With the day to day living cost of South Africa continuing to rise at an alarming rate more and more people are depending on loans to handle medical emergencies, unexpected expenses and cash flow problems.
However, bank loans can take a long time to materialise and the four major banks of South Africa have started to cut back on lending now that the South African consumer market has gone down. This has lead to a staggering number of people having to depend on mashonisas, or informal loan sharks, which leaves the borrower without any legal protection.
It is much better to take a short term loan from a certified credit agency like Mulah, a secure, lower-interest credit funding platform.
Mulah have created this handy infographic to help show the urgency of Payday Loans and how they can help you handle a range of unexpected expenses, such as medical emergencies, cash flow problems and travel expenses in a way that is responsible and protects you.