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What are Payday Loans?

Payday loans are a very popular product in South Africa and across the world. Payday loans are a very short-term solution to short-term problems. This has gained opportunity for both lenders and borrowers through its convenience and ease of access. Although easier to obtain than a personal loan, should also be used with caution and consideration to the points mentioned below:

Payday Loan Freedom

What a payday loan allows you to do is borrow the cash that you need with flexible repayment options available up to 6 months and in some cases even longer. The amount that one could borrow is from as little as R100 up to R8,000. What is great about payday loans is that it is regulated by the National Credit Regulator which defines and sets the interest rates and fees which must be adhered to by all South African loan lenders.

Early Settlement Payday Loans

Payday loans can be paid back early to reduce the actual cost of credit and is always encouraged so you can pay back less. Any lender that does not allow you to pay back a loan early is generally not a lender that has your best interests at heart. Always make sure to read all the terms and conditions before accepting the loan, so you fully understand the payday loan agreement you are entering into, failure to do so can have a negative effect which can blemish your credit record.

Payday loans - Necessity or Want?

Payday loans can either make you or break you depending on what you intend on using the cash for and for how long you borrow the money. The secret to using a payday loans is that you use it only when absolutely necessary and for a valid reason such as a burst geyser or maybe being stuck for petrol, even this should be used with caution. In short it this sort of loan should be only used knowing that you can afford to pay it back without borrowing it again. Buying the latest gadget or using the money to buy new clothes or using the money on pleasure items is not the best idea however consumers still borrow money for such reasons and at some point, find themselves in difficulties. It is always considered unwise to borrow money for wrong reasons and payday loans should never be used as a survival tool to carry you through the month repeatedly but rather be used when you need a little help through your situation as a once off solution.

To truly maximize your strategy of obtaining and paying back a payday loan, work out how much exactly you need to help you through your situation, when you can pay it back (pick an exact date and stick to it) and how much you will be paying back including interest of the payday loan.

What to know about payday loans is that it is fast and convenient and can take you out of a tight spot quickly. It is always best to avoid such problems but if the situation arises where you need a payday loan, we can assist you today.


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