Payday Loans in South Africa – What is definition of payday loan:- Payday loans are short-term loans that a lender and borrower agrees on borrowing arrangements and this loan is paid instantly.
Lending istitution will check your credit records to make sure that you are the right person for the loan.
Its easy to get approved for payday loan as the amount to borrow ranges from R500 to R8000 with payment period between netx payday or three months to 6 months.
To qualify for payday loan;
- You must be at least 18 years old,
- Have an active bank account that is in good standing,
- Have a minimum amount of regular income, most lenders will rewuire you to have a minimum salary of R2000,
- The repayments are due on your next payday
This form of loan often comes with high-interest rates, and therefore shouldn’t be used carelessly.