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Payday loans can sometimes be the right answer for a difficult cash flow problem. A payday loan (also called a cash-advance loan) is a short-term loan that you take against your next paycheque. Payday loans offer a flexible way of raising quick liquid cash to attend to emergencies.
Applying for a Payday Loan
One of the benefits of a payday loan is that it comes with very little paperwork or requirements. As long as the payday loan office has your income information and basic data, you essentially just sign over your next paycheque(s) to cover the amount of the loan. To qualify for a payday loan, you will need to have a bank account, an email address, and be over the age of 18. There are quite a few options in South Africa to consider when deciding which payday loan service to select. Most payday loan services offer immediate electronic transfers directly to your bank account upon approval. This can take anywhere from a few hours to 48 hours. Even though most companies have walk-in storefronts, the easiest way to apply for a payday loan in South Africa is via an online lending service.
Applying for a payday loan online is easy. A few of the more popular sites come with user-friendly platforms that offer useful guidance. These sites have tools that you can use to establish how much cash you need and for how long. They also clearly display the interest you will be charged and the amount you will be required to pay back. Some payday loan sites have a maximum borrowing limit of R2 500 and a maximum borrowing time of 45 days. Others offer a maximum of R1 000 for the first loan. The average interest rate for payday loans, however, ranges between 20 per cent and 30 per cent over the life of the loan, depending on the total loan amount.
If you are faced with a sudden emergency, and need a quick influx of cash, a cash advance loan may be a useful solution. There are many short-term loan programmes that can help, so there is no need to worry. All you'll need to do is find a payday loan service, fill out a quick application, have it approved, and the money will be wired to your bank account.