Getting instant cash can be a challenge in country like South Africa where the demand for money is so high especially from the general public who don’t have enough funds to take care of their daily expenses. Worth noting is that getting instant cash has many advantages chief among them being that the applicant can cover their financial problems instantly in the event of getting the funds that they require.
Advantages and potential pitfalls of fast loans
There are some evident reasons why we often need fast cash loans in order to meet our short-term financial needs. There could be an unforeseen emergency or an unpredicted expense. Whatsoever the case, a fast loan always presents its return when needed.
Fast loans are in demand simply because they are quick. Unlike applying for a traditional loan with your local bank or other lenders, with a fast loan you get an answer by the end of the day. This is different with most traditional lenders, who can take up to one week to receive an approval or denial for a loan. There are many individuals who cannot wait that long because they don’t have the time let alone patience.
What also makes fast loans attractive is that they present simple qualifying criteria, a simple application process, fast approval, no credit checks, and not much paperwork.
You can apply for a fast loan devoid of having to physically visit the lender branch where you may go through a lot of unending paperwork.
The advantage of fast loans is that anyone can meet the criteria for it, as long as they are above 18 and employed with an active bank account in their name. You can get the borrowed money paid into your bank account within hours.
What’s more, even if you fail to make the repayment on the due date, fast loan lenders often allow extra time to pay off the debt. Another trendy advantage is that many lending establishments do not conduct any form of credit background of a client. What this means is that means that if you have bad credit, you stand a chance of getting a fast loan. Instead of checking your credit, the lender may decide to examine when your next paycheck will arrive. So far, a fast loan sounds good doesn’t it? Unfortunately, not everything that glitters is gold. Like most things in life, fast loans have their disadvantages and potential pitfalls, and as a borrower, you should know about them.
Disavantages
The biggest disadvantage of a fast loan is the amount of interest charged. Each lender is likely to charge different interest rates, which may be sky high, unlike the interest rates charged by most banks.
If you must obtain a fast cash loan, it’s important to make sure that you’ll be able to repay the loan in the appropriate amount of time. This is because late fees charged on fast loans can be high. Therefore, you need to make sure that you choose the right lender. Which is why wanna loan? is here to create the right solution for you.
As one of South Africa’s most reliable and trusted fast loan lenders, wanna loan? has been helping South Africans across the country make ends meet until payday. As a uniquely South African company, we are committed to responsible lending and advise to only borrow as much as you can afford to pay back.
wanna loan? – fast, paperless cash loans until payday.