Short term loans or payday loans in South Africa got very popular because of the bad economy,
high inflation and the banks that are negative about lending money.
Truth is, everybody needs some extra cash from time to time.
It could be for a crisis, vacation or to further your studies.
It can be in the form of a personal loans or payday loans.
Personal loans will be in most cases be an unsecured loan .... Requiring a fixed monthly income. The maximum amount that a loan company will advance depends on an applicant's gross monthly income. The longest terms given will be 48 months.
A payday loan is an advance given on a salary ... till payday. The term will be anything between 1 and 6 months.
These requirement for these Short Term Loans providers are less strict than those of the banks and loan seekers tend to choose to these companies. There applications are easier and turnaround time much quicker. You can have cash in your account in 24 hours or even the same day.
Any of these loans are pretty easy to get, but please do not use this for luxuries. Lend responsibly and only urgent important expenses. Make sure that the monthly installment will fit into your budget.
You would need the following documents ready when applying for a Short Term Loans, in most cases ....
1. You need South African Citizenship with a valid ID
2. Proof of a steady income .... latest payslip and 3 months bank statements
3. Bank account details.