We are on a mission to lower the cost of borrowing.
Interest Rate (p.a.)
20.00% - 50.00%
Loan Tenure
5 - 40 days
Approval Duration
Up to 5 minutes
Min. monthly income
R1,000
Paydayloans 2.0 Online Cash Loan
Paydayloans, a service now referred to as PaydayLoans.co.za 2.0, or PDL 2.0, is a very unique company based in South Africa. The company offers smaller payday loans than many of the other providers that are currently in the country, but as the relationship between the company and the customer improves, they tend to increase the amount they are able to provide the customer with on a month-to-month basis.
Furthermore, the terms are straightforward, and customers are provided a fixed period during which they can decide to repay their payday loan at any given time – even if the customer decides to make the repayment on the last day of the loan, the fees stay the same, and no additional costs are added to their repayment amount.
The company has also made it as easy as possible for customers to submit an application and obtain approval on their loan, but there are a few things that customers do not to understand about Paydayloans South Africa – such as the fact that the company believes in responsible lending and conducts a number of checks before they decide to hand out cash to the applicant.
How To Apply For A Loan?
First of all, customers who would like to apply for a payday loan at this company should be aware of the fact that they do not offer a completely paperless application process. While the process of applying for a payday loan is rather simple, the customer will be required to submit supporting documentation, which will include a copy of their identity document, along with their most recent payslip and a bank statement, before the company will be able to provide the customer with a final yes or no.
To get started, a customer will first need to create an account on the company’s website. This is a relatively simple process – the customer just needs to click on the “Create New Account” button. Here, the customer must provide the company with their personal details – this includes their identity number, full name, address details, banking details, as well as details about their income and employment status.
The company will use all of the information provided, along with the submitted documentation, in order to determine if the client qualifies for a payday loan. Once appropriate checks have been done, the company will send the customer notification regarding the outcome of their application.
What PDL 2.0 Offer
Paydayloans offer a fair lending service where each client will be individually assessed to help the company determine if the customer can really afford to take out the loan that they are applying for. While this might make the service that the company offers stricter that with some of the other payday lenders in South Africa, it gives customers a chance to know when they might be taking too much of a risk – the company will provide the customer with details on why their application has been declined, should this be the case.
When approved, the company starts to build a relationship with the customer. The initial amount that will be offered to the customer is R1000. The customer then has up to 40 days to pay this amount back, along with the fees added. As the client make their payments on their loans on time, the amount they are able to request as a payday loan increases.
