Please see information on Payday loans below.


Cash Payday Loans

Payday loans are offered by a variety of companies across South Africa and it pays to shop around. Compare the rates and other features of payday loans by using our simple comparison system.

What is a Payday Loan?

A cash payday loan is an unsecured short term loan that is designed to be used to cover any unexpected financial expenses like paying a bill, paying for emergency home or car repairs or you might just need some extra money for day to day expenses. Ultimately you can spend the loan on whatever you want. The way they work is that you take out the loan and then the loan is paid back in full, plus interest when your pay cheque comes through. Payday loans are becoming an increasingly popular financial product because you can get access to fast cash when you really need it, often on the sameday.

Who can apply for a Payday Loan?

Anyone can apply for a payday loan and you are more likely to meet the criteria of these loans than other types of loans. In general you will have to prove that you have a regular income to show the lender that you will be able to meet the loan agreement and repay the loan. You will also need to have a current bank account for the loan to be paid into and be a South African resident.

Most payday lenders will accept you regardless of your credit history, even if you have been refused elsewhere. You can also get a payday loan if you are a first time borrower and have outstanding debts and unpaid loans. Having said that the exact amount you can borrow might depend on your credit score.

How can I apply?

In most cases the application is online so you can fill it in at a time that is convenient for you. Once you have completed a short form this is sent to the lender. In most cases you will get a quick response as to whether you have been approved for the loan or not. Once you have received confirmation that you have been accepted the money will can be wired to you account as soon as possible.

What are the Advantages?

Payday loans are one of the easiest ways of getting access to fast cash. With banks getting increasingly tighter on lending you can avoid the banks altogether. This also means that you can avoid a lengthy application process and are more likely to get accepted. As mentioned above bad credit is ok, anyone can apply and the application process is really easy and straightforward.

What the Disadvantages?

Payday loans are never the answer to any long term financial difficulties you might be experiencing. The interest rates are very high compared to other loans and the charges will simply mount up if you cannot pay the loan. The interest rates are high because payday loans are a product that is offered to high-risk borrowers such as those with a poor credit score. If you are already in debt then you could easily risk ending up in further debt. If you are unsure as to whether you will be able to meet the terms of the loan agreement and repay the loan you should consider another form of financial aid.

Is a Payday Loan for me?

Everyone should be able to have access to fast cash particularly when they really need it. So long as you know the facts, make sure that you pay back the money within the loan period and budget the following month, payday loans can be a great way of getting you out of a tight financial corner. Before applying for any loan, you may wish to seek independent financial advice.


Please note that Which Way To Pay South Africa is not authorised to give personal financial advice under the South Africa financial regulations.

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