Advantages associated with payday loans:
- They are easy to obtain. Most payday loans are accessible online nowadays, so you won’t have to look too far
- You are able to get cash in your hands within hours without much paperwork involved
- They may be useful for covering unexpected emergencies
- They are relatively easy to apply for. Many of them require you to simply upload a few documents online
- Loan amounts may range from R100 to R3000
- Repayment terms are flexible and may extend to a period of slightly over 30 days
- There are numerous National Credit Regulator-registered payday loan providers who provide services that adhere to regulations set by the National Credit Act, so you can rest assured that you are getting quality service
What are some of the possible reasons for bad credit?
Losing your job
Losing your job can be quite stressful because it may leave you vulnerable to the possibility of not being able to pay for your living costs and expenses. This can be detrimental to you if you fall behind on your repayments and end up having a bad credit record as a result.
No credit history
You may have a low credit score because you have no credit history. You may have never applied for a loan or serviced payments to a retail store account. This unfortunately works against you in some instances.
Applying for payday loans with no credit checks and no job verification may be quite helpful for a number of individuals. Firstly, the main benefit is that your credit record isn’t scrutinised. The main factor used to determine your eligibility for the loan is your affordability.
If you are self-employed you may find this loan especially beneficial. No job verification during the application process may save you some valuable time.