The Benefits of a Paycheck Loan in South Africa

May 27, 2019

A payday loan is one of the best solutions to resolving a financial emergency. With this loan, you will be able to get quick cash to pay for unexpected expenses or outstanding bills before you receive your salary, allowing you to avoid penalties from late payments. As a payday loan is repaid with your next paycheck, you will only be in debt for only a few weeks. Listed below are some of the greatest benefits of getting a paycheck loan:

Short Waiting Time

When applying for a payday loan, all you need to provide is the required information and you can get your application approved almost instantly. Unlike conventional loans, you do not have to complete any lengthy forms. While it could take a few hours for a lender to transfer the amount to your account, you will still get the money on the same day or the following working day at the latest. If you provide the necessary information fast enough, you may even get your funds as fast as within an hour. As most lenders in the market are striving to work as fast as they can to stay competitive, you can rest assured that the entire process will be simple and quick.

With traditional loans and credit cards, it may take a long time to process. If you have an emergency, you cannot afford to lose any more time waiting to access the funds you need. Even worse, it is not even guaranteed that your application will be approved. However, if you apply for a payday loan, you will get your answer within one hour. This also means that if your request is denied, you can go to another place that offers payday loans right away.

Minimal Required Documents

You can easily apply for a payday loan online, which means that you can get your funds at the comfort of your home or office. There is no need to arrange an appointment with a loan officer or call your lender to get money. By choosing a payday loan over a credit card, you can get your credit in cash, which means that you are not limited to buying goods or pay for services. With the cash from a payday loan, you can spend on anything, from utility bill to car repairs. Moreover, the paperwork required for a payday loan is very minimal. The most important document that you need is proof of your income to ensure that you will be able to pay back the loan. All of the required documents can be faxed quickly in a matter of minutes.

Not Too Many Requirements

There are only a few requirements when it comes to getting a payday loan. Again, the most crucial requirement of all is having a stable source of income. If your income is consistent and can be verified, then there should be no problem in getting your loan approved by a lender. While most conventional loans require collateral, a payday loan does not. A checking account and registration as a permanent resident in your area are also required.

Moreover, you need to be over eighteen years old in order to get a payday loan. One of the best benefits of a payday loan is that your credit score will not determine whether or not your application is approved. This means that you can get a payday loan even with a low credit score. In other words, your past mistakes will not restrict you from getting the financial help that you need.

Hoopla Loans provides Paycheck Loans in South Africa – get in touch today to see how we can help improve your situation.