Instant loans in South Africa have never been easier to apply for. With innovative means and quick response times, the processes are easier, the approval time is extremely fast and without having to stand in long queues at the bank, you can have access to quick cash in minutes.
Instant loans are now available through registered credit providers as well as well-known banking industries at the click of a button without leaving the comfort of your home. All you need is a good credit rating, an identity number and a bank account. However, bad credit loans are on the rise, so even if you have a not so perfect credit score, you are still approved as a borrower.
The options are endless
Payday loans, private loans, instant cash pay-outs, we are spoilt for choice with the pool of cash available. So, what is the differentiator of the loans available to South Africans, and what are the processes to follow when applying for cash?
Pay day loans are usually offered in smaller amounts from around R500 to R3,000. The amounts are kept to a minimum, as the provider needs a guarantee that he will receive the money back, with interest, after a tight time frame of usually 30 days.
Most payday loan companies offer an online calculator or sliding scale. This enables the borrower to work out exactly how much they want to borrow and how much they would have to pay back. For example, if you are borrowing R3,000, your interest and fees will be approximately R597 and your total repayment amount will be R3597, payable in full on your next salary pay date.
Most instant loan websites are user friendly. By clicking on the prompts and step by step processes, you can decide how much you want to lend, over which period of time. To encourage borrowers, there are cash referral awards and ranking incentives through certain lenders, encouraging lenders to spread the word. Instant loans and payday loans are easy and hassle free and hardly ever require documentation from the borrower.
Personal loans are offered through banks with stricter rules
Although still easily approved and simple processes to follow, the lending amounts are much large than pay day loans. When applying through a bank for a personal loan, you have to be able to prove that you earn a monthly income of above a certain amount. You will need to have an identity number, bank account and usually have to submit a minimum of three months’ payslips. On the brighter side, your repayment terms are over a longer period of time, and the interest is fairly low. For convenience, you will find that majority of these lenders are available 24/7. Cash loans are loans that are provided by loan companies and they offer these cash loans to people that with interest, meaning that you have to repay them interest and admin fees for the loan. Now the interest varies according to the loan period you choose and you can determine this by looking at your needs and funds that will be available to repay the cash loan.
Bank loans are made to suit each individual’s financial needs, helping you achieve financial freedom when you need it. Loan amounts offered are in the range of R1,500 right up the scale to a whopping R200,000. The loan terms and repayment plans can range between 3 to 48 months. The interest fees depend on which bank you lend from. So how do you apply for these loans? Well, it’s simple. You can apply in the actual bank, sit down with a consultant and receive your money the same day if your application is approved. With technology reaching new heights, you can apply online with almost any bank in South Africa. Applying for credit has never been easier through our banking industries. All you need to do is complete the registration form with your personal details, and they will let you know instantly if you qualify to apply for the cash you need.
How do the banks assess your loan application?
Affordability is the key factor to the outcome of the application. With so many credit providers on the market, all eager to lend cash in minutes, how do you choose which one to apply through? In South Africa, there are sites available to the public that actually compare a range of personal loan providers for you in minutes. To do this you will need to register online, fill in your personal details, the amount of money you require and how long you can afford to pay it off. With a click of a button, you will receive the best provider options to suit your financial requirements.
If you make use of internet banking, your preferred bank usually has the option for you, as a loyal customer, to apply for a pay day loan or personal loan directly. They already have all your personal details, so the process is quicker and very convenient.
Taking loans a step further, leading clothing stores are fast becoming a loan central. With stores such as Woolworths and PEP Stores, you can apply for instant cash in minutes with excellent interest rates. Easy to apply, all you need is your South African Identity book, proof that you are permanently employed, proof that your salary gets paid into your bank account monthly, and a cell phone number. These loans can be applied through your cell phone, by sms a code word to a number, and they call you back to get your details and financial requirements.
The way we apply for loans in this day and age is going to get easier and easier for anyone looking for a loan. You can find hundreds of links on the internet, which are updated on a daily basis. Currently in South Africa this is allot of people are currently looking at cash loans to help them get through that difficult financial period or provide them with instant cash to renovate their house or do whatever they desire at that moment.
More and more people have accumulated debt
It’s often quite a challenge to get everything paid and for many people it simply feels like a cycle that will never end. Then there’s the bad credit record that threatens you, which is also something that people want to avoid as much as they can. Luckily, there is always a way to get yourself out of debt. A blacklisted loan a personal loan is for people that are blacklisted on the Credit Bureaus.
How do I apply for a loan when I am blacklisted?
You can apply online with in three easy steps. What are the requirements for a blacklisted loan? You have to be older than 18 years and be a permanent South African citizen. You must also have your own bank account, be employed and earn a minimum monthly salary of R1500 pm. These are the requirements for most loan facilities assisting with blacklisted loans.
How does the repayment period work?
You can repay your loan between 12 – 72 months depending on the amount you qualify for and how much you can afford to repay monthly. Can I get a blacklisted loan for things like car repairs? You can use your loan for car repairs. In fact blacklisted loans can be used for many things: consolidation of debt, student fees, school fees, Apart from loans we also offer other services that you might be interested in.
So as you can see, there is literally a loan for every situation, and South Africa has the facilities to accommodate anyone needing money.