Easy Cash Loans

How to Secure a Cash Loan: Step-by-Step

Getting a cash loan secured can help you out of an unexpected expense, a major purchase, or consolidating debt. In this guide, we will take you through the essential steps of getting a cash loan approved, from assessing your financial situation to finding and researching lenders, to understanding the loan terms and managing your repayment. By the end of this article, you will be more confident to navigate cash loans.

 

 

What is a Cash Loan?

A cash loan is as straightforward as it sounds. It is money lent to you that you can use for just about anything. It is like borrowing a cup of sugar from your neighbour, but instead, you will be borrowing cash. These loans can come from banks, credit providers, or online lenders and typically has a set repayment period and interest plus fees.

The application and approval process is quite simple. You start out by completing our online cash loan application form, and we will guide you through the rest of the steps in getting your cash loan approved and paid within hours.

Please make sure of our Basic Criteria and Required Documents that will enable us to get your cash loan approved as fast and efficiently as possible.

 

Common Uses for Cash Loans

So, what do people use cash loans for, you may ask? Well, the list is as diverse as the consumers taking cash loans. Common uses include unexpected medical bills, covering emergency car expenses, or just having cash flow until payday.

Some might even use cash loans for cash flow on a vacation. However, ensure you're not using it to finance your pricey luxuries unless you plan on paying it back quickly.

 

Assessing Your Financial Needs

 

Evaluating Your Affordability

Now, before you rush off to the nearest lender, take a step back and evaluate your current financial situation.

Get your bank statements, take your income, and list all your expenses.

Calculate, how much you can realistically afford to repay each month without sacrificing your rent or any of your necessary expenses.

 

What Loan Amount You Need?

Next up, figure out exactly how much cash you need. Maybe it's R500 for that urgent school project or R5,000 for a sports tour that is coming up.

Create a budget to ensure the amount covers what you need. After all, you don’t want to ask for R10,000 when you only need R2,000.

 

Understanding Interest Rates and Fees

 

With Interest rates and fees it is important to pay attention to the detail. They determine how much you’ll ultimately pay back, and they vary from lender to lender and from loan type to loan type.

You can read more on the cost of credit here with some examples. Cost of Credit

To calculate estimated cash loan installments you can use our Loan Calculator.

 

Reputable Lenders and Loan Options

 

 

Identifying Reputable Lenders

Now that you know what you need, it’s time to find a reputable lender.

Look for those that are registered Credit Providers with the South African National Credit Regulator, with trustworthy histories, and transparent fee structures.

Remember NO UPFRONT FEES. If any lender asks you for a upfront fee, you must know that it is definitely a scam.

 

Comparing Loan Options and Terms

At Mr Cash Loans, you can apply for various unsecured online cash loans. The loan types that we offer through our website consist of: 

1. One month loans or better know as payday loans, as the name says these loans are small amounts that get repaid in 1 installment, to apply for one of these you can Apply Here!
2. Short term Loans, or loans with repayment terms up to 6 months with loan amounts up to R7000. Get your short term loan here!
3. Personal Cash Loans, with loan amounts up to R300,000 and repayment terms up to 72 months. Get a personal loan here!

 

What documents do you need?

 

 

Gathering Necessary Financial Documents

Depending on the lender, you will need to gather a few key documents such as proof of income (like payslips or tax returns), latest 3 month bank statements, and identification e.g. South African ID or passport. More on Required Documents

 

Understanding Credit Scores and impact on a cash loan

A credit score is a three digit number that can make or break your cash loan application. Lenders use it to determine how likely you are to pay them back. A higher score usually means better loan options, while a lower score might have you paying a bit more in interest. If your score isn’t where you want it to be, consider paying off that overdue accounts. We all have those, right?

How a low credit score hurt your Borrowing Power

 

Applying for the Cash Loan

 

 

Completing the Application Process

Now that you’ve got your documents and your credit score sorted, it’s time to fill out that loan application. You can apply online. Be prepared to answer questions about your financial situation, employment, and how much you need. Pro tip: honesty is the best policy.

 

What to Expect During Application Assessment 

After hitting “submit,” you will have an immediate initial answer. You will the be asked to submit your loan documents. Once that is uploaded or emailed, your application will go through multiple assessment steps.

These steps include, information verification, affordability assessment, employment verification and other steps that is in place to ensure that you are who you say you are and that you can comfortably repay the loan amount plus cost if the loan gets granted.

These assessment steps can take from 2 hours upward to complete depending on how accurate your information and documents are.

 

Managing Your Loan Responsibly

 

Once you’ve secured your cash loan, it is important to stick with repayment plan. This means setting up a budget that includes your monthly payment so you’re not caught off-guard when the due date rolls around.