Urgent cash loans are for when an emergency happens and you need to borrow money fast and find a quick financial solution. If you are short of money you will be looking for immediate finance, and may not know where you can get that cash from. In South Africa, the two most common and safest ways to get secured finance fast are through your bank, or through accredited lenders. The amount that you will qualify for will be dependent on whether you have a good or bad credit history.
Generally, available urgent cash loans can be secured through your bank, especially if you have been with the same bank for a long period of time. The best thing to do is to approach your bank with a clear explanation for why you need to borrow the additional finance and a plan of how you will repay them after you borrow money. Depending on how fast you need the cash, a bank is the safest way to get a loan because the interest rates are set and stable.
Sometimes a bank won’t be fast enough. In this case you can approach any number of lenders. You should be aware that there are certain regulations governing the provision of finance in South Africa, and you should only approach a business if it has been classified as a certified service provider. Some money lenders (often known as loan sharks) who are not certified charge high interest rates which can mean that the emergency could put you in unnecessary debt. Make sure that if you choose this option you have the means to pay back the money at an appropriate interest rate.
Sometimes an emergency can strike us when we are already in a difficult financial situation. Bad credit or a blacklisted record is something that will make finding money more difficult. In these cases you can approach financial institutions, and make it clear that you will have the means to pay it back. You can also look into debt consolidation loans which will help make your credit record more appealing. Urgent cash loans are available, but it is important to investigate all of the options and find which one best suits you.