What are the advantages of instant online loans in South Africa?
There is no need to put on your nicest suit and head down to the local bank to request money. The financial industry has expanded, so there are now a lot more micro lending institutions offering instant online loans in South Africa.
Loans are readily available online to eliminate the hassle of applying for a loan. You won’t have to deal with the hassle of too much paperwork and numerous consultants.
Instant online loans are ideal for emergencies. It may take less than an hour to receive the loan pay-out once you have been approved.
The application process is simple and qualifying criteria are not as strict as those of banks.
There’s easier access, so even if you have a lower credit score or if you have no credit history at all you may still qualify.
There is a wide variety of loans from which to choose.
You are free to use the loan amount however you wish. Whether it’s for paying for education costs, for repairs or home renovations, the choice is yours.
You get round-the-clock service, so you can apply at any time and get an instant response.
Applying online saves you time and money, because you don’t have to make any branch visits.
Disadvantages of instant online loans in South Africa:
Fees can be high. Most unsecured instant online loans especially charge significantly high interest rates and fees.
If you default on repayments, it affects your credit record. If you default on a secured loan, you lose your assets or valuable items which you have pledged as collateral.
There may be various unscrupulous lenders. That’s why it’s important to make sure that you find out if the lending institution of your choice is registered with the National Credit Regulator (NCR).