Yes, payday loans are helpful when it is the middle of the month and you have no money, but luckily there are payday lenders to assist you.
These are small cash loans which can help you go through the month when you do not have sufficient cash left to cover your expenses. They have a very short term which is typically between one and four weeks. The loan amounts are quite small, ranging from a few hundred to a few thousand Rand. In order to obtain the loan, you will have to sign a direct debit order for the repayment of the principal plus interest and fees. On your next payday, the total amount will be transferred from your account to the lender’s account.
With a couple of hundred payday lenders in South Africa; you have more options to choose from but which payday loan lender is best suited for you?
It is important to know that every lender has different criteria’s for taking out a loan – so it is important to look at the different interest rates and what they require from you. With so many financial organisations offering short-term loans, or any kind of loan for that matter, you’re faced with the dilemma of figuring out which one is right for you: which loan will suit your financial lifestyle and state.