Quick Online Loans
July 20, 2014
Quick online loans is a term you will probably come across a lot when you’re online. These fast online loans have a category of their own when it comes to lending.
They are different to the types of loans you would apply for in a bank, the types you might ask your family and friends for and from drawing cash using your credit card.
Typical quick online loans are: a small sum of money, borrowed over the short term, usually over a period of up to only four weeks, with a slightly higher interest rate than their longer-term counterparts.
Who provides fast online cash loans South Africa?
There are a number of providers that can offer quick online loans that are considered short-term. Your bank will probably be able to offer you quick online loans but if you search online, you will note that it is not only financial institutions that are able to lend money for a few weeks.
More and more service providers of these money solutions, sometimes referred to as payday loans, are popping up every day, from Wonga and Boodle, to Essential Credit and Loans Direct.
How quick online loans South Africa work
Most of the providers mentioned above give you a set fee to pay that is based on a percentage of the total amount you plan to borrow. When you make your online loan application, these fees will be provider upfront, which means you will know exactly what the total repayment amount is.
Some providers give you the opportunity to extend quick online loans at the end of the period, but if you are taking short-terms online loans, you probably want a set amount of money to borrow for a certain purpose. What is also important to note here is that short-term personal loans are usually small amounts, not exceeding R8 000. If you need more cash than this, you may need to consider applying for a long-term loan.
Paying back quick online loans South Africa
When you apply for your loan, you may notice that the amount to be paid back is one sum, with the initial amount and the lender fee bundled together. This is standard for quick online cash loans, as opposed to long-term loans that allow you to pay back the amount with monthly installments.
These loans are intended to be stop-gaps, that is, a way of helping you get through the month, paying for a car service mid-month or even a helpful tool to cover the cost of an emergency that requires cash you don’t have on hand. The loan provider expects you to pay the total amount, but some allow their customers to pay back over three months, when they borrow the maximum loan amount.
Now that you know exactly how these types ofquick online loans work, finding the right loan from the right service provider should be easy, and you may find that your new knowledge makes it easier for you to understand exactly how your loan will work, from the time you apply until the moment you pay it back.
Next step: Get a loan now. Simply complete and submit the form on this page
All info was correct at time of publishing