Small loans lenders within our panel are pragmatic and understand that urgent cash loans must be financed quickly. The lenders working with Friendly Finance are able to review your application details within a minute and provide a pre-approval decision. Simply fill out the small loan application form above, providing the relevant personal information required. Click submit and we’ll have a pre-approval decision for you within a minute.
You’ll then be redirected to the small loans lender’s final application page, which will involve inputting further information and financial details so the lender can assess your creditworthiness. This assessment shouldn’t take the small loans lender more than 10 – 15 minutes. You will need to provide them with supporting documents to upload such as; payslips or bank statements. This is required by every lender, so they can pinpoint your ability to pay them back over the course of the loan agreement.
Yes. Small loans lenders are most concerned with your current financial situation, unlike personal loans lenders. If you have bad credit, loans may still be approved if your financial situation has improved.
Bad credit loans and small loan lenders should provide a clear outline of the loan agreement prior to getting you to sign. The agreement will highlight all costs you might face borrowing money from the lender. These costs will vary between from lender to lender and can include such things as; interest rates, monthly service fees, one-off start-up fees, credit insurance fees and a required deposit. The agreement will also outline the number and frequency of repayments highlighting the first and last dates payments are due.
We strongly advise that you carefully read through your agreement prior to signing for small loans. It will help you to understand exactly what is expected of you and the actual cost of borrowing. If you do not understand part of the loan agreement, ask the lender to clarify the information before signing. Ignoring the loan agreement is never a good idea as it could lead to unexpected costs and being unable to meet the repayments.
We have also noted down some other tips to help you borrow wisely and to not default on any repayments once you have agreed to take out your loans online.
When your loan is approved and you sign your loan agreement, the lender will set up a direct debit to your bank account. This direct debit will automatically take the repayment amounts from you on the agreed upon dates. The repayment amounts and dates will be outlined in your loan agreement. This means that all you have to do is make sure you have enough money in your account on the set dates.
Small loans in South Africa can be of real assistance in the short term when you are in need of cash. However, it is very important that you are confident you’ll be able to meet the repayments. If you cannot pay back the loan on time, there is a chance you will incur additional fees and interest on the loan. You will likely continue to incur fees until the loan is repaid, which can lead to a cycle of debt that may be hard to break.
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