The Benefits of Getting a Payday Loan in South Africa – Our Guide
June 27, 2019Emergencies can happen, and if you don’t have sufficient emergency fund, it can be very stressful to look for ways to fill the financial gap. You can try borrowing from family and friends, but it won’t always end up fruitful.
For financial emergencies, you can consider getting a payday loan. This type of loan offers a quick way for you to get extra funding. A payday loan allows you to use money that’s equivalent to at least a month’s salary. If you’re unsure whether a payday loan will be beneficial to you, let’s take a look at its advantages.
Quick Approval and Disbursement
When you find yourself in a financial emergency, and it can’t wait until your next payday, taking out a payday loan can provide you with a quick solution. Payday loan applications are generally easy and fast. Just walk into a payday loan centre, fill out the necessary forms, and provide required identification, and you can get your borrowed money in no time. Some companies even have online application facilities that let you send your application online, and once your loan is approved, the funds will be deposited to your bank account.
Fewer Requirements
In general, you can take out a payday loan without having to present a credit statement. Even if you may have a less than stellar credit history, you can still be granted a payday loan. Your credit score won’t be taken into consideration when the lender assesses your qualifications. After all, most people who will find themselves needing a payday loan are those who don’t have an established credit score.
It Lets You Save on Late Payment Fees
If you have bills or other dues that need to be paid urgently, a payday loan lets you have money on hand immediately that you can use to pay those bills and obligations. This way, your other bills won’t incur interests and late payment fees. For instance, if you have a credit card bill due date coming up, the money you can get from a payday loan can be used to pay off that bill. We know how ridiculous credit card fees and penalties can get, so paying it off using a lower-interest loan product can help you save some.
It Helps You Maintain Financial Independence
If you wish to maintain financial independence, then utilizing a payday loan to cover immediate financial obligations can help you do that. With a payday loan, you won’t have to ask family or friends for financial assistance. You won’t also have to go through the stress of not being able to pay or cover an urgent financial requirement. As long as you take care of your job and make sure that your source of regular income is stable, you won’t have problems repaying your payday loan.
Payday loans offer a quick and cost-effective way to get out of a tight financial situation. However, you should see to it that you pay it off on time for it to not incur additional fees or interests.
If you’re looking for a payday loan in South Africa, get in touch with us today! We’re happy to help you with your situation.