirements and follow a loan provider’s instructions carefully, then it’s safe to assume that you’ll be granted your applied amount in a heartbeat.
How do short-term money loans work?
A short-term money loan works on the premise of awarding a loan principal in record time by going through the application, processing, and approval phases as fast as possible. Terms and conditions often include the following:
- A monthly repayment that is not more than five percent of your monthly income
- A fixed monthly payment that does not inflate with the interest rate
- No balloon payments
- Loan terms of a period ranging from three to 12 months
All of these standard terms and conditions must appear in your loan contract because they are there to protect every borrower from falling victim to an unscrupulous lender that’s solely after their money and possessions.
Short-term money loans are one of the most effective financial assistance solutions that South Africans all over the country can use to overcome any type of emergency that requires cash to be resolved. If you are in need of a short-term loan from the most reliable lenders in South Africa, get in touch with Hoopla Loans today.