Need a Quick loan, within the hour?
When life gives you lemons, get one of our quick loans for cash emergencies! Fast online loan applications and same-day payouts make this your best option in a cash emergency.
In this situation, you can use one of the many available quick loans in South Africa effortlessly. This is a highly effective solution, especially if you do not have an emergency fund that you can fall back on. From payday loans and short-term loans to personal and car finance, any form of credit can be considered a quick loan. The only requirement is that the loan be issued to the consumer within a short time frame. While loans used to take days and weeks to approve, anyone can now apply for a quick loan on their Smartphone or computer in just seconds or minutes.
Quick loans from a local Bank
When you need to borrow money, the well-established commercial banks should be among your primary choice of lenders due to the lower interest rates and fees that they offer. There are smaller credit providers that offer more easily accessible and faster loans, but these benefits come at a price. You may have to pay a higher interest rate and/or follow a more financially burdening repayment schedule.
Types of Quick loan options
If you have a credit card on hand, you can use it directly to withdraw cash from any ATM as well as make payments online or in-store.
Home Equity loans & lines of Credit
These are easy to get when you have sufficient equity in your home. You can expect to pay a lower interest rate since the credit is secured against your house. Just make sure that you take into account the risk associated with placing your home as collateral.
Quick Unsecured loans
These are among the most popular types of personal loans. You do not have to place an asset as collateral and since there is no collateral, the risk to the lender is higher. This is why the interest rates are higher. At the same time, you will not have to risk any of your assets. The lender will check your income to ensure that you earn enough to repay the loan.
Unsecured Quick loans for emergencies
It may be more expensive than a secured loan, but you will not put a valuable asset on the line. In this way, you will get some level of protection if the emergency situation gets worse. It pays off to look for a lender that is known for paying personal attention to customers in addition to looking at the numbers from the credit report and pay slips.
Emergency loans from Family & friends
If you are in a difficult financial situation, your family and friends may be able to help you get out of it. It makes sense to turn to a person who is close to you in case of a cash emergency. If a friend or family member offers to help, you should prepare a loan agreement and have it signed just as if you were taking out a regular quick loan.
If you cannot get a loan, however, you should not be offended as the people around you may also finding it difficult to manage their budget or may be worrying about financial trouble hitting them as well. You can consider peer-to-peer lending as an alternative. With a P2P loan, you will borrow money from a private person like you under terms and conditions which may be favourable to you.
Quick Payday loans in South Africa
If you have exhausted all other quick loan options, you can consider payday loans in South Africa. They are expensive and may become difficult to manage, but if you do not have a good credit score and/or sufficient income, you will most certainly not be able to get finance in any another way. If you decide to use a payday loan, you should be fully prepared to repay it on your next salary. Extending it or using another loan during the next month can get you into a serious spiral of debt which you need to avoid at all costs.
The issue with payday loans is that if they are not used as a once-off solution, they can make a consumer’s financial situation worse. Payday loans have a high APR due to the high interest rates associated with them and the considerable fees charged by micro lenders. Besides, interest is charged daily rather than monthly or annually. These factors make them quite expensive.
If you do not have sufficient income to repay what you owe and you cannot qualify for a traditional loan, you can end up in financial trouble.
What is a Title loan?
With title loans you have to place an asset, typically your car, down as collateral. The lender will grant the loan fairly easily, but you can expect considerable monthly payments. If you cannot make the payments, you may lose your asset. If you lose your car, you may not be able to go to work and earn income.
Alternative solutions to Title & Payday loans
There are alternatives to emergency loans which you should consider. The best option is to have an emergency fund, but if you don’t, there are other options to try. You can consider selling an asset of yours. This can be a flat-screen TV, a luxury piece of furniture or even your car. You will be able to use the proceeds of the sale straight away.
You will not have your asset any longer, but at least you will not be burdened with paying interest and fees in the coming months and years. Besides, the cost of using a loan may be higher than the value of the asset that you sell. This is especially the case with payday and other instant loans. Choose carefully between the different emergency and quick loans in South Africa by comparing loans online and making use of the free loan calculators made available by all South African lenders.
Applying for a Quick loan
Applying for a quick loans in South Africa has never been easier. Not only can you simply log in to your online banking on your Smartphone and get a loan in seconds but you can make use of a range of Apps and online loan applications.
Once you complete the online loan application you will simply need to upload or forward your FICA documents and payslip and your loan will be approved and sent to you within minutes or hours.