How Small Payday Loans Can Help Prevent Unwanted DebtNovember 04, 2020
With South Africa’s total consumer credit debt amounting to an all-time-high of R1.66 trillion, it’s clear that many of the nation’s natives are facing a borrowing problem.
Although the country is already associated with high loan dependency, many continue to borrow for various purposes that relate to different parts of their lives. Whether it’s in the form of an extra cash bump for a birthday party or a dental emergency, the number of reasons that one can take out a loan is nearly endless.
Considering the widespread borrowing climate that is ever-present in South Africa, it’s clear that borrowers must now be careful over why they borrow. However, it also pays to know how to borrow without putting oneself under a mountain of unnecessary debt and terms and conditions, which is where choosing the right borrowing method comes in.
For small payday loans, these modern forms of lending are a solution that over 10 million South Africans with debt can use to gradually make the switch to financial independence.
The power of small payday loans and the two purchases you can use them for
The idea of taking out a small payday loan is one that is commonly seen as the saving grace in situations where the bills need to be paid, but liquidity is a long way away.
For many years, the main issue that forced South Africans into copious amounts of debt is that they ended up settling for excessive principals with high-interest rates on small purchases. Eventually, this results in lots of unwanted debt and tight repayment experiences for a specific amount of lent money that isn’t fully used. Thankfully, small payday loans provide a solution that the average person can use to seek just the right amount of financial assistance when paying smaller-amount items like bills.
However, did you know that you can use these loans for a myriad of other purposes? Here are a few other small purchases that small payday loans can help you with:
1. Car expenses
No matter what car you drive, how you use your vehicle, or where you’re going, experiencing car trouble will always make for an inconvenient experience that can put a hole in your bank account.
Although car issues aren’t necessarily planned to any extent, it pays to ensure that you’re always prepared in the financial sense to take on such issues. From road fines to flat tires and busted parts, a small payday loan can work wonders in keeping you covered to quickly pay off unpredictable expenses with ease.
2. Cellphone and computer upgrades
With technology evolving at unprecedented rates, the latest cellphones and gadgets are becoming more of a need than a want, and our wallets won’t always be equipped to adapt.
Although paying for a new phone or computer every few years can seem like a need that will easily burn a hole in any pocket, taking out a small payday loan mitigates such situations with ease. With the help of a dependable lender that offers favorable terms and interest rates (such as Hoopla Loans), you’ll be equipped with the latest gadgets without breaking a sweat!
If you’re a South African who experiences quite a bit of difficulty with your finances, it’s safe to say that there’s no better time to opt for a small payday loan than today. Through this form of financial assistance, you’ll have the necessary support to take over your smaller financial needs without putting yourself in undesirable situations!
We’re an online loan provider in South Africa that offers personal loans for those needing a credit score boost with a quick and easy process. Check out our website to apply for a loan today!