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Payday loans online - what you need to know

If you need a fast and profitable loan, then the best way to get it is by comparing loans online on the MyCredy website!

Nowadays, a loan is an effective way to get the required amount of money quickly and without much overpayment.

Online loan is a loan that you can apply online directly without visiting the lender's office physically. Communication between the borrower and lender will be done online throughout the loan application process. Most online loans are unsecured and will only require minimal documentary requirements. Sounds great, right? The release of funds is also very convenient as it is directly transferred to your bank account or debit card. However, compared to the conventional personal loans offered by banks or private lenders, the loan amount, especially for first time, may not be large.

Payday loans offer many benefits because otherwise they would not have gained so much popularity in the society.

Important information to consider when choosing a loan

When choosing a lender and the financial services it offers, it is important to pay attention to several important aspects.

  • The first thing to look for is interest rates, as they vary from lender to lender and can be variable or fixed.
  • Secondly, attention must also be paid to the annual percentage rate of charge. The annual interest rate also includes all additional costs - contract commission, etc.
  • Third, pay attention to the amount of your monthly payments. If the monthly payment seems too high, consider choosing a smaller loan total or choosing a longer loan repayment term.

What are the borrowing costs?

Nowadays, loans are tailored to make it profitable for customers to get them, but there are a number of costs you will have to reckon with when borrowing. One such cost is a penalty payment, which is different for each lender.

To know which lender would be better to borrow from, MyCredy recommends a careful loan comparison. Finding the right lender can be tricky, so the MyCredy team has gathered the most important lender information in one place.

If you want to try an interest-free loan, then this is a great way to get fast cash without overpaying anything.

Get an interest-free loan

It is now possible to get a loan without interest, but most of it is offered by non-bank lenders.

Interest-free assistance offered by fast loan lenders and such loans are suitable for people who urgently need a certain amount of money.

In the case of an interest-free loan, you really only have to repay the amount you borrow if you make the payments.

Conditions of receiving a loan

Each lender determines its own terms, as well as sets the minimum and maximum age for receiving a loan. There are many different factors to keep in mind when borrowing, which is why MyCredy has gathered the most important information in one place.

To get a loan, you need: SA ID number; Bank account details;  A cellphone number; Most recent proof of income.

When should I use payday loans online?

Usually, a payday loan is used for urgent needs. As many private lenders say they provide an emergency financial assistance. For example, when you urgently need money for treatment, to cover replacement costs or to deal with any other expenses you can apply online and receive payday loans.

Therefore, payday loans online should be used as an emergency way to solve sudden difficulties when other options for finding money are not suitable at the moment.

What happens if I miss a monthly payment?

If you are in a situation where it is not possible to make a timely monthly payment, then the best decision is to contact your particular lender and agree on an extension of the loan repayment term. Most lenders offer this service, which means you won't have to damage your credit history without repaying the loan.

If you are not responsible and do not notify your creditor of a possible monthly delay, your information and debts will be passed on to the collection agency, which will recover the debt from you.

How to distinguish a safe lender?

Payday loans online are issued in accordance with the same legislative norms as regular bank loans. In addition, lenders’ company is always registered as an official financial company. Unfortunately, today we can find a plenty of “fake” lenders. These companies completely copy the design and content of the original resources and collect information about users who did not notice the substitution. To make sure that you are on the official website of the company, check the following:

  • The site must be protected. Most often, user information and payment information are protected by a special certificate.
  • The lenders website should contain its legal information: the legal name of the company, addresses, phone numbers.
  • Borrowers should read reviews about the company. You can find such a review about the leading lenders on the MyCredy website.

Don't be afraid when you will be asked to enter your card details. You will need to pass verification, which takes place using official services. Verification is necessary in order to protect the card and its real owner from fraudulent actions.

When taking a loan from any lender on our platform, you can be sure that your data is safe, and the money will be credited to the bank account within a short time.


Get the best loan offer in South Africa on MyCredy!