The name of the payday loans is based on the fact that they are repaid when you get your next paycheck. The borrowed money plus the interest and fees have to be paid when you get your paycheck. Usually it involves a single payment unless the borrower requires an extension. These payday loans are great when you need to pay emergency bills, or you find that it is difficult to manage your budget for a particular month. Payday loans are easy and fast to apply for and use. Usually the amount that you get with such loans ranges from R250 to R3000. However, some money lenders provide loans for amounts much larger than these.
Almost all lenders follow the National Credit Act regulations so you can be assured that you will not have to pay an exorbitant rate of interest. The amount of the loan can also be extended according to these regulations so that they correspond to your monthly income. Usually in payday loans the interest is charged daily, hence it is more beneficial to take the loan for a shorter duration. There are also two fees charged to the customer – the initiation fee which is paid when the loan is approved and the service fee which is charged along with the interest.
Almost all lenders follow the National Credit Act regulations so you can be assured that you will not have to pay an exorbitant rate of interest. The amount of the loan can also be extended according to these regulations so that they correspond to your monthly income. Usually in payday loans the interest is charged daily, hence it is more beneficial to take the loan for a shorter duration. There are also two fees charged to the customer – the initiation fee which is paid when the loan is approved and the service fee which is charged along with the interest.
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