To get a payday loan or any other loan with no credit check in South Africa is rear, most lenders will check your credit record just to make sure if you qualify and to check if you are able to pay back your debt to the lenders that you owe. The loan is from R500 to R10000 depending on the bank that you bank with.
But a payday loan is different from other loans such as personal loan, home loan, car finance loan, a payday loan you can get it without any credit check, this can be done if you have a bank account and you have income coming into your bank account monthly. This can enable the bank to provide you a payday loan against your salary, and it is payable when you get paid.
What are the requirements for payday loan
Since the payday loan is offered through banks these are the requirements that you need to meet:
- You need to have an active bank account
- Must be employed
- Money must be regularly coming into your account
- You must be an SA citizen
How to apply for payday loan
The most convenient way to apply for a payday loan is by using internet banking or the banking app of the bank that you are banking with, the money is available immediately into your bank account after you have applied.
How is the loan repaid
The bank will automatically deduct the borrowed amount when your salary is deposited in your bank account and you can be able to borrow again immediately after the payment has been done.