How Long Does It Take To Have A Payday Loan Approved?October 09, 2019
Payday loans have been regarded as the easiest type of loan to attain, often because of their availability through payday advance providers or stores that offer multiple financial services. Payday loans have their “easy to get” status for several reasons, such as the fact that they don’t involve having to surrender collateral, are easy to apply for, and have higher approval rates.
Over the past few years, payday loans in South Africa have taken their “easy to attain” image up a notch with a few convenient add-ons, such as telephone calls and text messages. However, there’s one astounding development for the option that has been taking the loan industry by storm: online payday loans.
Aside from their quick access, online payday loans are known to be much easier to process and carry out, easily becoming a favourable option among South African borrowers. Despite the buzz that has been surrounding online payday loans, there’s one particular question that most people have about them: “how long does it take to have a payday loan approved?”
To better understand just how quick and convenient it is for South Africans to take out an online payday loan is, let’s take a closer look at the approval process:
The standard online payday loan application process
Online payday loans use the latest technological developments that are dedicated to making the application, approval, and granting processes easier and quicker. Nowadays, the entire three-step process usually takes only 10 to 30 minutes.
STEP #1: Finding the right loan provider (30 seconds to one minute)
By typing in “online payday loans” in a search bar, you’ll be able to find a wide selection of loan providers that can cater to your financial needs, each with their own USP and attention-grabbing rates. The selection process is quick, as it only takes a few seconds to compare and spot the right loan provider before clicking the link.
STEP #2: Browsing the website, gathering information, and filling out forms (5 to 10 minutes)
The majority of South African online payday loan websites are well-designed to make navigating through pertinent information much easier, drastically reducing reading time to a minute or two. Once you’ve settled on a type of payday loan, all you need to do is fill out an application form, attach a scanned copy of a valid ID or two, and pass all the necessary requirements.
STEP #3: Reviewing and approving your online payday loan application (5 to 20 minutes)
Once you’ve passed your application form, all you need to do is wait for a few minutes before everything is approved. In as little as five minutes, you’ll be informed on whether or not your loan is approved while subsequently having the money sent straight to your account at your disposal. Yes, loan approval can take as little as five minutes.
One of the greatest advantages that come with online payday loans in South Africa is that their application process is immensely easy and quick. Although most people consider online payday loans due to their lower interest rates, easier approval process, and overall convenience, the speed of the entire process also makes a significant difference.
If you’re looking for a quick and easy option to get money for any type of emergency, consider going for an online payday loan that can suit your needs!
Hoopla Loans offers quick payday loans online in South Africa, get in touch with us to see how we can help!