Are you currently in a pinch because you’re short on cash? Is your next payday still days away but you need the cash now to pay for something urgent? Emergency situations can put anyone of us in this kind of hassle.
It’s a good thing there are a lot of micro-lenders that can provide instant loans in South Africa.
What is Quick Cash Loan?
Quick cash loans are unsecured loans often used by borrowers to cover emergency expenses. These expenses can range from medical bills and accidents to school fees and house utilities.
The main advantage of quick loans in South Africa over other types of loan is the speedy process lenders follow in approving loan applications.
Quick cash loans in SA require no documentation at all and no lengthy credit checks are done. This allows creditors to assess your request within the fastest time possible.
Traditional lenders and banks usually spend days to weeks in assessing a loan application. You’re not even sure if your request will be approved or denied, adding to the stress you’re already experiencing from cash shortage. If you’re in an emergency situation, you won’t be able to wait this long to receive your money. This doesn’t happen when you’re applying for quick loans in South Africa.
Another great advantage of quick cash loans in SA is the minimum requirements you have to pass to get approved. Lenders won’t need to look at your credit rating and financial history before they approve your application.
Micro-lenders who provide emergency cash loans in South Africa only need to ensure if you’re employed, of legal age, and have an active bank account you use to receive your monthly salary. These factors are enough to get your loan request approved.
How do Quick Cash Loans in South Africa Work?
Providers of emergency cash loans in South Africa profit from the high-interest rates they impose on their loans. All they need to do is assess the information you’ve provided them and they’ll send you the money you asked for, straight into your bank account. The debt is repaid on the next payday which may be automatically debited from the bank account you’ve provided.
The application process is really quick and easy. However, instant loans in South Africa have their own drawbacks.
Since you’re obtaining an unsecured loan, this poses a high risk to lenders who don’t have anything to hold on to other than your promise of repayment. This is why the interest rates they impose are much higher compared to traditional loans.
When getting a quick loan in South Africa, make sure you can repay the amount in the shortest time possible. Remember that interest rates on this kind of loan is high. You don’t want to pay double or triple the amount you borrowed for missing due repayments. Quick cash loans in SA are really ideal only for situations where you need to bridge your lack of cash to pay for emergency circumstances.
Applying for a Quick Cash Loan
Lenders who provide instant loans in South Africa usually process requests online. They have a website where you’re required to provide your basic information and the amount you need to borrow.
Typically, these are the requirements you need to complete aside from filling out their online form:
- Your ID book number
- Bank account details
- Proof of income for the past 3 months
- Contact number
Requests are usually approved within the day after filing your request. Some can even pass verdict on your application within a few hours after submission.
The loanable amount may vary from R100 to R10 000, depending on the lender. The repayment terms also vary from a few days to a few months.
The approval rate for quick loans in South Africa is much higher compared to that of traditional loan applications. It doesn’t matter if you have a bad credit rating since lenders don’t run credit checks in deciding to let you borrow money. As long as they’re sure they can expect your salary to arrive the next payday, they’re good with your loan request.
Top Providers of Quick Cash Loans in South Africa
Take a look at the following list of micro-lenders who provide instant cash loans online in SA: