How Short-Term Loans Can Help When You’re in Need of Quick Cash – What to Know
February 20, 2020Whether it’s a dental problem, costly moving process, or an emergency that calls for an instant cash remedy, there are certain times in life where you might be tight for money and need financial assistance. Out of all the different ways you can take care of your financial emergencies, however, there’s one solution that can get you the funding you need and sent to your account quickly: short term loans.
An overview of short term loans
For the last decade, short term loans have established themselves as the most sought-after form of financial assistance in South Africa thanks to their easy application processes and quick granting periods. Regardless of whether it’s for a car accident or a quick emergency trip, short-term loans can provide a much-needed financial boost and work wonders without any major drawbacks or risks.
What are short-term money loans?
Short term money loans, to put them simply, are a form of financial assistance that provides those in need with a small principal for any purpose they may need it for which can be borrowed and repaid in a short timeframe.
As opposed to other types of loans, short-term money loans are approved and granted in a shorter amount of time as the smaller maximum principal amounts allow lenders to ease up their protocol for loan approval processes. This simpler process instantly cuts out the notoriety of intimidating scrutiny from lenders. Thanks to easier application requirements and faster granting periods, short-term money loans have surpassed other forms of financial assistance in South Africa with regard to overall demand.
Aside from being easy to avail of and readily available all throughout South Africa, short-term money loans are also perfect for anyone who doesn’t have the financial means to cope with increasingly-strict requirements and are still in need of help. Most short-term money loan options run on shorter loan payment cycles that are 30 days long on average that can be easily repaid once payday comes along. Additionally, they are more practical because they can be set according to:
- The total amount of credit that a borrower needs (no minimum, maximum, or fixed principal amounts—guaranteed)
- The capability of a borrower to afford certain repayment levels according to their financial capability
“What do I need in order to avail of a short-term money loan?”
Given the fact that credit scores are not paramount for short-term money loan requirements, the standards for acquiring the loan are actually lenient and all boil down to the following qualifying factors:
- A valid South African citizenship
- A valid South African identification document (such as a birth certificate or identification card)
- A certification that the applicant is over 18-years-old
- A valid cellphone number
- A validated or legitimate bank account with an associated bank
Final words
Part of the South African way of life is running into certain situations that call for an intervention courtesy of financial assistance, and short-term money loans are guaranteed to be the best form of help available on the market. If you’ve been looking to get yourself out of a tight financial situation with the help of a short-term money loan, get in touch with one of South Africa’s foremost lending institutions over at Hoopla Loans today!