Payday Loans - Cash Loans
A payday loan is a short term loan that is best used to cover urgent financial expenses like paying a bill, paying for repairs to your home or car or you might just need some extra cash before your pay check comes through. Whatever the reason, an application can be competed in minutes because they are designed to be a fast and easy way to get a cash advance, often on the sameday. These types of loans are paid back in full plus interest on your next payday and are not the answer to any long term financial difficulties. You can be eligible for a payday loan even with a poor credit history although the exact amount you can borrow might depend on your credit score. With payday loans becoming such a popular financial product there are many loan providers out there.
Compare Payday Loans and Cash Loans
Payday loans have been heavily criticised but can a payday loan ever be the right solution?
The truth about Payday Loans
Payday loans are everywhere these days and the industry is booming but what is a payday loans?
Payday loans are small loans where no credit checks are required. This means that whatever your financial history you are likely to be approved. Payday loans have short terms and must be paid back quickly, usually on your next payday, hence the name.
Payday loans are a fast way of getting emergency money. You can apply, get approved and have the money in your account often on the sameday. Some lenders can even get the money to you in as little as 15 minutes! They are designed to help you cover your expenses until your next paycheque.
Why are Payday Loans so popular?
An increasing amount of people are turning to payday loans to help them make ends meet. Payday loans can help you cover an unforeseen expense such as household bills, home repairs and buying essentials like petrol, food and travel.
With no credit checks the loans are very accessible. The only requirements are usually that you are over 18 and have a South African bank account. The application process is easy and fast and can take only a few minutes to complete. You can get the money you want from the comfort of your own home either online or with some companies via text.
Are Payday Loans as bad as they say?
Payday loans can be very costly and are a more expensive than other methods of borrowing. This is because the interest rates are very high as these are unsecured loans which can be given to people with bad credit ratings. However, they are designed for short term borrowing so if you do decide to take one out you need to be responsible and pay back the amount plus the interest as soon as possible.
If you miss payments you can quickly fall into a debt problem. This is because the fees and charges that come with late payments can be expensive and can easily accumulate. Not only can you fall into debt but you also risk damaging your credit score which will be used against you.
Remember that payday loans are for short term borrowing and should never be used to solve any long term financial difficulties you might have.
Is a Payday Loan right for you?
Treat payday loans as a last resort.
Finding a Payday Loan
As payday loans are so popular there are many lenders vying for your business. It is definitely worth taking the time to research the market to see what is on offer. You can use the table above to find the right payday loan for you.
It is important that you read the small print on a payday loan and understand how the loan works. Also look at what happens if you miss payments.
03 September 2013
Which Way To Pay
Struggling to make it through until payday but worry about taking out a payday loan because of the recent bad press? Read our payday loans guide for some tips.
06 May 2013
People who have been refused for a loan can still apply for a bad credit loan
03 April 2013
For people who have been turned away by their bank because they have the bad credit history it can mean a problem if cash is urgently needed in the event of an unexpected financial emergency. The necessary repair for being able to work, a medical problem which is not insured – there are plenty of reasons why money is needed just for a short term.
14 March 2013
Which Way To Pay
You urgently need to borrow some money? Nothing is easier! Just look up how much your flexible, short- term loan will cost and click “apply” – the decision is only minutes away.