Payday Loans South Africa are just what their name describes: loans granted to employers to assist them in paying their workers in a timely manner. However fact of the matter is that times are tough since the financial meltdown in 2008 and employers are also struggling to make ends meet.
In such a scenario, Payday Loans are a to an employer what rain clouds are to a desert. To avail this offer, employers must present some credit worthiness to the lender.
In this case, the employer must be a South African citizen and of legal age above 18 years. He must also be willing to disclose his salary and present the lending organization with prior 3 months of financial statements including the balance sheet. In this way, the lender is able to glean some financial insight into the conditions of the prospective debtor.
Loans that are granted vary in principal not just based on debtor profile but on the requirements presented. Typically, these range from R500 to R2,500 and the institution is committed to protecting financial data of its customers.