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Everyone has different financial requirements, and so there are various loan options made available to suit the needs of each applicant. Whether you’re looking to afford life cover or paying the excess on your insurance claim, payday loans are readily waiting to assist you.

Payday loans are relatively new to South Africans. Find the information provided below to help you fully understand the process and details of payday loans.

What Are Payday Loans?

Payday loans are short term loans that serve as cash resources for short term financial emergencies. These loans, including cash advances, can be used as short term loans to help you pay for balances due or take you through to your next payday.

Payday loans provide small amounts of cash for financial relief over the short term, typically for 1 to 6 months. Depending on your credit profile, loaners, or lenders, typically lend amounts between R100 to R4000.

How do Payday Loans Work?

A Payday loan permits you to borrow the amount of short term cash in question through a quick and easy application – from a payday lender. These loans are to be paid back as early to reduce the cost of interest.

These loans allow customers to require customers to repay the loan on their payday. Take a look at some information on payday loans.

Compare Quick Online Payday Loans South Africa

Payday loan providers, or payday lenders, offer approval within a short period. Before finding a provider online in South Africa, it’s vital for prospective clients to compare offers available and to calculate repayments.

Comparing offers can help applicants work out how much money they can borrow and how much they would need to repay.

You can apply for payday loans from a vast array of private lenders. Regardless of whether you have a bad credit history or are in debt, you can apply for a payday loan provided; you can show proof of income and employment.

FASTA

FASTA offers consumers a payment method for their online and in-store shopping purchases using instant credit. With fully-automated technology, customers can receive credit and their same day loans, in under 3 minutes.

Loans are granted within a strict compliance platform and following the NCA regulations. With FASTA you can apply from almost anywhere with a phone, tablet, laptop, or desktop.

FASTA provides new automated payment channels and instant loans for customers to purchase goods.

To apply for online loans South Africa for instant approval click here!

Requirements:

• South African ID number
• A cell phone number
• South African bank account
• Over 18 years old

Lime Loans South Africa

Lime24 South Africa aims to help connect customers with opportunities with a lending platform. It’s an online lending service that has been created to help provide people with digital solutions to borrow money across South Africa.

With a combination of a world-class team and top-notch technology, you can experience a seamless process when applying for loans, 100% online.

Lime24 online service is owned by a larger holiday company Lime Loans South Africa (Pty) Ltd.  Helping customers manage their financial affairs efficiently and securely.

Requirements:

• South African ID number
• A cell phone number
• South African bank account

To apply for instant payday Lime Loans click here.

Why Choose Payday Loans?

With the cost of living in South Africa so steep, and poverty levels on the rise, South Africans are finding themselves in a financial crisis. Many are in search of quick cash such as payday loans. As the name itself suggests, these small loans lent out to clients with the expectation to be repaid with their next paycheck.

Being classified as ‘short term loans’, these loans are perfect for resolving small cash shortages while you wait for your salary at the end of the month.

How Much Will It Cost To Repay Your Payday Loan?

Generally, when you’re applying for a payday loan, you will need to pay an establishment fee of around 20% of the loan amount. In some cases, not all,  you will need to repay a 4% interest rate per month.

When you are thinking of applying or about to apply for a payday loan, you should understand and read the terms and conditions of your loan carefully, before signing up. It’s crucial you understand and are knowledgeable about interest rates and penalty fees you will be charged.

Minimum Requirements To Get Payday Loans

To qualify for a payday loan in South Africa, you must meet the following requirements:

• Over 18 years of age
• South African citizen
• Must have a bank account
• Have permanent employment
• Not currently under debt review
• Agree to a credit check

Payday Loans Are Easily Available

Payday loans take every precaution to ensure customers receive their loans safely and correctly. The goal of lending money is to help people when they are in need. Payday loans are:

Flexible

Payday loans offer a quick and straightforward application process.

Once you have filled out the application and receive final online loan approval, your funds will be transferred to you as an instant payday loan.

Direct

Loans are paid out directly to customers through the website of the lender. Going directly means you will avoid potential broker fees or the middleman. Choosing the direct approach reduces the risk of miscommunication as lending facts presented when you apply.

Online

You can apply over any device that is connected to the internet. The entire process is 100% online. You will not have to fax any documentation or need to go into the offices to collect your money.

Fees For Payday Loans Online South Africa

Every loan comes with certain fee requirements and charges. These, sometimes, include:

• Service fees
• Interest fees
• VAT fees levied by the government on cash loans
• Initiation fees for handling the processes of the loan

Get Financial Relief

Applying for a short term credit loan is not only fast and simple but can be done at a branch or online. You would be receiving interim cash to cover you for a set period.

Your loan can be as brief as a couple of days or as long as a couple of months. It depends on the amount you need and what you’re likely to qualify for determines the amount you will receive.

An online payday loan application is an efficient and convenient process, where clients don’t have to line up at a branch or sit through exhausting credit checks. Payday loans are a quick cash solution for those who need money urgently.

Find your payday loan online –  paperless payday loans when you need them.