Payday Loans: Are They Really Worth Applying For?
January 07, 2021
For any South African, the experience of running into tight financial situations is something that is encountered at least a handful of times in a lifetime.
Whether it’s over a medical emergency that needs to be mitigated right away or a sudden opportunity that requires a bit more funding, the need for extra cash can come sooner or later. Unfortunately, this type of situation can pop up regardless of how tedious your financial planning is because there are some moments wherein expenses can pile up and zero you out before the end of the month. Depending on how you manage the situation, you can ask for cash from family or sell a few unnecessary items to help you get by for a short while.
Thankfully, payday loans are a solution to any financial predicament that doesn’t require selling items that you don’t want to part with so that you can cruise smoothly until payday.
A clear definition of payday loans
In recent years, much light has been shed on payday loans and their power to make a difference in dire situations that South Africans face nearly every day. Although there is already much to praise about this form of financial assistance, many potential borrowers still overlook the opportunity at hand because they don’t know enough about it. Fortunately, knowing the exact definition of the term can help clear the air of uncertainty.
Payday loans are short-term unsecured loans designed and structured to easily provide quick access to money (which is often in smaller, personal amounts) to cover for a specific period. Compared to other forms of financial assistance, these loans have a shorter repayment time frame of a week or two, just in time for the next payday to come around.
What is the true cost of a payday loan?
Often, many South Africans forego the opportunity to get a payday loan because they hold a certain degree of uncertainty over whether or not it is a feasible decision to make in the long run. Yet, the costs aren’t as “extreme” as most people expect!
Although their interest costs may be higher because of the shortened period involved in both repayment and granting, these loans even out to a much smaller total cost because repayment is prolonged. When you compare a financial assistance option from Hoopla Loans with a standard non-payday loan, you’ll notice that you can end up paying an exponentially-larger amount. Without the additional months and compounded interest rates and accompanying administration fees, you can end up with a far lower borrowing cost!
Should you get a payday loan?
If you find yourself in a tight spot with a few more days to go until your payday, then it’s safe to say that a payday loan from Hoopla Loans is the best option for you. With a shorter repayment period, reasonable interest cost, easy application process, quick approval, and minimized fees, this financial assistance is an excellent option that won’t pose many difficulties!
Conclusion
Finding yourself in a tight situation wherein you’re strapped for cash can easily prove to be a rather difficult experience because of how stressful it can be. Thankfully, you won’t need to go to great lengths to get proper funding in case you find yourself in a tough stretch until payday because a payday loan can easily help!
Are you in need of an online loan provider in South Africa offering payday loans that you can manage and use to handle your financial needs? We’ve got you covered. Check out our website to apply for a loan today!