Payday loans have become a popular instant cash solution.

Payday loans are little cash injections often needed to help you with unforeseen expenses until you receive your next salary.

What makes payday loans so popular?

It is a loan type that is easily attainable with minimal requirements; the primary requirement is that you earn a regular income. The loan amount you qualify for is therefore calculated to your salary and ensures that you are within your repayment ability.

There are various payday loan lenders available. Researching your best option will allow you to find a lender with competitive interest rates and fees.

Loan approval for a payday loan is simple; all you need is the following:

  • Be older than 18 years of age
  • A South African ID
  • An active bank account
  • Proof of regular income, ie. a payslip

It is also a loan type that offers more flexibility. Even if you have been blacklisted or have a less than perfect credit score, it is still possible to qualify for a payday loan.

Unforeseen expenses

Knowing that there is a financial solution for unexpected expenses allows you peace of mind. It is an instant solution should you urgently require funds. Even if it is for an unexpected, must-do weekend getaway.

Emergencies

Whether you find yourself in a medical emergency or an ‘end-of-the-month’ emergency, a payday loan is easily within reach and the funds are usually available immediately. Applying for payday loan online, is a convenient feature of a lender.

Repairs

Needed repairs come without warning, whether it is a flat punctured tyre or a broken fuse, you will need some cash to pay for the repairs.

Benefits of Payday Loans

Here are five unique advantages of a payday loan:

1. Speed

The greatest advantage of payday loans is by far how quickly you can receive the funds after applying for the loan. Payday loans can be processed and paid out within a matter of hours. Some payday loans are even known to payout in a matter of minutes. The majority of applications are approved instantly since the approval criteria is easy to meet and the loan application process is easy.

2. Bad credit

You do not necessarily need to have a good credit score in order to obtain the loan. Many lenders are quite lenient when it comes to a high credit score as a requirement for payday loan approval.

3. Convenience

Convenience is undoubtedly one of the greatest advantages of payday loans. So many aspects of this loan are simply convenient. The first convenience is the fact that you are able to apply for a payday loan online.

Another convenience is that, with a payday loan, you can spend the money on whatever you desire.

4. Few requirements

In order to be approved for a payday loan, the requirements are minimal and the loan is available to almost any person. The most important requirement of payday loans is that you need to have a stable and sufficient income. This requirement is in place since you will need to repay the loan in full on your next payday.

5. Easy repayment

Since your loan will be repaid when you receive your next salary paycheck, it offers an easy repayment term. It does not require a long term financial commitment from you yet offers a financial solution, when most needed.