Do you want to pay overdue bills or make an urgent purchase before the end of the month? Fast online loans require minimal to no credit checks, which makes them your ideal solution!
Do you need a quick loan within an hour?
If life gives you lemons, get one of our quick loans for cash emergencies! Fast online loan applications and same day withdrawals make this your best option in a cash emergency.
In this situation, you can easily avail one of the many quick loans available in South Africa. This is a very effective solution, especially if you don’t have an emergency fund to fall back on. From small loans to short-term loans to personal and auto finance, any form of loan can be viewed as a quick loan. The only requirement is that the credit is granted to the consumer within a short period of time. While it used to take days and weeks to approve loans, anyone can now apply for a quick loan on their smartphone or computer in seconds or minutes.
Quick loans from a local bank
If you need to borrow money, the mainstream commercial banks should be your first choice as a lender because of their lower interest rates and fees. There are smaller loan providers who offer more 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 onerous repayment schedule.
Types of quick loan options
If you have a credit card on hand, you can use it to withdraw cash directly from any ATM and pay online or in-store.
Home Loans & Lines of Credit
These are easy to come by if you have enough equity in your home. You can expect lower interest rates as the loan is secured against your home. Just make sure you take into account the risk involved in depositing your home as collateral.
Fast Unsecured Loans
These are among the most popular types of personal loans. There is no need to deposit an asset as collateral and since there is no collateral, the risk to the lender is higher. Because of this, the interest rates are higher. At the same time, you don’t have to risk a fortune. The lender will check your income to make sure that you are earning enough to repay the loan.
Unsecured quick loans for emergencies
It can be more expensive than a secured loan, but you won’t be putting a valuable asset at risk. That way, you will get some protection if the emergency situation worsens. It’s worth looking for a lender who is known for taking personal care of their customers in addition to the numbers from their credit report and payroll.
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 this situation. It makes sense to reach out to someone close to you in the event of a cash emergency. If a friend or family member offers to help, you should have a loan agreement prepared and signed as if you were taking out a normal quick loan.
However, if you are unable to get a loan, do not be offended as the people around you may also have difficulty managing their budgets or worry that they may get into financial trouble as well. As an alternative, you can consider peer-to-peer lending. With a P2P loan, you borrow money from an individual like you on terms that may be convenient for you.
Quick Loans in South Africa
When you have exhausted all of the other quick credit options, you can consider small loans in South Africa. They are expensive and can be difficult to manage, but if you don’t have good credit and / or income, you are sure not to get funding any other way. If you decide to take out a small loan, you should be fully prepared to pay it back on your next salary. Extending or drawing on another loan in the next month can get you into a serious debt spiral that you absolutely must avoid.
The problem with small loans is that if not used as a one-time solution, they can worsen a consumer’s financial situation. Small loans have a high effective year due to the high interest rates involved and the substantial fees charged by micro-lender.
What is a title loan?
A property loan requires you to deposit an asset, usually your car, as collateral. The lender will grant the loan with relative ease, but you can expect substantial monthly payments. If you cannot make the payments, you can lose your assets. If you lose your car, you may not be able to work or make an income.
Alternative solutions to title and small loans
There are alternatives to emergency loans that you should consider. The best option is an emergency fund, but if not there are other options you can try. You can consider selling one of your assets. This could be a flat screen TV, luxury furniture, or even your car. You can use the sales proceeds immediately.
You will no longer have your assets, but at least you will not be burdened with interest and fees for the months and years to come. Also, the cost of obtaining a loan can be greater than the value of the asset you are selling. This is especially the case with small and other instant loans. Carefully choose between the various emergency and quick loans in South Africa by comparing loans online and using the free loan calculators from all South African lenders.
Apply for a quick loan
Applying for a quick loan in South Africa has never been easier. Not only can you simply log into your online banking system with your smartphone and get a loan in seconds, but you can also use a number of apps and online loan applications.
After completing the online loan application, all you have to do is upload or forward your FICA documents and payroll and your loan will be approved and sent to you in minutes or hours.