The Challenge of Finding the Right Payday Direct Lender – What to KnowJanuary 16, 2020
Direct payday loans are touted as one of the quickest and most convenient ways for South Africans to acquire funding in the case of a financial emergency. Whether you need to pay for a flat tire, a medical emergency, or a birthday party, direct payday loans are the best option if you’re short on cash and have nowhere else to go.
Over the past few decades, the entire experience of getting a direct payday loan, receiving it, and paying it off has become significantly easier. Where it might have taken days, receiving a direct payday loan is now possible within a couple of hours! The process of finding the right South African direct lender, however, is something different altogether. Keep reading to learn more about why finding a suitable match can be a challenge.
Why every payday direct lender isn’t the same
It is essential to take into consideration the fact that not every payday direct lender is the same. Some are easy to work with but have high rates, some have low rates but are hard to work with, and others are easy to work with and have low rates but come with a compromise.
Every type of payday direct lender has an internal system that allows them to assess certain situations and applications from hundreds of applicants. The variation in their algorithm means that every payday direct lender has slightly different requirements for a direct payday loan. As a result, it is harder for those seeking loans to know exactly what to expect.
The struggle of finding the right lender for your needs
Unfortunately, there is a certain level of inconvenience that comes along with opting for a direct payday loan. The process of applying and receiving the loan itself is simple, but you’ll have to start with finding the right direct payday lender to work with.
Often, payday direct lenders insist on learning everything about a candidate’s financial profile even if they promise to “accept applicants with low credit scores.” They will try to find out if you work full-time, how likely you are to pay your loan back, and how much money you earned last year. Should you fall short of their expectations, you may be asked to provide some form of collateral. If you have a reliable income and a proven ability to pay loans back, however, you may be able to avail of lower interest rates and more flexible payback terms.
With regard to the law, there are some parts of South Africa that do not permit payday direct lending operations, which adds a certain level of difficulty to the entire process. If your area does not permit payday direct loans, then you may have to look in surrounding areas that do permit the operation so that you can still service your needs.
In spite of the generally convenient nature of direct payday loans, there may be a few difficulties that could possibly come about while you find a lender to work with. By forming realistic expectations about the process, however, you will find that it’s a breeze!
If you’re looking for a direct lender of online loans in South Africa, get in touch with us today! We’re happy to help.