The South African economy is breaking the bank. As we all know once the petrol price increases everything from food, clothing, and services also increases.
Trying to keep your head above water will be a struggle and when unexpected events come along that requires you to spend more money that you have not budgeted for then one of the options at your fingertips might just be a payday loan.
Lending money when you already in debt is not the answer. But if you not in a great deal of debt and need extra cash to tie you over till the end of the month making an online loan to assist you in your time of need to help out might not be a bad idea.
Or maybe you looking at starting your own small business from home and need some cash to get it started then the payday loan provider might be able to assist.
Why Payday Loan Providers
Most payday loan providers came into existence to assist the unfortunate South Africans who do not have access to or are denied access to loans from bigger financial service providers.
Quick and Easy
Many payday loan providers application process are painless compared to banks and other financial service providers. Payday loan providers also consider blacklisted applicants.
You can lend between R500 up to R5 000 depending on what payday loan provider you make use of. Loans must be settled between one to six months this also depends on the payday provider.
The longer you take to pay off the loan the more interest you will pay on the loan.
What Is Required
You will need to have the following documentation on hand when you make payday loan application:
Copy of your South African ID
Proof of Address (Preferable a statement not older than three months)
Three-month bank statement
The above documentation needed to apply for a payday loan might depend on the payday provider that you decide that you want to use.
Calculate your budget to see what loan amount you will qualify for.