Fast and Instant Cash Loans
It is a sad fact that the loan sharks in South Africa lure people with instant cash loans which seem easy to get, but are actually extremely expensive due to the unbelievably high interest rates. The trick is that these loans are super easy to get and are granted irrespective of the borrower's disposable income. However, once you fall into the trap, it is extremely difficult to get out. Use some practical tips to help you get the cash which you need at affordable interest and avoid the trap set by these illegal lenders.
How to Get Affordable Instant Cash Loans & Escape Loan Sharks
Shopping around is mandatory when it comes to borrowing money even if you need it quickly. You must compare as many instant cash loans as possible. The more lenders you get quotes from the better.
You should be able to get a clear idea bout the loans from legitimate lenders and those from loan sharks. An offer for a legitimate loan has interest, fees, term and repayment schedule while one from an illegal lender usually has the total cost of borrowing only. When you do not have clearly set interest and fees, the lender can easily manipulate them as they please.
You should always check the lender that you decide to borrow money from. Check if the company is licensed for providing financial services by the National Credit Regulator. You should also do some research on them on the web and ask around to confirm that they do not trick borrowers.
Do the Math
When you borrow money with instant cash loans, you need to figure out how you will manage your income so that you can repay what you owe. You should take into account your expenses on necessities and your other bills. If you cannot afford to live normally and repay your debt, you need to borrow less. Alternatively, you have to find an alternative source of income.
When you use instant cash loans from legitimate lenders and plan your income and expenses you will never fall into the trap of loan sharks.