Short Term Loans Guide
Are you looking for a loan and wondering which would be the best kind for you? Short term loans could be the best step if you need a moderate amount quickly.
Although the amounts range from low to moderate, the application process is fast and you can have cash in your bank account on the same day or the next day after applying.
Keep reading if a short term loan sounds like what you need!
What Are Short Term Loans?
Short term loans offer flexibility and convenience when you need cash quickly. The amount that you can apply for starts from as low as R100, and can go up to R10 000.
While you won’t necessarily be able to run off to Bali with this loan, it’s more than enough for everyday expenses, repairs, medical bills, or other small things you need to pay off quickly.
You’ll also have the option to repay the loan within one month or up to six months, allowing you some freedom and less stress.
While short term loans are regulated by the National Credit Regulation, these kinds of loans are unsecured. This means that you won’t have to offer collateral, like your car or home, in order to secure the funds.
Everything is done online when you apply for a short term loan, including uploading any documentation that short term lenders may require. This makes the process easy and convenient, as you don’t have to stand in any bank queues.
You’ll also know if you’ve been approved for the loan within a couple of minutes, which reduces the amount of time between applying and getting cash in hand. Depending on when you start your application, funds could be made available on the same day.
Short term loans are also more manageable, as you’ll be taking a smaller amount and paying it back within 3 months or 6 months at fixed interest rates. This gives you peace of mind as you know exactly what you’ll be paying back on a monthly basis - no surprises.
What Do I Need To Apply?
In order to apply with any short term loan lender, you’ll need to be 18 years or older and have the following:
- A valid South African ID number
- Bank account details (in your own name)
- li Your most recent proof of income
- A working cell phone number
- li Employer contact details
Most application processes will require you to upload documents such as your latest bank statement or payslip. You’ll need a mobile phone, tablet, or computer in order to complete the application process online.
Even if you are eligible to apply, the amount and repayment terms that you’re eligible for could change depending on your credit history and affordability.
Short term loans are an effective and flexible way of gaining a little financial boost and paying off expenses to take some stress off.
If you need a little bit of help, check out some reputable short term loan lenders and apply today. You could have cash in your hands by nightfall!