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Payday Loans
Author: Thembi Palane
Date: June 6, 2012
Is a payday loan right for you?
You cannot predict the status of your financial survival month after month. Even
with a monthly salary, unexpected expenses pop up. So what do you do when, after
your salary, you’ve paid all your accounts, bond/rent and bought all your groceries,
and basically followed through on your budget down to the T. But, then suddenly,
you find yourself faced with a family emergency that requires your immediate financial
attention?
Applying for a loan crosses your mind, but then you realise that it may take a while
before it's approved, and you need the loan immediately. Consider a payday loan!
But, what is a payday loan? Well, if you don’t know about it you’re in the minority,
because hundreds of South Africans are now using payday loans. A payday loan is
a short-term
loan that’s usually due the next time you get paid. A lender charges a fee
in exchange for lending you money until your next payday, hence it’s called a payday
loan. You’re borrowing just enough to get through to your next payday, upon which
the money is due.
How do you get it? As long as you are employed and have a bank account, it’s simple. With economic conditions the way they have been over past years, people have resorted to instant approval payday loan lenders more than ever, and have become more open about doing so because payday loans are fast and easy. Online payday loans with instant approval are relatively small. It's not a long-term measure because it should be paid back whenever your next paycheck arrives. For some people this date can be less than a month, though the loan can last longer if you're paid monthly.
Like traditional loans, payday loans come with an interest rate percentage, and,
as it stands, South Africa’s payday loan rate, compared to other countries, is very
low and far more regulated. Lets look at South Africa vs. the UK for instance. In
South Africa, legislature dictates that payday lenders only charge a maximum interest
rate of 5% p/m, whereas in the UK (and others like it) they may charge up to 200%
interest. This only goes to show that payday lending — or any short-term finance
for that matter — is definitely the future of the microfinance industry in South
Africa.
So, is a payday loan a wise route to take? If you’re looking for a short-term quick
loan and you’re able to pay it back when your next salary arrives, then definitely!
It’s easy cash with instant approval, no faxing, no teletracking and easy repayment
terms. What’s more, compared to traditional loans, a payday loan is a more affordable
option to go for. And where’s the best place for you to get a payday loan? Look
no further, wanna loan? is here for that sole purpose. Because there’s a growing
number of South Africans struggling to access short-term credit, we’ve made it our
mission to create a solution that will lift the burden of denial-of-credit for the
little things – small loans over short periods. We offer payday loans with minimal
interest rates and maximum convenience. You apply, we deposit your money, and you
repay us when you next get paid. Simple.
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Category financial hints and tips | Tags online
loans