What Are Instant Online Payday Loans and How to Apply for One?

Oct 29, 2020
Online Payday Loans

Life is full of surprises. No one will ever know the next thing that will happen to them. That is why it is crucial to have rainy-day savings of at least three to six months worth of your expenses to get you through unforeseen circumstances. Unfortunately, there are cases when these savings might not be enough. That is when quick payday loans can come in and help you.

What Is a Payday Loan?

A payday loan is a short-term loan that you can apply for to get immediate cash, and ideally, you would pay it back on your next payday, depending on the terms of your loan provider. People usually apply for this loan if they need to borrow money quickly for urgent or important cases or to help improve their financial standing for a short period of between one to six months. 

The amount you can get depends on your credit profile, but they are typically small amounts in the range of R100 to R10,000. Some lenders may provide more, but it depends on your situation and financial capability. 

A payday loan is meant to be paid in the shortest time possible, and because they are easy to get, they come with expensive interest rates. 

Its Advantages: Why Consider Payday Loans 

If you need quick money for an emergency, such as for payment on car repairs, medical emergencies, or home repairs, a payday loan can secure you instant cash right when you need it. 

Payday loans are easy to apply for. The process is different for every loan provider, but most of them process applications online. They also do not require other documents from their applicants apart from a filled application form. 

Criteria for Applicants

Before you apply, you need to ensure that you meet the criteria of your loan provider. At Hoopla Loans, here are our measures to ensure you are eligible for payday advance loans:

  • You must be aged 18 years or over
  • You must be a resident and citizen of South Africa
  • You must be a permanent employee
  • You should have an income of at least R5,000 per month
  • You must allow a credit check
  • You must not be under any debt review

If you fit the criteria and are ready to make your loan application, click on this link and fill out the online form.

Some Important Notes to Remember

As mentioned, this loan has a higher interest rate than others, so make sure to borrow only when necessary and only borrow the amount you need. Most importantly, make sure you pay your dues on time. If not, you will end up paying more because of the penalty costs and other fees. Apart from costing you more, failing to pay on time can earn you negative points on your credit score and tarnish your credit profile.

Conclusion

An instant online payday loan is a great way to access quick money for emergencies. Although it is easy and accessible, you should understand all the risks it entails before applying for one. Remember that this loan type requires an immediate payment and comes with a high interest rate. Only use it for paying for urgent matters and not to purchase luxuries or other unnecessary expenses. 

If you are interested in getting quick online payday loans in South Africa, we can help. Hoopla Loans is South Africa’s fastest-growing online loan brokers, helping you secure a loan with flexible payment terms via all-online application processes. Contact us today to learn more about our offers.