In just an instant, you can get payday loans online in South Africa. There’s no trick to this, but sound financial sense that is viable for every South African who needs a cash loan. Payday loans are not new, but being able to apply and get your credit checked in an instant, and more importantly have approval and a same day payout is relatively new in this country.
Find the right loan for yourself by applying below
The major banks like Capitec and African Bank pioneered this field in recent years, but may have been usurped by the likes of Wonga.com and Loan Finder SA, both of which are partners of comparensave.co.za in payday loans.
What is a Payday Loan?
A payday loan is a direct cash loan or short-term credit facility for any qualifying person (for example you), that is provided by a registered credit provider (for example any lender regulated by the NCR in South Africa), and is payable just before, on, or just after the pay date of the person who took the loan.
If you get paid on the 25th of every month, the lender would ideally require you to pay on the 25th, or if your pay day falls on a Friday that month, that’s the day your salary reflects and ideally when you should repay your loan.
As mentioned, these rules are not set in stone and are unique to each of the trusted partners Compare ‘n Save works with. Whenever you apply for a payday loan, you will need to carefully look at the conditions of the loan. The following are the main elements you need to look out for and make sure you understand, and ultimately adhere to so that you can have a good repayment record which grants you access to bigger loans.
Instant Payday Loans Terms to Understand
Cash Loan Interest rate
This is the rate of interest charged to you on every 1 rand that you borrow. It is usually expressed as a percentage and the actual amount with respect to your loan.
Some providers include an initiation fee which can be a fixed amount or a fixed percentage of the amount of your loan.
A service fee is charged usually once a calendar month. In other words if you apply for a loan and get approval you can be charged a fee. However, if you make another loan within that same calendar month, you will usually not be charged a service fee. Not all our partners charge service fees.
This is the value of your payday loan before interest and other charges. It is the money that you borrow.
This is the amount that you need to repay at a specific date, for example on your pay day, and includes interest and other charges. Note that the repayment amount may be less than the loan amount if the number of repayments is more than one.
Total loan amount
This is the total amount you will need to return including interest and fees. Settlement of this amount means you no longer have any more repayments left on your loan.
This is the period that you will take to repay the full amount of your loan or an amount that goes to full repayment. It can be any period until your next pay date or longer.
Any payday loans online South Africans make are ultimately at the discretion of the companies that provide the loans. However, you will typically not be discriminated against. You can earn as little as R2000 per month and get a loan. Apply online right now and get same day approval for your cash loan.
Compare ‘n Save works with reputable payday loan lenders.