How Can Same-Day Loans Help You? – What to Know

Oct 03, 2019

Financial hardship is a situation that nobody ever wants to go through, but it is a problem that is faced by many people around the world. Unfortunately, in South Africa, financial struggles have become so common that they are regarded as a normal part of every citizen’s life, leading to loan applications being likened to breathing. The continuous borrowing that takes place leads to a vicious cycle that compromises the financial security of its people, alternating between borrowing and paying for most of their lives. 

Factors contributing to the financial struggle of South Africans

Most financial difficulties in South Africa can be traced to struggles related to time, which involve having to take out a loan to pay another loan that was granted previously. Eventually, with this continuous cycle, a certain percentage of the South African nation becomes buried in an inescapable lifetime of debt. However, one particular type of loan aims to provide a certain level of relief from financial blunders: same-day loans. 

Same-day loans are widely preferred among South Africans, offering people of various financial backgrounds the opportunity to give their financial situations a boost while providing security. Although a general practice of financial independence and control is continuously promoted by various firms in South Africa, the demand for loans has yet diminished—which is where same-day loans can help.

The benefits of same-day loans

Commonly offered in regular instalment and flexible payment options, same-day loans generate the opportunity to pay off essential expenses without relying on credit scores. Cutting out the aspect of credit scores allows people to protect their financial standing without causing themselves for problems, offering the option to use collateral as a requirement instead. To better understand how they can help with the financial struggles that South Africans face, here are a few noteworthy benefits that same-day loans provide:

 

Greater financial discipline:

Most same-day loans only permit having no more than two outstanding loans at one time, forcing a borrower to foster financial discipline to stay afloat and become eligible to borrow again.

 

Immediate granting of a loan:

Same-day loans are called as such for the exact reason that they’re given so quickly within a day through optimized application and approval processes. 

 

Short-term demands are fulfilled with ease:

A common catalyst for financial struggles is that short-term demands are paid for with long-term loans with excess amounts. However, with a same-day loan, short-term demands can be fulfilled through exact amounts at lower interest rates are easier to pay off. 

With easy payment methods, quick processing periods, and the ability to cater to short-term or minor needs, same-day loans can be used as an easy solution that can help anyone in financial difficulties. Long gone are the days of having to deal with difficult payment periods and complex policies, as same-day loans provide an alternative that is beneficial for the borrower more than it is to the lender. Although they may only be used to provide short-term solutions, same-day loans can be used as a catalyst for long-term optimal financial health. 

If you’re in South Africa and want to take out a same-day payday loan at affordable rates, feel free to contact Hoopla Loans today to see what we can do for you!