Everything You Need to Know About Payday Loans: A Guide

January 21, 2021
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Several individuals are hesitant about taking out payday loans due to their past experiences with loaning. However, if you reach out to reputable lenders that provide payday loans within the bounds of the law, you can benefit from them. For instance, securing them can help you deal with unexpected financial problems or paying late bills. To learn more about everything you need to know about this type of loan, use this article as your guide.

What Are Payday Loans?

Payday loans are designed to provide you with small cash amounts over a short time, usually for one to six months. It is ideal when you have a relatively low credit score and need extra funds to deal with a short-term financial emergency, cover unexpected costs, or handle other situations that require immediate financial relief. Take note that you are only allowed to borrow only small amounts depending on your credit profile.

What Are the Benefits of Fast Payday Loans?

By getting approved for fast payday loans, you can take advantage of super-fast loan decisions and next-day fund transfers. You can also complete the entire loan application process over your smartphone, then get your cash in hand for emergency expenses right away.

Short-term emergency cash needs can pop up at any time. Whether you have an urgent appliance breakdown or unexpected medical expenses, you can apply for a fast payday loan and use your cash in any way you wish. However, it’s best to use it only for emergency purposes. 

Using this loan type may not be your best option for vacation trips, luxury purchases, entertainment, or credit repayment. It’s recommended to utilize it for emergencies to help you get better control over your finances.

How Can I Apply for Online Payday Loans?

You can apply for online payday loans by completing a short application online. After filling out the loan request form and your application got approved, you get connected to your lender. 

To secure online payday loans in South Africa, you can apply through our website. All you need to apply for payday advance loans is to meet the following criteria:

  • You must be over 18 years of age
  • You are a South African resident and citizen
  • You are permanently employed
  • You earn a monthly income of five thousand rands or more
  • You are not currently under debt review
  • You agree to a credit check

How Fast Can I Get a Payday Loan?

The standard for getting a payday loan is typically one business day, which excludes weekends and holidays when banks are closed. It is also possible to get the cash you need on the same day. Processing cash highly depends on your bank’s ability to complete fast transactions.

Meanwhile, when you choose us to secure fast online loans in South Africa, you are assured that you can secure a payday loan within minutes using our high-tech systems. Best of all, we don’t charge any fees for application. While some lenders may take up to four days, you could usually have your money within a few minutes as soon as your loan application is approved.


Financial troubles can come your way without any warning. If you are unprepared for such bad situations, applying for fast payday loans may be your best option. They can serve as fast solutions, provide you with speed and convenience, and help you settle personal credit without hassle. Remember the important information in this guide so you can benefit from this loan type to the fullest.

If you are looking for a way out of your financial difficulties, consider turning to Hoopla Loans. We offer quick online payday loans in South Africa, and they have flexible payment terms and interest rates that can suit your budget. Contact us to learn more about our loan options!