3 Emergencies that should make you consider a Pay Day loan

Mar 07, 2016
Author: Ean Barnard

Unforeseen expenses, ‘tis a way of life’. Although possible, controlling and predicting your financial stability month after month is not an easy task, there are times when we all need some extra cash to cover an unexpected cost. Perhaps you’ve paid all your accounts, saluted your debit orders, bought your necessities, and now you find yourself with a pressing need for cash flow assistance, enter, the Pay Day Loan.

A Pay Day loan is a short-term loan that is available to you quickly and hassle-free if you meet certain prerequisites. If you are employed and you have a bank account, it’s a simple process. The notion behind a Pay Day loan is to substitute part of your income and then you make the repayment to the lender upon receiving your next salary, hence the term Pay Day. You borrow an adequate amount to get through to your next payday. If you are considering a Pay Day loan, don’t fret, you’re not alone, many South Africans are now making use of Pay Day loans as they are quick and easy, provided you take care in your planning and ability to repay the loan upon receiving your next salary within the given time period. Put your feet up and chew over the following reasons that might cause you to consider one:

Home needs. Do you need a new fridge, microwave, couch, bed or any other home gadget urgently? These can be big financial burdens on any South African citizen's cash flow. If you do not have the money to pay for what you need, then a payday loan could assist you. Upgrading and buying new home and leisure equipment is great, and helps you to have pride in your home - however, we don’t recommend you take out a loan to pay for luxury goods.

Health emergencies. Not everyone has a medical aid or health insurance. If you have an urgent need for finance to pay doctor, dentist or hospital costs, then a personal or payday loan could be your key. However, do look into applying for a health scheme in the near future, this is not rehearsal, this is your life.

Cash Flow assistance. If you have any other out-of-the-norm need that absolutely can’t wait, and you are able to honour your commitment, the majority of lenders are willing to be of assistance in providing you with this type of short-term financial relief.

For more detailed descriptions regarding fees and amounts, read more here and make use of the Fincheck loan comparison calculator to compare fees.

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