What You Need to Know Before Applying for a Payday Loan SA

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There are plenty of payday loans in South Africa (SA). And the similarities are that payday loans are quick cash in your pocket for your short term needs. And better yet if it’s an online payday loan provider that means an even more instant online cash loan.

Within minutes and without having to leave the comforts of your home or deal in endless paper work or queues as the application process is paperless. And if approved in no time the money will be in your account.

If you’re 18 years of age, SA resident, have an active SA bank account, a valid email address and cell phone. And a regular income then you can usually apply for these types of loans.

Payday loans can range anywhere from a minimum amount of R500 or less. It can be for that bit of money that you may need for let’s say petrol for instance to tie you over until your next payday. Or even slightly higher amounts from the get go of say R2 500 is what you can expect as the industry standard amount you can receive for a payday loan.

But usually those payday loan providers who provide a much higher starting lending amount. Wonderful as that may seem. Be careful as this can make it an expensive option due to the interest charged on its repayment window.

Other added amounts that payday loans providers charge are a daily interest rate plus an initiation or set-up fee. Therefore it’s important to understand the impact of charges and interest rate that come with selecting your repayment date. Select your repayment date carefully and select a day where you know that the money due will be available in your account.

And usually you should have your answer within 24-48 hours whilst the payday loan provider teams consider your application. Some Payday providers won’t even disqualify you for your bad credit rating.

If you are looking for a good payday loan provider, click here.

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