Understanding quick cash loans

When people think of applying for a cash loan, the last thing that springs to mind is that it’s going to be quick and easy. In South Africa these days, instant cash loans are everywhere and readily available to almost anyone. However, it is absolutely imperative that your instant cash loan is from a reputable lender or via an authorised facilitator with proven experience.

Once you are working with a credible company your quick cash loans application itself is made extremely easy. All you need to have is a regular source of income and an active account at any of the banks in South Africa. The entire process is very quick and the loan amount is transferred to your bank account within a few hours of making the application; interbank payments can take a little longer to clear. The formal application process in itself is also not complicated and all you need to do is fill in an online application and submit it to the lender or facilitator.

The application entails that you furnish the lender with basic personal details and standard documentation. The cash loans lender will be responsible for providing terms and conditions as well as the loan agreement document. Once done and approved, you will be assured of the money being deposited into your bank account very shortly, to use as required!

How do I ensure that I manage quick cash loans responsibly?

If you’re not careful, borrowing money can end up costing you more than “interest”. Good management and proper planning is the difference between a habit of incurring raw debt and a “manageable” debt. So work out what’s reasonable and set a plan to pay it off, sooner than maturity if possible. As a good rule of thumb, try to keep your debt repayments below 25% of your gross income.

What can you give up?

There’s often a big difference between what you can borrow and how much you can comfortably take on. Instant cash loan providers are happy to lend you the money if they are comfortable you can pay it back. However, it does take a level of discipline and sacrifice on your part in terms of spending, your general lifestyle and repayment of debt, to ensure your loan is well managed.

Contrary to popular belief, opting for an instant loan via the cash loans route is a wise decision, especially when facing a short-term financial crisis. If managed responsibly your cash loan could see you through a difficult time without any negative long-term financial implications.

For tailored personal loans and to explore options for the best cash loans available, contact the team at MBC Finance today!

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