Everyone in South Africa, or the world for that matter, finds themselves in a tight financial predicament and some time in their lives. Many have even built up a bad credit rating which has made it impossible to accesscash loans of any description.
It is quite a simple assignment now, for people in a financial spot to apply for an unsecured cash loan with no credit checks to hinder chances. Even an individual who has gone through bankruptcy can have a cash advance loan approved.
What Is A Cash Loan?
A cash loan (payday loan) is simply a short term advance against a borrowers next payday to cover a shortfall in finances due to unforeseen circumstances. The interest rates are seemingly high although provided the loan is paid on time it is really a cheap and convenient way to wade through small financial hardships.
Maximum terms for these loans are normally not more than one month with R4000, in general, being the maximum lending figure. Interest rates vary from one lender to another but as a guide on average, a R2000 loan over 14 days will incur interest of R464 and over 28 days, R530 will be added to the balance of the loan.
On application, the borrower will need to provide bank details and proof of employment. A regular income will have to be shown. The lender will need to be given permission to access the bank account on a predetermined day and withdraw the cost of the loan. This makes the loan safe for both the borrower and the lender. The loan is repaid quickly and the lender is almost certain of recouping their outlay.
How To Apply For A Cash Loan
No matter where in South Africa one resides an instant cash loan can be accessed simply and quickly online. Once a vendor has been chosen a simple form will need to be filled out and submitted. A reply, one way or the other will be normally received within hours. As there are no credit checks the loan will be approved provided satisfactory proof of income and bank details have been made available to the lender.
The money can be deposited into their bank account on the same day. Depending on the lender it will normally be available within 72 hours.
Cash loans are a very safe and convenient way for people to ride out an unexpected shortfall in cash flow. Given that they are diligent in it’s repayments and adroit in it’s administration there will be no long term scars from this short term financial saviour.