Payday Loans without credit checks
Do you need a quick short-term loan to tie you over till the end of the month?
What Is A Payday Loan?
Payday loans are short-term small loans that you will pay off over 30 days or up to 6 months depending on the FSP (Financial Service Provider) you decide to use. The longer you take to pay off the Payday Loan the more interest you will pay on the loan amount.
How To Use A Payday Loan
- The best practice is to only use Payday Loans in case you have a financial emergency.
- Only borrow the amount you will need.
- The sooner you pay off the loan the less interest you will pay on the loan.
- If you plan to pay off the loan after 30 days make sure that you will have the cash on hand to take through the rest of the month.
- Do not get yourself in a situation where you have to borrow from another money lender to settle the debt with another.
Use A Registered FSP To Make A Payday Loan
These days there are many registered and unregistered Loan Providers. It is sometimes tempting to use Loan Providers that are unregistered. As tempting as it might be to make use of these providers try your best to stay away from them.
Pitfalls of Using an Unregistered FSP
- They do not follow the law completely on collecting the debt if you default.
- They easily change the terms and interest rates of the Loan Agreement.
- A Loan you are supposed to pay off over a month or two might end up taking you 6 months.
- Illegally repossession of your assets if you default on payment.
- There might be hidden fees.
Advantages of Using A Registered FSP
- A legal contract that cannot be altered.
- No hidden fees or extra costs.
- The interest rate is calculated beforehand so you know exactly the amount you will be paying back.
- You will be able to negotiate with the loan provider if you struggle to make payments.
- You will pay off the loan on the date indicated by the contract terms.
Where To Find Payday Loans?
It is rather easy to find a Payday Loan provider by doing a Google search on the internet. Some FSP’s provides online loan applications that make the whole loan application process easy. So there is no need for you to visit an office to make the application.
What You Will Need to Apply for a Loan
- Three-month bank statement indicating your salary deposits.
- South African Identity Document.
- Proof of employment.
- Proof of residence Lease agreement or Municipality account will do not older than three months.
The list below of some companies that will provide you with a Payday Loan:
Otherwise, you may consider Debt Rescue if you are struggling to pay your debt.
