Payday loans Johannesburg- Money paid in 60 mins*
What are payday loans in Johannesburg?
Thousands of South Africans are searching on the internet for ‘payday loans in Johannesburg,’ and you know why? Because they need quick money to handle their small and unexpected financial challenges.
Payday loans are short-term loans to be paid back on your next payday. However, many payday lenders offer payday loans online that can be repaid over several months.
Unlike traditional loans, payday loans in South Africa are quickly approved and funded within 10-15 minutes. If you apply for payday loans in Johannesburg with MoneyStar, you will get 98.7% approval rates, no fees, and low-interest rates.
Am I eligible for payday loans in Johannesburg?
If you want to apply for payday loans in Johannesburg, you must first meet the essential edibility criteria mentioned below. Usually, the lending criteria vary from lender to lender, so keep it in mind before applying.
- Be 18 years or older: Every lending institution has specific lending criteria to meet by loan applicants, so the minimum age is 18 or above to apply for such loans.
- Address proof: Make sure you have lived in your province for a long time because you must provide a residential address proof to match lending criteria.
- A bank account: Your active bank account is needed because you can get the funds paid into your bank for some safety purposes.
- Income: You have to provide any of your current income sources you are getting so that you can pay off your payday loan on time.
How can I apply for payday loans in Johannesburg?
Payday loans in Johannesburg will be entirely online, from approval to a cash deposit. What you need to do is mentioned below:
- Fill out the online application: You have to fill out an application form with some of your personal information, income, and banking details. It will take minutes only for its completion.
- Wait until verification: You must be patient until you are verified because lenders verify your details before sending you the loan contract. Make sure you have read the terms and conditions of the loan contract.
- Get funds: You can get your funds to your bank account any time after you have sent back the loan contract to your lender.
Why choose MoneyStar® for payday loans in Johannesburg?
Here are a few top reasons for choosing MoneyStar® for payday loans in Johannesburg.
- Easy access: You can easily apply for payday loans without leaving your comfort. You can have a maximum possibility for loan approval with direct payday lenders at MoneyStar.
- No hidden charges: You will be dealing with transparent lending with direct lenders without hidden charges. Everything will be right in front of you while choosing these loans.
- Bad credit accepted: You can still get payday loan approval if you have a bad credit score from direct lenders.
- No documentation: There must be paperwork documentation to go through for online loans with the most reputable lenders.
What can I use a payday loan for?
Payday loans come with no restriction so you can use them for emergency expenses in Johannesburg.
Some examples:
- Car maintenance: Your car is made of a machine, and it keeps teasing occasionally once started. But you can take a payday loan to repair your car no matter where you have got the issue with your car.
- Debt consolidation: Your unpaid debts make you helpless to get financial services quickly. So you can use these types of loans to pay all your pending debts through debt consolidation.
- Rent payment: Living in rented accommodation means paying rent each month. Paying your rent on time is unnecessary because you may need more funds with you sometimes. Then payday loans can help you out paying your rent.
- Food cost: Sometimes, this is mandatory to buy food from outside, but money shortage makes you helpless. Now, you can buy food and satiate your hunger with the help of these types of loans.
- Educational fee: No need to quit your studies due to money shortage if they are on because you can afford their costs with such online loans.
Advantages and disadvantages of payday loans
Some people call payday loans a life saviour while other caution with it. Below we show you advantages and disadvantages of payday loans.
Payday Loans Advantages:
- Collateral free: They are unsecured loans, so you don’t need any assets or valuables to get funds. It is a great advantage that you won’t lose valuables after applying for these loans.
- Fast funding: The best part is you can quickly access funds faster than any other traditional loans with some online lenders.
- Fewer requirements: Payday loans have some basic requirements to qualify for a loan. You don’t need to deal with banking formalities standing in a long queue of loan applicants.
- 24×7 available: You can apply for such loans anytime and anywhere. It is one of the advantages that you can’t get anywhere else except some online lenders offer such a facility to the borrowers.
- Trustworthy lenders: Unlike traditional lenders, you will be dealing with online lenders whom you can easily trust with closed eyes. Lenders treat you as per your comfort and convenience until you receive your loan.
Payday Loans Disadvantage:
- High-interest rates: Short-term payday loans take away your financial worries. On the other hand, they make you extra in terms of their high-interest rates.
- Debt cycle problem: Your debt cycle may start if you don’t make your loan payments on time. So, you need to know it before applying for such online funds.
- Short-repayment period: You get a short repayment time to pay off your loan, which may disadvantage many loan applicants.
Can I get payday loans with bad credit?
Many lenders offer payday loans for bad credit in South Africa. At MoneyStar, we understand that people sometimes get bad credit scores due to past financial mistakes or negligence. But it doesn’t mean they cannot repay their future loans.
Rather than a credit score or credit history, they usually focus more on the borrower’s current employment status, income, and debt-to-income ratio while making a loan decision. People with low, harmful, or no credit can apply for a payday loan.
Using the MoneyStar, you may get from R100 to R35,000 in just 5 minutes.
Applying won’t affect your credit score
Micah Sedres
MoneyStar expert Micah strives to navigate finance niches like credit cards, loans, and mortgages easily. She helps hundreds of readers in credit building and provides money management tips. After regularly working for brands like Businesslive.co.za, she joined the MoneyStar.co.za team as a staff writer to develop credit product reviews and comprehensive guides mainly focused on credit scores and loan/card offers.
