Why Use Guaranteed Payday Loans in South African?

Why Use Guaranteed Payday Loans?

Payday loans have had mixed reviews, but the most important factor to consider with payday loans is if they can be useful or not. If you find a sudden need for extra money, then a guaranteed payday loan can be highly useful.

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Why Use a Payday Loan?

Can’t Get a Bank Loan

Financial problems and situations can happen to anyone and this will lead people to seek small bank loans or mortgage loan modifications so that they are able to pay mortgage payments. However, mortgage loan modifications are not the easiest to get and can take months to finalize.

Guaranteed payday loans, on the other hand, are available when you need it so that you are able to make your payments on time.

Paying an Emergency Medical and Car Expenses

Unexpected expenses whether it is medical costs or car repairs do happen and you may find it hard to pay for these. You are able to pay for these bills through the use of a payday loan.

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This means that you are able to pay for emergency expenses when they happen. A payday loan can then be very useful during these times as long as you are able to pay the loan back.

Paying Credit Card Debt

If you have credit card debt, you are able to use a payday loan to clear this debt. This can help you to avoid further interest on the debt and also stop debt collection agencies knocking at your door. A payday loan is able to reduce the damage that has occurred from debt buildup.

There Isn’t a Credit Check

If you have no credit or bad credit then you will find it extremely difficult to get a loan from a bank, however, you are able to get a payday loan.

Payday loans do not need you to undergo a credit check. You are able to borrow the money you need even if you have bad credit so you are still able to pay for what you need to.

Also, the approval of a payday loan is very quick, you will have access to your money almost immediately.

Covering a Debt That Will Cost More

Missing a payment on a loan that you already have can result in large penalties or can lead to the repossession of an asset like your car. If this is the case, you may find that the interest paid on a payday loan works out to be less than the penalty you may face and it would then be a good idea to pay the debt you owe with a payday loan.

There are many reasons why you may take a guaranteed payday loan, but keep in mind that payday loans do have to be paid back within a short amount of time, so make sure that you are able to do this.

Wait… There are still a few things that you need to know…

The Good and the Bad

As with anything payday loans have pros and cons. Payday cash advances are short term loans that are ideal if you need to pay for an unexpected expense. Here is a look at the pros and cons.

The Good

  1. Qualification for a payday loan is easy as you will just need to verify your identity and income with pay slips and bank statements.

 

  1. You shouldn’t have any problems obtaining approval for a payday loan as long as you are able to prove that you have a regular income and have never defaulted on any other cash advances.

 

  1. With a payday loan, you are able to borrow small amounts of money. Generally, a payday loan lender will only allow you to borrow an amount that you are able to afford, which will never be more money than you make.

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  1. You are able to spend the money that you borrow on anything that you want. Payday loans do not have any restrictions on what you can use the money for.

 

  1. Your information is kept private and secure by the lending institution and they will not give your details to any other company or business.

 

  1. There are some payday loan lenders that are open 24/7 and you are able to apply online for a payday loan whenever you want and whenever you need it.

 

  1. You will not need to put up any collateral in order to obtain the loan.

 

The Bad

  1. The interest rates and fees can be quite high and you will need to be sure that you can afford these.
  1. With payday loans, you will need to be careful that you do not enter into a cycle of debt. This can happen where you take a payday loan, but take another to pay for the first payday loan and so on.
  1. Payday cash advances are not a long-term solution for financial difficulty and will only work in the short term. They should only be taken and used in an emergency.

Do you want to apply for a payday loan…have a look below…

Applying for a Payday Loan

If you want to get a guaranteed payday loan, then you are able to easily. You can apply for a payday loan online 24/7. You will need to fill out a form that asks for some personal details. You will need to verify your identity with the payday loan company and they will also ask for proof of income as well as bank statements. A payday loan lender will not check your credit score, so even if you have bad credit, you are still able to apply and receive approval for the loan.

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Many online payday loan lenders will have a calculator on their site, which will tell you the amount of money that you are able to borrow as well as the interest, which will be charged. This helps you to know the exact amount that you will owe by your next paycheck.

Online lenders will draw the money directly from your bank account once you have received your pay. You are able to extend the term for the payday loan so that you have more time to pay the loan back, but if you do this you will need to pay more interest which can make it harder to pay back.

Payday loans are short term loans that can help when you are facing a financial emergency and need access to funds quickly. You should only take a payday loan if you are sure you are able to pay it back with the interest by the time you receive your next paycheck.