Payday Loans no Documents Required and no credit check these types of loans are sometimes called one month loans this is due to the fact that the repayment period is within a month, in other words the loan must be pay 31 days after taking the loan which for most people this could be when they get paid on their payday. So in many instances you would take a loan on your payday or after you pay has been finished and you want a boost.
Why Payday Loans don’t require documents
To be real in today’s world you can not apply and get a personal loan without documents right, but with the payday loan you can and this is done in many ways, you can do it online, at the ATM, or at the branch of the bank that you are banking with.
Payday loans are provided to people who are already a client of a bank or credit provider, these providers already have your financial records, your documents and fica documents because your are already a customer or you are banking with them, so that is why they don’t want your documents.
How can you apply for Payday Loan
Credit providers who mostly offer Payday Loans are the banking institutes; FNB, Standard Bank, ABSA Bank, Nedbank and Capitec and other loan providers such as Old Mutual etc. For the banking institutes they provide a more convenient way of getting a payday loan; you can get it on the banking app, on the atm and internet banking.
Note that this loan needs to be paid with a month of taking it, when you get paid at the end of the month the banks usually take the money automatically you wont even notice but you will see your statement and money balance will tell you.
How much can you borrow on a Payday Loan
You can get as much as you need but in many cases the maximum is based on the individual profile, salary and the money coming into you bank account, it is wise not to take to much many as you will end up in a cycle of paying back the money then you are broke then you borrow again.