What to Know When Applying for a Payday Loan in South Africa
January 21, 2021
Today, the payday loan industry remains one of South Africa’s most thriving industries because of how widespread borrowing has become across the country.
Amid COVID-19 and the risk of retrenchments becoming far more prevalent across African industries and sectors, many find themselves in financial hardship that begs to be remedied with effective methods. Whether it’s for someone who overspends or a near-retiree that got a pay cut, the need for financial assistance remains for most people today.
Although getting a loan has become more prevalent in recent years, it is also worth noting that this hasn’t necessarily led to difficulties letting up along the way. In fact, lenders have increased their affordability checking processes to ensure that borrowers do not become overburdened by debt, creating more difficulty in the process of applying for and being granted a loan.
Payday loan application tips for 2021
While every avenue and all available loans have been greatly affected by COVID-19, payday loans—in particular—have proven to be far more difficult to become to apply for. Thankfully, Hoopla Loans’ experience of dealing with clients has allowed us to come up with this helpful list of different tips and tricks that you can use to overcome the challenges brought about by more checks and balances:
Tip #1: Shop around for options
If you want to increase your chances of approval for a payday loan, you must first follow this one vital tip: Shop around!
Considering that South Africa’s payday loan industry has grown beyond expectations, it’s safe to say that you have at least a few dozen options to choose from. In today’s modern era, where most loan transactions are conducted online, you won’t have to worry about being dealt a bad hand because the chances of you not finding a perfect loan are significantly diminished.
Once you understand the need to shop around, you’ll be able to find loan options with certain lenders that are guaranteed to approve your payday loan wherever you apply!
Tip #2: Work on improving your credit score
In today’s age, where lending is far more rigorous than ever, thanks to growing standards, it pays to ensure that you heighten your chances of approval by improving your credit score.
Although it may sound cliché, bumping up your credit score is a proven way to ensure that your chances of approval are sky-high. Here are some guaranteed ways that you can improve your score significantly without running into any other problems that may hamper your application:
- Take out smaller loans (such as online loans provided by Hoopla Loans) to build your credit score
- Reduce or pay off any existing debts
- Pay recurring bills early or on time for a boost
Tip #3: Consult with your agents
Most people overlook this key fact, but the truth is that consulting with your loan agent will make a world of difference in your chances of getting approved for a payday loan. Getting in touch with Hoopla Loans’ team of experts, for instance, will help point you in the right direction because our consultants will shed light on how else you can increase your chances of approval!
Conclusion
When it comes to enjoying the benefits of having a payday loan in South Africa, there’s no doubt that you must start worrying about being approved, especially with higher standards. Through the help of the three key tips mentioned above, you’ll be able to significantly increase your odds and ensure that you won’t ever need to worry about being denied ever again!
Are you looking for an online loan provider in South Africa offering personal 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!