Apply for R800 payday loans in South Africa
We all fall into those kinds of situations where we need extra support to keep us on our feet until payday. During those times, even the smallest amount of money, for example, R800, can make a big difference. In this article, we explore R800 payday loans and how you can get the help you need during tough times.
What is a R800 payday loan, and how does it work?
To better understand R800 payday loans, let’s take a look at their features:
- You can apply for an R800 loan and receive the cash in your bank account in less than 24 hours.
- It’s a type of unsecured loan.
- They’re short-term loans that are used to cover temporary financial needs.
- They have to be paid off quickly. Typically, you start paying off the loan on your next payday.
- You can get a payday loan even if you’re blacklisted, or if you’ve bad credit.
- You can make an application for R800 payday loans online.
What are some advantages of instant R800 payday loans?
- Since the payday loan application is made online, you get money for emergencies in the comfort of your home. There is no need to visit offices or stand in queues.
- No credit check is performed, so you can get one even if you have bad credit.
- No confusing paperwork involved.
- For any extra questions, you can still contact the lender through email, phone call, or LiveChat.
- Fast approval process.
- The money takes a very short time to get to you once you are approved. This means you can attend to your troubles quickly.
What are the fees for an R800 payday loan?
- Initiation fee: 16.5% on the amount borrowed, R132
- Interest rate: Typically 5% per month, R40
- Monthly service fee: Around R60 per calendar month
- VAT: 15%, charged on the initiation and monthly fee, R28.80
- Estimated total repayment: R1,060.80 if repaid in 30 days
Final costs may vary a little between lenders. However, as you can see from the comparison table above, most lenders charge a very similar amount. If you repay the loan over a more extended period of time, interest and monthly fees will change monthly repayment amount.
What is required when applying for a payday loan?
You will need to supply the loan provider with:
- Bank details: This includes an account number and 3 months of bank statements. Also, the account should be the one that receives your salary.
- Name, surname, and ID number: This is needed to verify your identity.
- Personal email and mobile phone number: This is how the lender will communicate with you after you apply.
- Employment details: Copies of your payslips for the last three months will give the lender proof of income. It also tells them how much you can afford.
- Proof of residence: A water bill or tenancy agreement to confirm where you live.
In addition to the above, you should be above 18 years.
How to apply for a R800 loan
CompareLoans has several payday lenders to pick from their comparison tables. Just click “Go to Site” for the appropriate lender. Generally, the R800 payday loan application process does not require you to fill out much paperwork. You will still need to submit some evidence of income, your bank account, and residence. Most loan providers will usually also request an ID, and a bank statement, even an electronic one. For proof of employment, you can upload your latest payslips.
How to use a R800 loan
It is essential to use a payday loan for its intended purpose, which is to take care of emergency expenses in times when you don’t have the funds available. Due to the high-interest rates associated with the payday loan, it would not be wise to use it when you have other options.
Because they are emergency loans, you can use them to deal with:
- Medical emergencies;
- Urgent household expenses such as electric or utility bills;
- Other unforeseen events. .
Consider carefully before applying for a R800 loan
It is best not to use these loans for anything unnecessary. Such behaviour might land you in a debt cycle that will only get worse over time. Also, if you are not sure that you will be able to pay back a payday loan, it is advisable to not apply for one. The loan itself might end up making your money situation even worse.
How do you repay a payday loan?
You can repay the loan from the same bank account that you used to apply for it. Usually, the loan provider sets up a debit order and automatically deducts the repayment when your salary is available in your account.
More questions about R800 payday loans
Can I apply for more than one R800 loan at a time?
It is quite possible to apply for more than one R800 payday loan at a time. This can be easy if you can show that you are capable of repaying the loans within the required time period. If the loan provider declines your application, you might have to wait several months before you can apply again.
Do I need any collateral to apply?
Most South African loan providers do not require any collateral for a payday loan. However, since there is no collateral and usually no credit check, the loan is considered a high-risk loan by lenders. This results in higher than average interest rates.
What happens if I can’t pay back my R800 loan?
If you can not pay back the loan, the lender might not be able to recover anything. Although this might lower some of your fears about getting an R800 payday loan, don’t forget that you still have to pay it back. Failure to do so will result in you getting blacklisted. Therefore, paying back the loan as quickly as you can is in your best interest.
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