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24/7 payday loans
What you need to know about payday loans you can apply for at any time.
The rise of technology has largely eliminated the need for us to visit physical banks in order to apply for a loan. You no longer have to worry about lender opening and closing hours, or loan application deadlines. With 24/7 payday loans in South Africa, you can apply for a loan at anytime from the comforts of your home. However, this type of borrowing is risky and should only be considered after you have explored all of your other financial options.
Read on to find out more about 24/7 payday loans, including their costs and eligibility requirements.
What is a 24/7 payday loan?
24/7 payday loans in South Africa are loans that can be applied for any time online. Payday loans are short-term loans, usually of small amounts, that are usually repaid by your next payday. Although payday loans already come with high interest rates, 24/7 payday loans tend to have even higher interest rates because of their accessibility and quick service.
Factors to consider before choosing 24/7 payday loans in South Africa
24/7 payday loans are easy to apply for, at any time of the day. However, this convenience could mean that you might apply for a loan without thinking through all the possible considerations involved. Here are some factors to consider before choosing a 24/7 payday loan in South Africa.
- Fees: The added convenience of 24-hour applications makes 24/7 payday loans in Africa even more expensive than regular payday loans. Be sure to watch out of hidden fees including early settlement fees and late repayment fees, which could make an already costly loan even more expensive.
- Eligibility: Although 24/7 payday loans are convenient to apply for, this doesn’t change the fact that you must be eligible for the loan that you want. In general, you must be over the age of 18, be a registered South African citizen and have a working bank account.
How do I know if the online provider is legitimate?
24/7 payday loans in South Africa may be applied for online. It is therefore important that you follow these steps to make sure your online provider is secure and will keep your personal details safe.
- Apply to only reputable lenders. Ensure that the lender has a suitable license applicable to South Africa and your particular city. Read up online and take note of any worrying reviews. Contact customer service to get a gauge of their response speeds.
- Read the terms of the contract. No matter how small the loan amount may be, you should always read the terms of your 24/7 payday loan to ensure that you’re getting a fair deal. Are the interest rates legal? Are the repayment options flexible? Which hidden fees are involved?
- Take note of the fees. Always ask yourself if the fees are fair. Avoid a lender if their fees breach legal limits, or seem too good to be true.
24/7 payday loans in South Africa
At the time of writing, in March 2020, here are some providers in South Africa that offer 24/7 payday loans.
- LoanExpert: Payday loans from this provider typically range from R300 to R15,000. Evaluation periods may take 1-2 days.
- Finance27: Payday loans from this provider usually range from R500 to R4700. The evaluation period is approximately 24 hours.
- 247 Loans: Payday loans from this provider can be up to R150,000. The evaluation period tends to be from 24-48 hours.
- FASTA: FASTA payday loans are typically evaluated in under 5 minutes, and range from R500 to R8,000.
- Lime24 Loans: Lime payday loans are usually evaluated in approximately 5 minutes and can be up to R5,400.
Alternatives to payday loans
Consider these alternatives before applying to get cash with a quick loan:
- Payment plans. Talk to your electricity, phone or water provider to see if you can work out a payment plan or receive an extension on your due date if you’re behind on payments.
- Contact your creditors. Speak with creditors about extending the due date of your payment, or working out a new payment plan that works for both of you. Seek personal loans elsewhere. Consider a small personal loan from a bank or a credit union. You may qualify for a loan with much lower interest rates than those offered by payday loan companies.
- Pay with a credit card. Consider paying with your credit card to cover your emergency bills or payments. This is not a long term solution, as you’ll need to pay off the balance as soon as possible, but it’s an alternative to a short term loan with high – and immediate – interest rates.
Frequently asked questions
Can I apply for 24/7 payday loans if I have bad credit?
A 24/7 payday loan in South Africa may include secured payday loans, unsecured payday loans and payday loans with no credit checks. Whether poor-credit applicants can apply ultimately depends on the provider at hand. In general, if you’re looking for payday loans in South Africa available to poor credit individuals, you should read our guide to bad credit payday loans first.
What documents do I need in order to apply for a 24/7 payday loan in South Africa?
You’ll generally need your South Africa ID, proof of employment, bank statements and a local mobile number. These documents can be scanned onto your computer and sent over to secure providers. Some providers may require you to visit a physical lender branch to confirm your identity.
Can I apply for a 24/7 payday loan in South Africa if I am bankrupt?
A 24/7 payday loan may not be the best option for bankrupt individuals, who are facing a special circumstance that will limit them to specific types of loans. If you’re an individual in such a situation, read our guide on loans for the blacklisted.
Does a 24/7 payday loan in South Africa let me access my funds in 24 hours?
No, as this depends on your provider. 24/7 payday loans are loans that you can apply for at any time of the day. This doesn’t mean that providers will evaluate your application, approve your application and disburse funds in 24 hours.
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