No loan comes with a 100% guarantee because lending companies have some terms and conditions to be followed by you. Then, your loan approval will depend on whether your application will be approved based on the information you provide.
Still, you don’t worry about it. If you need fast cash today, you can apply for Payday loans and get a guaranteed approval rate in South Africa at CoreLoans. With some trustable online payday lenders, you can get instant approval for these instant cash loans to cover unexpected expenses.
What are guaranteed payday loans- do they exist?
Yes, guaranteed payday loans are a type of short-term loan which is transferred to your bank account once you are approved. But you may only have them guaranteed once you meet a lending criterion of lenders.
These loans benefit borrowers with some money emergencies but don’t have the cash to tackle them. Then, such instant online funds seem perfect for borrowers to apply and get approved in minutes.
Such same-day loans come with high interest rates because they are for a small duration of up to 2 weeks. Some lending institutions offer them for a long duration, from 6 months to 1 year, but this depends on lending criteria.
You can use this money for additional short-term expenses you didn’t expect to encounter.
- Home renovation
- Holiday expenses
- Medical bills
- Food costs
- Wedding gifts
- Debt consolidation
How do you apply for payday loans with instant decision?
Applying for payday loans is very easy from some online lenders in your province because they have a short process to take you along. The best thing is you can complete it in 4 simple steps when you are in a hurry for money.
- Fill application form: You need to complete a simple application form with employment proof and some authentic personal details. It would help if you stayed away from mistakes when you are filling it to avoid rejections.
- Instant decision: You must be patient until your details are verified. The verification process takes a few minutes, and then you get an instant decision without making you wait for a long time.
- Sign a contract digitally: You will have a loan contract on your email ID to read its terms and conditions. You must sign it digitally and return it to your lender within the same duration.
- Receive money: You can get your money in your bank account the same day as soon as your signed loan contract has reached your lender.
Can you apply for payday loans with bad credit with guaranteed approval?
Yes, some trustable specialized payday lenders in your province can offer you payday loans with bad credit with guaranteed approval. Unlike traditional lenders, they usually don’t accept loan applications with bad credit.
You are lucky to have them to assist you financially so that you can come out of your current difficult financial journey. These funds are fast to remove your financial tense but are more expensive than bank or traditional loans.
So, it would help if you made your pocket a bit tight when repaying them because lenders don’t require any assets or anything valuable from you.
How to increase payday loan approval chances in South Africa?
Many things impact the decision of your lender to get approval or loan disapproval. Generally, lending institutions consider things like your credit score, income, pending debt, etc. But you can increase your payday loan approval chances in South Africa with our reliable loan providers.
The top 5 practical tips to increase your loan approval include:
- Keep authentic documents: While applying for payday loans, you need all your authentic documents increasing your loan approval chance.
- Choose suitable lenders: Your loan approval also depends on with whom you apply for these loans because every lender has different lending criteria. So it would help if you chose someone you can trust.
- Your credit score: You need to consider your credit score as well. It plays a crucial role in getting approval if you have maintained it.
- Choose an affordable amount: Obviously, you will choose a loan amount you can afford, which will positively impact you. Applying for a high loan amount makes you face loan rejection very often.
- Avoid too many loans: You should avoid too many loans simultaneously, which lowers your credit score apart from getting loan disapproval.
What is eligibility for guaranteed short term payday loans?
Lenders have variable lending criteria for providing loans. However, some trustable lenders in your province need basic requirements while applying for short-term payday loans. It would help if you carried them when applying for such funds.
The primary and most common requirements for payday loans in South Africa are:
- Age: Your age factor is the most essential requirement, 18 years minimum and above.
- Employment: You need to prove your current employment status. It can be from any source apart from you’re employed with any company.
- A bank account: Your active bank account is essential to receiving your money after direct lenders approve your loan application.
- South African citizenship: Your citizenship of South Africa will be required whenever you apply for money.
- Contact details: Your contact details contain your residential address proof, email ID and a valid contact number to get in touch with you whenever needed by lenders.
How do you know if your payday lender is right for same day loans?
To check if your lender is legit or not for same-day loans, you can consider specific tips which will alert you from choosing the wrong lender. When you have many loan providers, it takes effort to approach the right place in search of loans.
- Check their website: You can check reviews to know more about what customers have said about their services.
- Upfront fees: Usually, such lenders ask for money in the beginning as fees whenever you choose them to help you financially. So this is one of the examples to make you alert.
- They don’t object to your credit: Such lenders don’t object to your credit score because they have to charge an amount from you. Thus, they don’t ask anything about your bad credit.
- Location not found easily: Such lenders hide their location with no address or else you won’t be able to find their location. No matter what address proof they have mentioned on their websites.
What happens if you default on payday loan payments?
Failing to payday loan payments hurts your credit score, and this turns out to be a problem in getting financial aid in the future. It makes you pay high fees and interest rates, which make borrowers unable to make payments due to the high burden of fees.
Lenders may share your details with third-party collection agencies that do their job by calling you frequently for money recovery. Also, they keep sending you text messages on your email ID no matter where you are, affecting your personal life until you repay your loan entirely.
Guaranteed Payday Loans South Africa- Some FAQs
Can I get approved for payday loans in South Africa?
Yes, you can apply for payday loans from the most reliable lenders in your province and get instant decisions in a matter of minutes only.
Can I apply for loans without a credit check?
Yes, applying for these loans without a credit check is possible, but you will have to find such online lenders. All lending institutions check your credit as per their company terms and conditions.
Do I need to pay off my loan on my next payday?
Yes, these loans are for a short duration, so you need to pay them off on your salary day. Defaulting loan payments makes you pay a little extra to avoid them.
How long does it take to get approved for loans?
You can get loan approval in 5 minutes. Rest this depends on how you have completed the loan process. Only complete information or correct details decline loan approval, so remember this.
Can I get my money directly to my bank account from direct lenders?
Yes, some direct lenders transfer funds to your bank account directly once you’re approved for money. It is one of the safest ways to receive your money.
Ready to apply with a trusted lender?
Applying does NOT affect your credit score‡