With the economy the way it is, money’s tight for many people these days and traditional lending institutions have become very choosy when deciding to give credit – essentially you need more security and higher credit rating to even be considered for a loan. Luckily for many of us who struggle with unexpected expenses, there are a host of online short loan providers that will step in to help where larger banks won’t!
These online short term loan providers have different business models which allows them to make loans accessible to people without a perfect credit history. The amount you can borrow is also lower – most providers will offer short term loans of up to R 8 000 – and as the name suggests, the loans are generally repayable in much shorter time periods.
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Why would anyone want to take a short-term loan online?
Because life is unpredictable and you might face an unexpected expense that needs to be met – like say you need and emergency operation – or you have other financial dues that you need to meet so that they don’t impact your overall credit score – like an overdue retail account. With online short term loan providers you have the facility to meet these expenses.
Why you should apply for a short term loan online
What makes online short term loans so attractive is the extremely easy approval process. You simply visit the website and fill out the application form which normally takes about 5-10 minutes. And that’s it! No paperwork, branch visits or queues! Secondly, because short term loan providers have different rating criteria, you are more likely to get approved than by a traditional lender. For those with imperfect credit scores, this is a huge benefit!
And since the lender knows that there is often a quick turn around required, applications are reviewed instantly and the money can be in your account in less than a day! This quick disbursement feature further makes short term loans the best choice when you need cash in a hurry!
To apply for an online short term loan, all you need is to fill in all the columns required with your information and hit a button to submit your application to the lending company.
Criteria for a short-term loan
- Your age – 18 years or over
- Must be a SA citizen with a valid ID
- Must have a bank account
- Must have a valid cell-phone number
Repaying an online short term loan
Short term loans are short term credit and should be repaid as soon as possible! The normal repayment is the next payday, but some providers offer longer periods to about 90 days.
However, always remember that it is in your best interest to pay these loans as soon as possible and make sure you specify a date where you can guarantee that the funds will be in your account. You could possibly face steep charges and potential negative impact on your credit score if the lender is unable to extract the funds from your account on the assigned repayment date!