Personal loans can be ideal for those who need instant access to money. These loans are often offered in two ways: unsecured loans or secured loans.
Unsecured personal loans require no collateral and they usually have higher interest rates. Secured loans, on the other hand, are often easier to qualify for, with assets put up as collateral.
Personal loans can include loans from banks or from other legal lenders. Some banks have entered the payday loans market, giving South Africans access to simple cash solutions from reputable lenders.
In South Africa, more young people are flocking to payday loans as solutions to their financial challenges.
Research has shown that there’s been a sharp increase in the use of payday loans among South Africans in the 25-39 age groups. This is despite statistics pointing to the fact that consumers often owe as much as three quarters of their monthly pay to creditors. Having access to easy personal loans in South Africa has meant that only 23.42% of South Africans have any money left at the end of the month.
While the value of payday loans is often small, interest can be very high. These easy personal loans in South Africa often offer fast, efficient relief solutions to individuals who are looking to get out of financial challenges.
What are the characteristics of easy personal loans in South Africa?
Easy to qualify for
Unlike traditional bank personal loans, these loans provide instant access to cash.
Simple to access
These days, various lenders provide access to loans online. Borrowers can simply log onto a website to get access to a personal loan that can be tailored to suit their needs.
Quick application process
Easy personal loans in South Africa often have a quick application process, without too much paperwork involved. Application processes are often completed online.