Requesting for a short-term loan is an easy and effective way to pay for your unexpected expenses. Dealing with unexpected expenditures could be frustrating, and it may provoke you to use your savings. Most people are familiar with the concept of “fast cash” or “same day payday loans”, however, they link it to a scam, without even learning its benefits. Or, the ones that are skeptical to request for a short-term loan believe that requesting a cash loan is difficult. They should have the perfect credit score to ask for a payday loan but, it isn’t true at all!
We assure you that getting cash loans doesn’t have to be difficult at all. You can fill the form online then, and you will be instructed to receive the cash. Depending on your service provider, the amount will be wired to your account or, you can visit the franchise to retrieve the amount. Also, repayment of short-term loans is rather lenient, and you can pay the borrowed amount without stressing yourself. Read more about same day payday loans south africa here.
What makes requesting loans difficult?
Many people don’t recognize the concept of short-term loans South Africa. They believe that banks only offer a long-term loan option, which is something that they don’t want most of the times. Instead, they want to borrow some cash to pay for their utility bills, electronic repairs, and groceries, and a short-term loan can help them with paying for their expenses.
However, if you think that you should visit a traditional bank to request for a personal loan, the following reasons may make it difficult for you to get the loan:
- Most banks don’t issue personal loans: Yes, it’s true. If you are borrowing a loan to fund your long-term assets, then, a bank will be willing to help you. For instance, you have to pay a mortgage for your house and installments for your car, ask your local lender and it will arrange for you to get money from the bank. But, if you want to borrow money to pay for mundane expenditure, no bank would assist you.
- High-interest charges: Both types of loan incur an interest; however, a long-term loan tends to have a higher interest rate, which makes the process tedious for you. If you want quick and instant cash for your needs, this option isn’t for you.
- Suitable credit score: Before you state your reasoning in your application, you are expected to mention your credit score on the paperwork. No one would take you seriously if you have a low or bad credit score. Applying for a short-term loan doesn’t require you to have a good credit score, and you can get away with cash quickly.
- Strict return policy: With traditional banks, the higher the principal amount would be, the higher would be the repayment policy. On the contrary, the return policy/repayment policy for short-term loans is significantly lenient, and you can pay as soon as you get your paycheck back.
Lenders that specialize in personal loans are experienced in processing short-term loans within two business days. Once your request has been processed, they send you a notification. Also, they keep you updated on your repayment date. However, if you are unable to repay due to unforeseeable circumstances, you can request an extension.
How to qualify for an instant cash loan?
If you are considering requesting an instant cash loan, there is no need for you to fret on the process. The procedure is more straightforward than you think, and it will be processed before you even know it. Nonetheless, you should make sure that you qualify for the program before you get your expectations any higher. The following criteria should help you with determining your qualification scope:
1. Be over the age of 18 years old:
If you are an employed college student then, you are eligible to request for the loan. You will be asked to submit your ID or other sources of eligibility to make sure that you are over the age of 18 years old. However, if you fail to meet the criteria, then, your request will be rejected automatically.
2. Have money paid in your account
One of the requirements to confirm your application requires a lender to make sure that your personal account has received any amount for three consecutive months. You will be asked to submit your bank statements to confirm your eligibility or, the lender will contact your bank to retrieve the bank statements. It ensures that you are capable of returning the amount back to the lender.
3. Have a permanent South African residency/citizenship
It is an important step of the process, and the applicant should be a citizen living in South Africa or, it should have a permanent residence in South Africa to process the loan.
4. Have a registered phone number and email address
If you are interested in requesting for a short-term loan, it is important for you to have a registered contact number and email address to send you emails and updates on your loan application.
Anyone can follow these easy-to-follow steps to request a short-term loan to facilitate their everyday expenditure. However, if you still have doubts regarding your eligibility, you can contact your service provider, and you will be notified accordingly.
Why choose Money Matcher to process your short-term loan?
Money Matcher connects you to the eligible short-term lenders across South Africa. The company simply requires few documents from you to confirm your eligibility, and it connects you to lenders that would process your payment within no time. Once your request has been processed, the amount will be wired to your bank account.
With Money Matcher, you can request for up to R300-R2,000 at a time, and you are given plenty of time to repay the amount. Visit https://www.moneymatcher.co.za/ to learn more about the company.