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south africa

South africa

 

 

Frequently Asked Questions
Q1: What is a cash advance or a payday loan?
Q2: How much can I borrow online?
Q3: What is the interest and cost off a payday loan?
Q4: Will I be approved?
Q5: What qualifies me for a loan?
Q6: How do I make a loan?
Q7: How do I sign up?
Q8: How do I log-on to the Paydayloans WebSite ?
Q9: When will the loan amount applied for be available?
Q10: How will I know if my loan application was successful?
Q11: When do you expect the re-payment of the loan?
Q12: What about security?
Q13: I have registered and now need to update my details?
Q14: Is this a 24 hour service ?
Q15: Is an e-mail address really necessary?
Q16: How much will I pay when my payday loan is due?
Q17: How do I re-pay the loan?
Q18: What options are available when the ACB fails?
Q19: I have selected the wrong ACB date, what must I do now?
 
Q1: What is a cash advance or a payday loan?   top
    A Payday loan is to advance a specific sum-of-money until his/her next pay-day-date.
Q2: How much can I borrow online?   top
    You will be able to borrow R500.00 the 1st time or R700 the 2nd time you loan and probably a cool R1000 the 3rd time around, depending on affordability and if your ACB debit-order payments was successful or not.
Q3: How is the total amount to be paid back calculated: top
    The following is used in the calculation of the costs
    1. a Initiation fee
    2. a Monthly fee
    3. Vat at 14% charged on the Initiation and Monthly Fee
    4. Interest i.e. Annual Interest Rate
    This is all explained in detail on the page with the heading - PRE-AGREEMENT STATEMENT & QUOTATION FOR SMALL CREDIT AGREEMENTS
    ( in terms of section 92 of the National Credit Act34 of 2005)
Q4: Will I be approved?  top
    Most people are approved for our payday loans, unless you have a really bad credit history, are un-employed, under administration or when you can't afford the loan. Fist applications take two or more working weekdays to proses 
Q5: What qualifies me for a loan?  top
    1. You will need an active bank account in your own name.
    2. You will need your own e-mail address.
    3. You must be permanent employed.
    4. You must be over the age of 18 (eighteen), and be a South African Citizen.
Q6: How do I make a loan?  top
    All you need to do is go online to register, once you have registered you will receive an email containing a password. Log-on, apply for a loan on-line and do not forget to send us your bank statement and payslip.
    An operator will receive your application, check your credit history and do an affordability study on the amount applied for. You can expect an e-mail message either confirming your loan approval by sending you your Loan Agreement Contract or giving you the reason why you were not approved.
    Paying the loan is just as easy, it will be done through a Debit Order Mandate giving us permission to deduct the money borrowed.
Q7: How do I sign up?  top
    You will need to complete our simple straightforward 4-step ONLINE registration form:
    1. Who are you?
    2. Who do you work for?
    3. Where do you bank? (Have your bank account number and branch name ready)
    4. What are your monthly income and expenses?
    After completing this, we will promptly send you your logon details and password through an e-mail message.
    ( Your information is now on our database, but we are not going to process and approve you, not until you apply for a loan ).
Q8: How do I log-on to the Paydayloans WebSite ?   top
    To be able to logon to the website www.paydayloans.co.za, you first need to register yourself as explained, once you have registered, a password will be e-mailed to you.

    To be able to logon, please check the following:
    1. Your security settings on the browser have the cookies enabled.
    2. You have used upper and lower case letters, exactly in the manner it was send to you and in the manner you have used upper and lower case when registering yourself as a customer.

    The website is best viewed with the browser Internet Explorer ver 6, on a 1024x768 resolution, set in high color mode.
Q9: When will the loan amount applied for be available?  top
    Each loan is subjected to approval - most of the times new applications will be processed within two working weekdays, while existing customers may have their loans processed, approved and transferred into their bank accounts within minutes.
Q10: How will I know if my loan application was successful?  top
    You have to apply for a loan before your application can be considered, to only register and not to apply won't help. The loan application's outcome will be communicated to you through an e-mail message.
Q11: When do you expect the re-payment of the loan?  top
    This is a payday advance, therefore your due date is based on your next payday date; when the date of your application is less than 4 days from your next payday date, then you would simply select the following payday date.
Q12: What about security?  top
    Someone can only gain access to your account by using your logon and password. Your logon code and password is your own responsibility, it is very important to keep it to yourself.
    (Electronically we have put a number of measures in place to protect the database and transactions.)
Q13: I have registered and now need to update my details?  top
    You are allowed to change any of your details when no loan is in progress. However, if a loan is in progress, you will not be able to change your banking details. The reason for this is simply because the banking details given by you, is the details that will be used for your debit order.
Q14: Is this a 24 hour service ?  

top

    Unfortunately not, for now we will only be able to process all loan requests during normal weekday business hours - 8H00 to 15H00
Q15: Is an e-mail address really necessary? 

top

    Yes, without an active e-mail address, we won't be able to conclude our agreement with you, and therefore, regrettably, we won't be able to help you.
Q16: How much will I pay when my payday loan is due?

  top

    The full amount borrowed will be deducted from your Bank Account through a Debit Order (ACB) on the date indicated by you.
    For example, if the loan is R500.00, more or less R621.00 will be withdrawn on your selected ACB-date.
Q17: How do I re-pay the loan? 

top

    Loan re-payments are done by means of a debit order (ACB).
Q18: What options are available when the ACB fails?

  top

    Whenever an ACB fails, a penalty fee will be charged by your own bank; this can be as high as R100.00 or even more.

    However, if this has happened, the following options is available to you:

    1. You can make a direct deposit into our bank account.
    2. E-mail us with a new date next month.
Q19: I have selected the wrong ACB date, what must I do now? 

top

    Please contact us as soon as possible either by telephone or by e-mail. TAKE NOTE, Cutt-off times: ACB dates can't be changed if it is within three business days from your selected date.

 

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