We normally fall short of cash in the most inappropriate of moments. Unfortunately, banks are rather clumsy when it comes to personal loans, no matter whether you apply for R500 or R50 000. The bank procedure is all the same – you have to visit the bank, give a pile of papers, wait for a few weeks and there is no guarantee that you will be approved. This is when you will regret not having tried applying for an instant short term loan instead.
Instant short term loans are pretty much loans provided for short periods of times and for smaller amounts than the more traditional short term loans you would aply for in the bank. Also called payday loans, instant short term loans have become extremely popular due to the speed with which a borrower can get approved and have access to the funds.
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There are many advantages that instant short term loans have. First of all you can apply online from your home, work or even and internet café. The information that is required is extremely basic – personal data, marital status, address, employment and credit record (if you have any liabilities). The platforms are created to be user-friendly and the whole process can be completed in as little as 5-10 minutes without the need for any paperwork to be sent or faxed.
As the name might imply, another feature of instant short term loans is that approval/disapproval is received within a few hours. Usually the result is sent via e-mail or on your mobile phone like an sms. The chance that you will be approved is very high as long as you have been fair and honest when filling in your personal data.
But one of the biggest benefits of instant short term loans is that unlike traditional lenders, most online short term loan providers are more flexible in their lending criteria and can in some cases approve requests even if the applicant has a bad credit record. They make up for this by providing smaller loans over shorter periods of times and charging a higher rate of interest. However, if you’re in need of just a smaller amount of money to tide you over for a short while before payday, then instant short term loans appear quite attractive.
If you are approved, the money will be transferred to your private bank account and you can use it right away. The whole process is very quick – for example if you apply in the morning, there is a fair chance that you will have the funds at your disposal until the end of the day. The maximum amount you can apply for is mostly around R 4 000 and instant short term loans are normally repaid over periods of less than 60 days.
Check out our list of instant short term loan providers in South Africa here.