Pay Day Loans: All You Need To Know

Are you looking to fulfil your goals? Complete projects? Or take the next steps in your personal endeavours? Payday loans are here to fufill your financial goals.

What is a Payday Loan?

A payday loan is a relatively small amount of money lent at a high rate of interest on the agreement that it will be repaid when you, the borrower receives their next wages. A payday loan allows you to borrow the amount of short term cash you need with a quick and easy online application.

How do Payday Loans work?

Payday loans have a reputation of having extremely high interest and hidden charges that add to your fees. Look carefully for any hidden charges when applying.

How to Get a Payday Loan?

Payday loan providers are typically small credit dealers with physical locations that allow onsite credit applications and approval. Some payday loan services may also be available through online lenders.

To complete a payday loan application, you, the borrower must provide payslips from your employer showing your current levels of income. Payday lenders often base their loan requirements on a percentage of your predicted short-term income. Many also use your wages as collateral. Other factors that influence their loan terms include your credit score and credit history, which is obtained from a hard credit pull at the time of application.

Payday lenders charge borrowers extremely high levels of interest that can range up to 500% in annual percentage yield (APR) Annual Percentage Rating. Most places have banking laws that limit interest charges to less than approximately 35%; however, payday lenders fall under exceptions.

We at Loans For Pay Day offer a wide range of loan sizes starting from R100 – R150,000. If you are a South African citizen, over 18 years of age, employed and banked, you can qualify for a payday loan today. Contact us today to find out how we can help you.