How to Get a Payday Loan Online
Payday loans are short term loans that allow you to borrow money for a short period of time. The amount that you are able to borrow is usually a small amount, which will need to be repaid by your next paycheck.
Payday loans do have a bad reputation because they often charge a high-interest rate, but payday loans can be useful.
In the case of an emergency which is common in South Africa where you need to get access to cash quickly, payday loans are very useful and as long as you are able to pay the loan back with the interest, you won’t have any problems.
How Do Payday Loans Work?
Payday loans are pretty quick and you can actually have access to the loan in just a few minutes in some cases. As soon as the payday loan lender has confirmed your income and has checked your account information, you will be able to claim the loan.
If you are applying online, the loan will be deposited into your South African bank account. You will also need to give the payday loan permission to withdraw what you owe from your bank account when it is due.
In order to get a payday loan, you will need to have certain documentation in place so you are able to apply for a loan.
So what do you need…
What Do You Need to Get a Payday Loan?
You Will Need ID
You will need to have a valid identification to take out a payday loan. You are able to use your driver’s license as a form of ID or any other government issued form of identification. There are some payday loan lenders that will require further identification documents like a household bill that states your name and residence.
Verifying Your Income
Payday loan lenders will want to check your income so that they are sure you will be able to afford the loan repayment. In the application process, you will need to verify your income.
This may require just recent pay stubs from the last couple of months. However, you will find some lenders that will need a recent bank statement or employment confirmation.
Depending on the lender, you may also need to provide tax documents for self-employment income for instance.
Do You Know Your Bank Information?
You will need to know your South African bank information when applying for a payday loan. This is because the lender will automatically withdraw payments from your checking account. You will need to have an active bank account if you want to get a payday loan.
The payday loan lender will need to have your account number and bank’s routing so they are able to withdraw your payment electronically.
If you are unsure of your banking information, you can call your bank to get the required information.
What Else Do You Need?
In order to take out a payday loan, you will need to be over the age of 18 years. Your age will be verified by your ID.
You will also need to supply your contact details like a working telephone number so that the lender is able to contact you.
The requirements will vary from lender to lender, so you will need to check what the lender you are using needs so you are able to take a payday loan.
Other Things to take into Consideration
You need to make sure that the company you are using is reputable. You need to do your research and make sure that the company is a licensed lender.
Payday loans do have high-interest rates and these rates need to be taken into account before you take a payday loan and you need to ensure that you will be able to afford the full repayment.
You might be wondering how to get a payday loan online…
How to Get a Payday Loan Online
Find a Legitimate South African Online Lender
The first thing that you will need to do is find a reputable and legitimate online lender that offers short-term loans or a payday loan.
You should take a look at the lender’s website and their policies. Always look and read the small print and see if there are any hidden fees. Also, have a look at the interest rate that they charge and calculate this with the amount you want to borrow to see if you can afford the loan.
There are some lenders that will list the full application on their website or you may find that you will have to fill out the application in stages.
You should make sure that you are able to find reviews of the lender that you are considering. If you are not able to find any user reviews, take a look at a different lender.
Know What You Can Borrow
In order to make sure that the loan works in your favor, you need to know the right amount to borrow and ensure that you are able to pay the loan back. Payday loan lenders only allow you to borrow small amounts, but remember that you do not need to take the maximum you are able to borrow.
You should then only borrow what you need and create a budget that includes paying back the amount, any fees that are charged and the interest rate. This helps you determine if you are able to pay back the loan, because if you are not able to, you may incur high late fees.
Get Everything Ready
When you are ready to fill out your application, it is a good idea to have everything that you need next to you. Payday loan lenders will require your personal and financial information.
You will generally need to supply:
- Bank account information
- Contact information
- Your ID number
- Proof of employment and income
Fill out the application with all necessary information.
You will then need to wait for your application to be approved. There are some payday loan lenders that will confirm approval within just a few minutes. You will generally receive an email that confirms the approval.
STEP 1: Complete the contact info form above and click ‘Continue to Step 2’
STEP 2: Wait for the full loan application form to load on our recommended providers website
STEP 3 : Complete the quick and easy Application. Then enjoy your day and await your Loan approval decision. Thank you for using our smart service!
With online payday loan lenders, the loan is usually transferred into your bank account. When the payday loan repayment is due, the lender will take the money out of your bank account.
Payday loans do have their advantages and getting a payday loan online is simple, easy and convenient. They also require very little information to get one and you will not have to go through any credit checks, which means that if you don’t have any credit or if you have bad credit, you are still able to get a payday loan. Payday loans give you access to money that you need when you need and work well in times of emergency.