Do You Need Cash Fast? Get a Payday Loan

01 March 2012 - Which Way to Pay

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Do You Need Cash Fast? Get a Payday Loan

With banks getting increasingly stricter on who they lend to, many people in South Africa are seeking out alternatives. A payday loan is an unsecured short term loan and they are becoming an increasingly popular financial product. In essence, with a payday loan, you borrow a small amount of money that you pay back, plus interest on your next payday.

They are ideal for those who need access to fast cash and are best used in an emergency. You might need to pay off a bill or you need urgent home or car repairs that you canít pay for right away. Most people are eligible for a payday loan, even those with a poor credit rating. Although exact requirements may vary generally speaking the minimum requirements are that you receive a regular income and have a current account.

The main disadvantage of a payday loan is the interest rate. The interest rates are very high compared to other types of loans because they are designed for short term borrowing. You could find that if you default on paying back the loan the charges and costs can easily mount up and you could risk falling into debt.

The most important thing to remember is that payday loans are never the solution to any long term financial problems you might have. You must ensure that you can pay back the loan within the loan period and then make sure you budget the following month so you lower the risk of falling into debt.

Make sure you compare payday loans and weigh up the different features of each one as well as the interest rate given. Always read the terms and conditions thoroughly before you commit.

 

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