Cash loans are designed to help you out of a sticky financial situation. Cash loans differ and we are about to look more into the types of cash loans one can get and how they differ from each other, there’s
– Payday Cash Loans
– Short-term Cash Loans
– Long-term cash loans
Payday Cash Loans
Payday cash loans are approved immediately, with a repayment period of 1 month meaning they are up to 30 days. Payday loans are fairly new in South Africa. Finance experts say that payday loans are among the most expensive of all credit products available.
Payday loans are helpful when it comes to urgent financial issues and they are easy to acquire especially if there’s a stable source of income
Short Term Loans
Short term cash loans are meant to provide you with short-term financing to solve immediate cash flow needs. Short term loans are usually small and don’t require any collateral against them. Short term loans usually have a repayment period of 3-6months and they are usually given to people with low credit score. In most cases, the loan amount does not exceed R1000.
Long-Term Cash Loans
Long-term cash loans are a very fruitful method to deal with your small and short-term financial emergencies. Long-term loans usually have larger amounts compared to short-term loans with a repayment period of 12 – 60 months. Long-term loans are usually given to people with healthy credit scores.
Borrowing money can help you do things, but the process can be complicated. It is scary when you don’t understand the basics. Taking a cash loan even though it’s good since it helps with wealth growth, but sometimes it can also create unnecessary debt, so before taking a loan you need to think about it carefully otherwise, a bad debt can be overwhelming and stressful