Quick Loans often offer the benefit of fast solutions to cash problems. When you need to pay for emergencies such as rent, school fees, repairs to your car or an unexpected medical bill, the last thing you need is a delay. Chances are that you are looking for fast access to cash without any hassles.
In South Africa you can gain access to quick loans through a number of lending institutions. The micro finance sector has a number of lenders who specialise in providing quick access to cash.
What are the advantages of quick loans?
You get to benefit from a quick response following your application
Forget about waiting for days or weeks on end to find out whether you qualify for a loan or not. Most micro lenders that specialise in quick loans will promptly attend to your application.
There are simple and easy qualifying criteria
Qualifying criteria are usually not stringent as those of banks.
The application process is simple
Most lenders provide an online application process, which is simple and easy to complete.
Approval rates are often quite fast
Once you are approved, you will be notified immediately.
In some cases there are no credit checks done
Some lenders provide loans without any credit checks, which may be particularly beneficial if you have bad credit or if you need to attend to an urgent financial emergency.
There is minimal paperwork
Most lenders don’t require endless paperwork to be filled out. Applications can be done digitally, with a select few documents required.
Repayment terms are often flexible
Most lenders have repayment terms that are flexible- giving people a reasonable amount of time to repay the loan.
The downside to quick loans is that you will be charged a high interest rate. If your payment is late you will be charged a high fee.
What are the qualifying criteria?
- Be above the age of 18 years
- Be employed
- Have an active South African bank account
Make sure that you only apply from reputable lending institutions who are NCR-registered.