You cannot predict the status of your financial survival month after month. Even with a monthly salary, unexpected expenses pop up. So what do you do when, after your salary, you’ve paid all your accounts, bond/rent and bought all your groceries, and basically followed through on your budget down to the T. But, then suddenly, you find yourself faced with a family emergency that requires your immediate financial attention?

Applying for a loan crosses your mind, but then you realise that it may take a while before it's approved, and you need the loan immediately. Consider a payday loan! But, what is a payday loan? Well, if you don’t know about it you’re in the minority, because hundreds of South Africans are now using payday loans. A payday loan is a short-term loan that’s usually due the next time you get paid. A lender charges a fee in exchange for lending you money until your next payday, hence it’s called a payday loan. You’re borrowing just enough to get through to your next payday, upon which the money is due.
 

How do you get it? As long as you are employed it's simple. No need to even have a bank account, it’s simple. With economic conditions the way they have been over past years, people have resorted to instant approval payday loan lenders more than ever, and have become more open about doing so because payday loans are fast and easy. Online payday loans with instant approval are relatively small. It's not a long-term measure because it should be paid back whenever your next paycheck arrives. For some people this date can be less than a month, though the loan can last longer if you're paid monthly.

Like traditional loans, payday loans come with an interest rate percentage, and, as it stands, South Africa’s payday loan rate, compared to other countries, is very low and far more regulated. Lets look at South Africa vs. the UK for instance. In South Africa, legislature dictates that payday lenders only charge a maximum interest rate of 5% p/m, whereas in the UK (and others like it) they may charge up to 200% interest. This only goes to show that payday lending — or any short-term finance for that matter — is definitely the future of the microfinance industry in South Africa.

So, is a payday loan a wise route to take? If you’re looking for a short-term quick loan and you’re able to pay it back when your next salary arrives, then definitely! It’s easy and instant cash with instant approval, no faxing, no teletracking and easy repayment terms. What’s more, compared to traditional loans, a payday loan is a more affordable option to go for. And where’s the best place for you to get a payday loan? Look no further, CshPal? is here for that sole purpose. Because there’s a growing number of South Africans struggling to access short-term credit, we’ve made it our mission to create a solution that will lift the burden of denial-of-credit for the little things – small loans over short periods. We offer payday loans with minimal interest rates and maximum convenience. You apply online or at any one of our ATM machines nationwide which might be even inside your own workplace. Once approved while you wait you will receive your own new Debit Card and you receive your deposit of your money within minutes, and you repay us when you next get paid. During the ATM OR ONLINE  application and WHILE YOU WAIT online contract approval, you will authorise your Employer to pay us directly on your Payday. This will ensure you have honor your obligations and create a good standing for the future loans you may need.

 

APR

Our annual percentage rate is 60%.

Financial implications

Late interest is accumulated on a daily basis for overdue loans. A R57 service fee will be charged for loans exceeding 30 days.

Collections for overdue loans

A) Customers are called & emailed about their overdue loan status and immediate action is taken against them.

B) After 30 days the customer will receive a final letter of demand and are given 10 days to settle the outstanding amount.

C) Customers are handed over to our bad debt department where they will then continue to reclaim the outstanding loans.