For the short-term loan seekers in South Africa, various options and offers are available. Banks do offer this service, but nowadays, online short-term loans are more prominent, which provides almost immediate loan services to small businesses and individuals. There are no time constrictions as one can apply online at any time after filling the application form.
These loans attract high-interest rates, but they are flexible and highly convenient. You can easily apply for the online short-term loan with Friendly Finance while following a simple procedure. Let’s consider the details about how you can apply for the short-term loan in South Africa!
What do you need to apply for a short-term loan?
The short term loan lenders in South Africa will require appliers who are over 20 years and less than 65 years old while they must be legal citizens of South Africa with a valid green bar-coded ID card.
The monthly income of the applicant must be around R1,500 per month along with the supporting financial history, cash flow, credit scoring and other financial evidence. You must have a copy of your ID card, proof of residence, bank statement and pay slips in order to apply for the short-term loans.
The short-term loan application process
South African citizens prefer the short-term loans more than any other types of loans because of the efficiency, quickness and convenience. One can apply for this loan within minutes after going through the details about the terms and conditions. South African lenders offer online forms or applications which the borrower need to complete. Once you give your personal, official and financial details as evidence, you can send the required documents through email.
After going through your application, documents and financial history, you will receive a loan offer with the interest rates and other terms. You can negotiate about certain matters and then send the approval after which the lender will deposit the cash into your bank account within 2 days.
Other Important Considerations
Short term loans have higher interest rates compared to other loans in South Africa, but the application and documentation procedure is proficient. The applicant must have a credible credit history, cash flow and healthy monthly income. Without fulfilling these conditions, one cannot apply for a short-term loan.
Payback time for short term loans in South Africa is shorter, usually 3 to 12 months while one can get the immediate financial support to meet the various requirements.
Friendly Finance is an excellent finance solution through which anyone can easily apply to gain the best loan offers with simple terms and conditions. Applying for the loan is pretty effortless, and you’ll receive your cash quickly, which will help to solve your emergency or business situation.