Payday Loans 

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Applying for payday loans

What you should know

Payday loans can be a useful source of financial help when you are short of money. Many borrowers use payday loans to help cover unexpected house bills, car repairs, medical bills or otherwise taking care of emergencies. These loans usually range from R100 – R2,500 and are repaid on your next payday. Payday lenders were traditionally storefront companies but with improvements in lending technology, many lenders now offer loans online.

Finding a loan online

There are payday lenders all over South Africa and a simple online search will produce a list of lenders offering loans. It is important to be diligent when reviewing companies though. Do not simply apply with the first lender you come across or you may end up paying extortionate interest fees. Review interest rates and costs, check the lender is licensed to lend with the National Credit Regulator, and read through the product features so there are no surprises later on. Also review the lender’s eligibility criteria to ensure you meet the requirements for a loan.

Applying online

Once you have chosen a lender, applying for a payday loan online is simple. The lender will have an online application form and you will need to provide personal information so they can assess your suitability for a loan. The information you will need to provide will include: personal details and contact information, ID number, employer details and bank account information. You may also need to upload supporting documentation, such as your latest bank statements. Having this information on hand when you apply will help you complete the application faster. Once you submit your application, you should receive a quick approval decision from the lender.

Repaying your loan

When repaying your loan, you probably won’t have to do anything. In most cases, the money will be automatically withdrawn from your bank account on the agreed upon date. This is usually on your next payday and will be highlighted in the loan agreement. If you do not have sufficient funds available on the day that you are supposed to make your payment, don’t ignore your lender. Instead, get in contact and they may be able to help find a solution. Always try to pay back your loan on time so that you don’t end up paying additional fees.

We will help

Here at Friendly Finance, we want to help you find a payday loan. We have researched various lending institutions and highlight all the relevant product information, rates and fees in one clear window. This essentially means all the legwork has been done for you, making comparing loan products easier. We only work with credible and licensed companies so you can be confident you are avoiding scams and finding the most affordable rates on the market.

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