Paperless payday loans are offered to people who receive a salary on monthy basis. When someone who earns a salary runs into financial difficulty, they apply for a payday loan. These type of loans are called payday because they are to be settled when your salary comes in. They are alternatively called 1 month loans.
Many institutions and bank like FNB offer these type of paperless payday loans in South Africa. Other lenders tend to make these revolving loans in a sense that once you settle it, it is made available to you again. No documents are required when you submit your application. You can even complete it on an ATM in some instances.
What Are The Advantages of Paperless Payday Loans?
Most people are too busy to fill in long application forms for any loan. Scanning and uploading documents becomes a mission especally when taking a small amount of money. What demotivates even more is if the loan will only be settled in just one month. Paperless loans become an option.
One of main advantages of paperless loans is there no paperwok is required when you apply.
Who Qualifies For Paperless Loans?
In oder for lenders to assist applicants, they must at least satisfy or meet some criteria set out. Below are some requirements that are common:
- These are designed for people who earn income
- You must be older than 18 years of age
- You must have a permanent or aleast have been employed for more than 3 months
Best Time To Apply For Paperless Payday Loans?
A payday loan must be settled in one month or when your salary comes in. It is common sense that people earning income depend of it for survival. It is pointless to take a payday loan 3 or 2 days before your salary comes in. You must determine whether you cannot as well wait for your payday.
When you take this loan you must know that you are expected to provide your banking details to the lender. This will enable automated debit from your account as soon as money comes in.