Search for quick loans online with Friendly Finance
In recent years, lenders have begun offering online loans with faster approval and decision processes compared to traditional storefront lenders and banks. These quick loans have become a useful source of funds for South African borrowers who require money immediately. Unfortunately, many borrowers in their haste to get cash, do not to fully review the options available to them. Reading through each lender’s terms and conditions can be a cumbersome task, but without understanding the loan offer in detail, you may be hit with higher than expected repayment costs.
Luckily, Friendly Finance is here to help. We have carefully reviewed the loan products from a wide range of credible online lenders and presented the relevant information on each product in an easy to read format. What’s more, we compare the lenders next to one another, so you can make a quick decision on the best quick loan for you.
Applying for a loan can be scary when it is your first time. To help, we have outlined below what to expect when applying and provided a few definitions of key terms to get you started.
Applying for loans
When applying for a quick loan, you can make the process go faster by having all your information on hand. The online application will ask you for information that includes:
- Name, DOB and contact information
- ID number
- Employer information
- Bank account information
- Latest bank statements.
This is required by the lender to make an accurate affordability decision on whether to approve you for a loan. The information is stored securely and not passed onto third party companies without your consent. The application should take around 10 minutes to complete.
Once you have submitted your loan application the lender will review the information. The time to receive a decision will vary between lenders. Some will provide an instant decision, others may need to call you to discuss the application in more detail. You should receive correspondence from the lender informing you of the next steps.
If you are approved for a loan, make sure you are happy with the loan terms within the agreement before signing. Once you have signed for the loan you are committed to the repayments, so take this time to ensure you’re happy with the offer. The lender will transfer the funds to your bank account when the loan agreement has been signed. The time to receive your quick loan will depend on the lender and your banking institution. In some cases, you may receive the money the same day.
The repayment of your loan will be simple. Most quick loan providers will set up a direct debit to automatically make the repayment from your bank account on the agreed date, so all you will need to do is make sure there are enough funds in your account. Repaying your loan on time will help you avoid extra fees and may improve your chances of being approved for higher loan amounts next time.
Loan term definitions
Understanding the following terms will help you make a better decision on the right loan for you:
- Loan Term – the length of time to repay the loan. For example, a 6-week loan term means you have 6 weeks in total to repay the loan.
- Initiation Fee – a fee charged by the lender to set up your loan account. This will be added to the total cost of borrowing.
- Interest Rate – this is a cost of borrowing that is typically represented as a percentage of the loan amount.
Get started now
If you need money now, you probably don’t want to wait any longer than necessary to take out your loan. Here at Friendly Finance, you can get started toward finding your perfect loan right away. Gather your information, and start looking for loans now so that you can get the money that you need as soon as possible.