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Payday loans have been heavily criticised but can a payday loan ever be the right solution?

The truth about Payday Loans

Payday loans are everywhere these days and the industry is booming but what is a payday loans.

Payday loans are small loans where no credit checks are required. This means that whatever your financial history you are likely to be approved. Payday loans have short terms and must be paid back quickly, usually on your next payday, hence the name.

Payday loans are a fast way of getting emergency money. You can apply, get approved and have the money in your account often on the sameday. Some lenders can even get the money to you in as little as 15 minutes! They are designed to help you cover your expenses until your next paycheque.

Why are Payday Loans so popular?

An increasing amount of people are turning to payday loans to help them make ends meet. Payday loans can help you cover an unforeseen expense such as household bills, home repairs and buying essentials like petrol, food and travel.

With no credit checks the loans are very accessible. The only requirements are usually that you are over 18 and have a South African bank account. The application process is easy and fast and can take only a few minutes to complete. You can get the money you want from the comfort of your own home either online or with some companies via text.

Are Payday Loans as bad as they say?

Payday loans can be very costly and are a more expensive than other methods of borrowing. This is because the interest rates are very high as these are unsecured loans which can be given to people with bad credit ratings. However, they are designed for short term borrowing so if you do decide to take one out you need to be responsible and pay back the amount plus the interest as soon as possible.

If you miss payments you can quickly fall into a debt problem. This is because the fees and charges that come with late payments can be expensive and can easily accumulate. Not only can you fall into debt but you also risk damaging your credit score which will be used against you.

Remember that payday loans are for short term borrowing and should never be used to solve any long term financial difficulties you might have.

Is a Payday Loan right for you?

Payday loans can be a good solution for quickly and easily borrowing cash during an emergency if you don’t have other financial options such as credit cards or savings account.

Treat payday loans as a last resort.

Finding a Payday Loan

As payday loans are so popular there are many lenders vying for your business. It is definitely worth taking the time to research the market to see what is on offer. You can use the table above to find the right payday loan for you.

It is important that you read the small print on a payday loan and understand how the loan works. Also look at what happens if you miss payments.

Category: Payday loans

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