Cash loans provide you with immediate cash for when you really need it. Once you have been blacklisted, other credit providers shy away from giving you credit, especially when you need it most. A cash loan provides you with instant credit with up to 60 months to pay, and the application to do so can be completed hassle-free, cash guaranteed. The whole process is completed online and thus allowing you to access your money faster. Cash Loans are also referred to as cash advances or salary advances and the definition is self explanatory. Generally most cash loans/salary advances pay you the credit that you need and take it off your next pay slip.
How to apply for a cash loan?
The minimum requirements to qualify for a cash loan in South Africa are generally to be:
• Permanently employed for at least 3 months;
• Being between the ages of 18 and 65
• Earning a minimum of R3000 a month and
• Having a bank account to which the funds can be deposited.
What are Cash Loans?
Cash loans appeal to everyone regardless of race, gender or social status. Admittedly one of the most difficult tasks to accomplish is to save. Therefore cash loans provide you with financial motivation to carry on working, and start doing what you love. To put this in perspective, it is best to explain with the aid of an example. The end of the month, debit orders go off, and this month is particularly difficult for you, as an unexpected debit order is still pending, but you do not have the money right now. To make matters worse, you only pay next week. This is exactly where a cash loan would come in and immediately provide you with financial assistance, albeit temporary. The money is received immediately in your bank account, before any embarrassment could occur and you are at ease, knowing that you can sleep easily. To further demonstrate the necessity of a cash loan, the next month, after the loan and interest is paid off in full, you naturally would cut back spending for the one month and thus be thriftier with your means. A cash loan is not a free-cash scheme or money- when you want to need it. It is intended for emergencies to make ends meet, to avoid things like bad credit or blacklisting. Therefore to avoid the unnecessary back-ache of taking out instant cash loan that you want more than need consider the necessity of the loan to you at this very moment.
South Africa’s financial climate provides the building blocks for cash loans as a necessity, particularly in the lower-middle class sector whereby many people earn below the bread line so to speak. Many citizens therefore do not qualify for bank loans and rather opt to cash loans, particularly for smaller amounts, under R2500 which can be paid off relatively quickly. One of the most popular cash loans providers is Wonga.com. If cash loans are used correctly, people can have the financial integrity to only use cash loans when it is a complete need. Something else to avoid is to use multiple cash loan providers, because of the ease of acquiring cash. It is therefore easy in the same light to accumulate debt. A general rule of thumb would be to take out an emergency cash loan, only if you would have double the funds or more to cover it the next month, even though you only need the amount that you applied for and the interest. To explain this, let me use a practical example. Let us say for instance that you need an extra R500 for this month to cover your expenses before payday. For the following month it would be advisable to have R1000 or more saved, to cover the loan and interest, to avoid the use of another loan the next month.
Thus the importance of cash loans boils down to the utility of such a loan. How necessary is the payment of a bill to you? Will whatever you need to pay cause you to suffer emotionally, physically or mentally? In South Africa debt can be catastrophic, specifically from small amounts of credit that are incurred over your lifetime. Most cash loans providers are recognised credit providers and are thus a semi- formal credit provider as informal credit is also available in the form of loan sharks (people that lend money and charge high interest rates with the use of some form of collateral as surety).