We all have experienced the huge amount of paperwork that we had to go through when applying for a loan. There is still much documentation and filling of forms you need to do in the banks before your application for a loan is even considered. That consumes your valuable time, which you can spend doing your own things in life. But that is not the case when applying for paperless loans.
As is clear from the name, paperless online loans do not involve any filling of lengthy forms and submitting of documents in person. All of your loan process right from filling the forms to the approval of the loan is done thoroughly online. So, all you need to do is to sit before a computer screen or use your smartphone and apply for these loans. Everything from giving your personal data to getting the email of approval to having the loan amount in your bank account is completed online.
What are paperless loans?
Paperless loans are, in fact, the other name of cash loans or payday loans. The only difference is that while a payday loan lender may ask you to appear in person to apply and get the loan, a paperless loan lender will complete all formalities online. This saves your time on travel and waiting in the lender’s office.
Just visit the website of your paperless loans lender. Then, after reading all about the loan and terms and conditions etc, fill the personal details like your name, address, and loan amount, in the online form given on the site.
You can upload your documents that verify your employment status, salary, residential address etc online then and there when applying. This means that you can finish the application process in minutes. This also results in quick approval and access to the much-needed cash in the same day.
The loan amount
But how much money a paperless loan lender is willing to approve? That depends on many things. But a general range of the loan is R 500 to R 150,000. Normally, such an amount is good enough to meet some urgent payments like repairing your car and paying your grocery bills.
The lender will take a look at your monthly salary, employment status of past months, your bank statements, and your overall financial strength to repay the borrowed cash. To keep it safe, ask for a smaller amount that is well within your next paycheque. Any amount that exceeds or is near about your paycheque may not be approved by the lenders. This is because your next paycheque does not have the capacity to pay back the loan.
Who can apply?
But you need to be a resident of South Africa and your age must be above 18 years to apply and get the loan. You must also be preferably employed and getting the monthly salary for past few months at least.
The repayment duration
One of the key characteristics of payday loans for blacklisted no paperwork is that they are available for a very short period of one to two weeks. Generally, the lender sets your payday as the repayment date. This allows for quick repayment of the loan so that you do not have to carry its burden for many more days. These are ideal loans when you need money and do not get the help from family or neighbors.
However, avoid stretching the repayment beyond your next day of getting the salary cheque. In that case, your interest payments will only go up so much that at some point of time, the interest payment will be larger than the principal amount. So, pay back on the due date.
The bad credit history
Many salaried people fail to make timely payments toward a wide range of bills and others become defaulters. This adds adversely to your credit ratings. Your credit score goes down with each payment blemish recorded in your credit history. Generally, borrowers with a bad credit history are perceived as high risks by all lenders. Such applicants are not usually approved by the banks and lending companies.
With paperless loans, these types of risky borrowers can also hope for timely money for any urgency. This is due to the fact that a typical paperless lender does not subject the borrower to credit checks. So, getting the cash is easy.
So, apply for the loans and meet your emergency expenses on the same day.