Payday Loans in South Africa
Overview
In South Africa, payday loans are becoming increasingly popular. The growth of the micro lending sector has provided consumers with more options when it comes to short-term finance needs. More individuals are choosing payday loans, mainly due to the convenience they provide.
There are a range of lending institutions that specialise in payday loans in the country. One of these is Wonga, which promises to provide “fast little loans”.
Wonga:
Founded by two South Africans in London, Wonga uses sophisticated risk and decision-technology to facilitate quick applications which take only minutes to complete online.
With Wonga, you are able to get finance of up to R3000 as a new client and up to R8000 as an existing client.
As an NCR-registered institution, Wonga is committed to responsible lending. Individuals who are approved for payday loans in South Africa, offered by the lender, are able to afford to make repayments comfortably.
Why choose Wonga?
- There is no paperwork
- There are no bank queues to wait in
- You won’t have to waste any time sitting on the phone for hours
- You get flexible loans
- Applications are easy and are completed 100% online
- You get the benefit of instant approval
- It’s the fastest and most convenient way of getting access to short-term finance
- There are simple qualifying criteria
- Loans that are approved are based on individual affordability
- Flexible repayment terms are offered (some lenders offer up to 45 days maximum)
- Repayments are easy and can be arranged via debit order
What are the qualifying criteria?
- Be above the age of 18 years
- Have valid South African ID
- Be permanently employed and receive a regular income
- Have an active bank account into which your salary is paid
- Have an active cell phone number
- Have a clear credit record
- Have a valid email address
Visit the Wonga website here: www.wonga.com
