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What is Financial Responsibility? And Four Ways to Achieve It!

Do you hear people around you say that it is crucial to be financially responsible if you want to have a comfortable life? Do you wonder what exactly financial responsibility means? If so, you have come to the right place. In this article, we will discuss what is financial responsibility and how you can achieve it to ensure that you always have enough funds to cover your expenses. 

What is financial responsibility?

In simpler words, financial responsibility is to strike a balance between your income and your expenses. And most importantly, the balance must be in favour of your income rather than your expenses. To give you an example, if your income is more than your expenses, you will always have money to invest in plans that secure your future. This is known as being financially responsible. 

However, if your expenses are more than your income, financial responsibility will be hard to come by and you might have to depend on short term loan such as payday loans to cover your expenses. But know that you must repay your short-term loan eventually. Hence, make sure you have struck balance in the favour of your income. 

How can you achieve financial responsibility?

Now, you might think that achieving financial responsibility is difficult to achieve. However, if you follow some simple rules, you can become financially responsible and ensure that you can cover your expenses without any issues. Let’s look at certain ways that can help you ensure financial responsibility in the long run. 

  • Make your budget and include the tiniest details

The first step to being financially responsible is to sit down with yourself and make your budget. And this will include your expenses, even the tiniest expense too. Don’t try to hide or cover up any of your expenses. It will never play in your favour in the long run. 

Sit down and make a note of your cash receipts, cash withdrawals, bank transactions, and any other transactions that have your name on them. When you have jotted your tiniest expense, even one rand spent, you will know how and when your money disappears. Several people complain about struggling at the end of the month because they have spent their whole monthly salary before the next one. When you make a budget, you can prevent this from happening.  

Also, make sure that you make a budget that you can execute in real-time. Most people try to make a budget that makes them feel virtuous more like a new year’s resolution. But when it comes to execution, they can’t! So, make sure that your budget must be able to accommodate everything that supports your lifestyle. 

  • Make sure to keep your debt at the minimum

So, once you borrowed some money from your family or friends to cover your finances. But don’t make a habit of it! You need to ensure that you keep your debt at the minimum because there is always a price to pay. 

Even if you borrow money in the form of a payday loan or personal loan, you need to understand that you need to repay this loan to the bank. You can’t live off borrowing money from other sources and not pay the price. 

This is to say that sometimes loans can become inevitable. For example, you want to buy a new home, you must take out a home loan. But at the same time, you need to ensure that you take out a home loan that you can afford to repay. The main aim must repay your loan in time and avoid building it up in the future. This will help you to become financially responsible efficiently. 

  • Create a savings plan

The key to being financially responsible is to ensure that you spend less than what you earn. And on the other hand, make sure to invest a certain amount for yourself. You can do so by creating a savings plan and investing money in plans that act as your emergency fund or nest egg. 

This will help you build financial protection for your future self and trust your future self will thank you for that. Any financial expert you talk to will say that you should at least keep 6 months of salary tucked away as savings for your future. You can of course save more than that if you have the capacity. 

  • Financial growth is key

If you have been reading this article until this point, you might have thought that financial responsibility includes living a frugal life and cutting back on all your expenses. However, you don’t have to! You can always work on financial growth in your life.

You can invest in the stock market, invest in EFTs and mutual funds, ask for a raise at your workplace, or start working on a side gig that gives you extra income.


So, as you can see that by following a few simple rules keeping your income and expenses in mind, you can achieve financial responsibility. Now, it might seem that it is difficult, however, once you start practicing, you will find that your finances are in better shape in the future. 

However, sometimes you might have to take out a loan, especially, when you are buying assets such as a new home or a car. You might need to apply for loan online to a financial institution in the country. 

As mentioned above, you need to ensure that you need take out a loan that you can afford, and you can do that when you have complete information about different loan offers in the country. 

And for the same, you can visit our website Snappy Loan. We have created a platform where you can get all the information related to all the latest loan offers from all the prestigious and registered loan lenders. You can search, review, and compare all the loan offers available on the platform. 

Once you have found the loan offer you want to apply for, you can click on ‘Snap It’. You will be taken to the lender’s website where you can fill the application form and get the loan approved. 

Visit our website to know more.

Personal Loans

Unsecured Personal Loans in South Africa: All You Need to Know!

Have you been thinking of taking out an unsecured loan? Do you know everything there is about an unsecured loan to make an informed decision?

Since you are reading this blog post, we assume that you don’t have complete information about unsecured loans. Moreover, you might have been confused with so many options on the market.

Don’t worry! In this blog post, we give you a comprehensive overview of unsecured loans that will help you make an informed decision.

What is an unsecured personal loan?

Now, firstly, let’s understand what a personal loan means. So, in brief, personal loans mean borrowing money from a financial institution such as a bank to cover large expenses. You can use personal loans to cover your wedding expense, university fees, renovation of home, or any such personal requirement.

An unsecured personal loan means that you don’t have to provide any personal property as collateral. All you need to do is apply for the loan and get the loan amount without putting your personal property at risk.

Unsecured loans: How do they work?

As said above, that you don’t have to risk your personal property for an unsecured loan. However, this is the reason why unsecured loans have higher interest rates.

Higher interest rates ensure to protect the lenders if you default at paying your monthly repayments. Also, some of the unsecured loans have a borrowing limit for the same reason.

But the overall following is the comprehensive review of unsecured loan:

  • Minimum loan amount: R1, 000
  • Maximum loan amount: R350, 000
  • Loan term: The usual loan term is 1 month to 84 months (7 years) for repayment of a loan.
  • Interest rates: 27.5% is the maximum interest rate for unsecured loans in South Africa.

Apart from unsecured personal loans, you can also choose from other unsecured loans such as payday loan, student loans, and lines of credit.

Unsecured loans: When is the best time?

Since you don’t have to keep the personal property as collateral for taking out an unsecured loan, you can apply for it any time. But it is wise to take out an unsecured loan when you need it the most.

Always remember, you must repay the loan with interest rates in due time. So, apply for an unsecured loan when you the utmost need for money. Here are some situations where having an unsecured loan might be helpful.

  • Buying essential items: If you intend to buy essential items such as a laptop, electronic items that make your life easier, an unsecured loan can assist you with that. If you need money to fix your car, you can apply for an unsecured loan in that case too.
  • Emergency: If you encounter a medical or family emergency, taking out an unsecured loan will be advantageous to cover the expenses.
  • Holiday or wedding: These events are quite expensive, but they add value to your life. And if you need financial help to pay for them applying for an unsecured loan would be a great idea.
  • Debt consolidation: If you have several smaller debts, you can use an unsecured loan to consolidate those debts effectively. Now, you will have only one debt to repay.
  • Investment: If you want to invest in something that will give you profit over time, you can use an unsecured loan.

Secured Vs unsecured loan: The comparison

  • As mentioned above, you don’t have to put your personal property such as a car or home as collateral when you take out an unsecured loan. On the contrary, secured loans need collateral.
  • If you take out unsecured loans, there is no risk of losing your personal property. If you default at repayment. Whereas in a secured loan you can use your property to cover the repayments.
  • Unsecured loans have higher interest rates as compared to secured loans.
  • Lastly, there are some unsecured loans where you must face a borrowing limit. Also, unsecured loans have stricter requirements and if you have poor credit, you might not be able to apply for an unsecured loan.

Unsecured loans: Advantages and Disadvantages

When you are borrowing money from a financial institution, you must consider the benefits and disadvantages.

  • Benefits of unsecured loan:
  • You don’t risk losing your asset since unsecured loans don’t need any security.
  • When you opt for unsecured loans, you can use the money for any purpose.
  • If you fulfil all the requirements of unsecured loans, applying for them is quite easy. You apply for loan online easily with just a few steps.
  • Disadvantages:
  • Unsecured loans have higher interest rates
  • You might have to repay your loan on short term
  • You might not be able to borrow larger amounts as some of the unsecured loans have borrowing limits.

Unsecured loans: How to choose?

  • Borrowing amount: Make sure to decide on how much loan amount you want to borrow. You must be able to afford the loan amount as you need to repay it in due time. Find a loan that can give you the said amount.
  • Interest rates: Although, unsecured loans have higher interest rates, you can find some unsecured loans that can offer affordable rates. Also, you need to choose between variable interest rates and fixed interest rates.
  • Annual Percentage Rate (APR): Make sure to choose an unsecured loan that has a low APR. This will allow you to keep the overall loan cost down.
  • Additional features: Make sure to find as much information about the loan as possible. You don’t want sudden surprises! For example, some unsecured loan asks for credit protection fees that cover in case you lose your job, or you die.

Unsecured loans: Application requirements

The general application requirements for unsecured loans are:

  • Minimum monthly income (depends on the lender)
  • Valid ID issued by the South African government
  • Good credit history
  • Proof of income (payslips for the past 3 months)
  • Minimum 18 years of age or above.

Based on the above information, you can visit our website Snappy Loan to search, review, and compare different unsecured loan offers. Once you have chosen a loan offer, just click on ‘Snap It’ and go to the lender’s website. You can fulfil the requirements and apply for a loan right away. Visit our website now to know more.

Payday Loans

An A-Z Guide for Payday Loans in South Africa

Are you someone who plans your budget every month to keep a track of your expenses? Does this budget include unexpected expenses? Probably not! Most people create a budget based on their regular expenses.

But when an unexpected expense such as a sudden trip to the hospital comes up, people fall short of money. And the situation gets sticky if you haven’t got your salary yet. And in times like these, you need immediate cash that will help you cover your finances.

This is where a payday loan comes to your rescue. But do you know what payday loan is exactly and how the process works? If not, don’t worry! We have got you covered. In this blog post, we will give you the complete A-Z of payday loans that will better prepare you when the time comes.

Payday loan: What is it?

As the name suggests, a payday loan is a type of short-term loan where you get a small amount of money until your salary arrives. Once your salary gets deposited into your account, you need to pay back the loan.

Since this is a short term loan, you need to pay it back as quickly as possible. The loan also has higher interest rates, so it is beneficial to pay it back ASAP.

Payday loan: How do they work?

  • Compare: Start by comparing different payday loan offers available on our website Snappy Loan. You will find numerous offers from lenders around the country.
  • Calculate: Use our online calculator to determine the repayment amount. This will help you understand whether you can afford the loan or not.
  • Apply: By clicking on ‘Snap It’, you will be taken to the lender’s website where you can apply for the loan.
  • Approval: After application, the lender will verify all the information and get back to you with a loan offer.
  • Get Money Instantly: Once you accept the loan offer, the cash will be transferred to your account in 24 hours.
  • Repay Your Loan Quickly: Make sure that you repay your loan quickly. Usually, you can either pay the amount in a lumpsum or smaller instalments. Sometimes, a lender can place a debit order on your account so that as soon as you get your salary, the amount is deducted.

Features of payday loan

A payday loan is quite popular in South Africa and you will find several lenders giving different offers on the same. You can find payday loans under the following names:

  • Instant Payday Loan: In this type of payday loan, you will get your money instantly which is usually 24 hours.
  • Same Day Loan: In this type of payday loan, you will get the loan amount in just a few hours
  • Payday Loans for the Blacklisted: This payday loan is specifically meant for people who have a poor or bad credit score.

Other general features include:

  • You can get a small amount of money (Minimum-R100; Maximum- R8, 000)
  • Receive the money instantly just as your application is approved.
  • Repay the loan amount quickly (Minimum loan term-1 day; Maximum loan term- 6 months)
  • Payday loan has an initiation fee of 16.5% for the first R1, 000 you borrow, and then it is 10%
  • Higher interest rates, typically 5% per month
  • A monthly service fee of R60 per month with a VAT of 15%.

Benefits of payday loan

  • Cover your emergency expenses with payday loans immediately.
  • No need of carrying the debt for long. You need to repay the debt quickly.
  • Payday loans are unsecured and hence you don’t need to own a valuable asset.
  • The application process is fast and can be done without much hassle.
  • If you are an existing customer, you get to borrow more money up to R8, 000 and quite quickly.

Risks involved in payday loan

  • Delaying the repayment of a loan will increase the interest rates making it difficult for you to pay.
  • This will increase your monthly expenses making it difficult to manage your budget.
  • High penalty fees if you default on the loan repayment.
  • This can negatively affect your ability to get a loan in the future.
  • Frequent borrowing of a payday loan might result in a crippling debt situation.

Payday loan: What is the best time?

Well, truth be told, there is no best time to take out a payday loan. Most people don’t prefer taking out such short credit by having emergency funds in place.

Payday loans are taken only when it is utmost necessary. Usually, payday loans are the last option when all your other options are exhausted.

At Snappy Loan, we suggest our customers take out a payday loan only when necessary. Otherwise, wait till you get your salary or apply for a personal loan that has more flexible conditions.

Requirements for applying fora payday loan online

When you are applying for a payday loan online, you must fulfil the following requirement:

  • You should be either self-employed or employed at an organization
  • Valid ID issued by the South African government
  • South African bank account where your salary gets deposited
  • You must have a regular income that is deposited in this account. Some lenders also specify the specific amount of income you must have. Usually, it is R2, 000.
  • Proof of income for the last 3 months
  • You should 18 years of age or above
  • Proof of residence

Payday loan: How to compare different offers?

There are several factors that you must consider for comparing different payday loan offers:

  • The minimum and maximum amount offered: Some lenders will offer a limited loan amount whereas some will offer flexibility in the loan amount. Borrow what you need.
  • The repayment window: Choose a repayment term that offers you the flexibility to repay your loan quickly without putting too much strain on your budget.
  • Interest rates: Payday loans have higher interest rates as compared to other types of loans.
  • Additional fees: You might have to pay initiation and monthly fees. This will entirely depend on the lender.
  • Calculate repayment amount: Make sure that before taking the loan you have calculated the repayment amount.
  • Requirements: Make sure to check out the qualification requirements of the loan offer. Different lenders have different requirements.
  • How fast can you get the loan? Make sure that the lender you choose has the ability of quick turnaround when it comes to payday loans.

And to compare your loan offers, you can visit our website Snappy Loan. We have excellent payday loan offers from authorized and registered lenders and banks in the country.

You can review, compare, and apply for a payday loan with just a few clicks. If you want more information about a payday loan, don’t hesitate to get in touch with our team at Snappy Loan now.

Short Term Loans

Cover Your Immediate Expenses with Short Term Loans in South Africa

Having enough finances to cover your needs is of the utmost importance. But sometimes, there are instances when you don’t have enough funds to cover the expenses. This happens when these expenses come unexpectedly such as sudden medical expenses or business expenses. 

In times like these, you can apply for a short term loan to cover your finances. As the name suggests, short-term loans are meant for short periods only. In South Africa, several short-term loan providers consider 1-2 years for this type of loan. Therefore, if you opt for a short-term loan, you have to repay it within a year. 

When you apply for a short-term loan, you can expect to get a lump sum amount in 24 hours. And it doesn’t matter if you have a bad credit score; you can still qualify for a short-term loan. 

A short-term loan is a great way to tackle any immediate financial expense that is temporary. 

Short term loan features

  • When you apply for a short-term loan, the range of loan amount is R500 to R250, 000.
  • You have to repay the loan amount quickly in about six months to a year. 
  • Within 24 hours of application, you can get the complete loan amount in your account. 
  • As compared to a long-term loan, short term loan has higher interest rates. 
  • Although, it is cheaper to repay a short-term loan as compared to a long-term loan. 

Steps to apply for short term loans

  • Start by determining the loan amount you want to borrow. Make sure that you can repay it comfortably. 
  • Start by comparing different short-term loan offers and choose a lender that suits you. 
  • Make sure to agree with your lender on the following terms: the full amount you will repay, the interest rates, the loan repayment period, and repayment dates. 
  • After submitting your application, the lender will process it. They might check your financial history. 
  • Once you have been approved, the loan amount will be transferred to your account. 
  • You can start using the loan amount to cover your existing expenses while starting to repay the amount. 

Types of short term loans available

 When you start looking for short-term loans, you will find that there are different types you can choose from.

  • Payday Loans 

These are the most common short-term loans available in South Africa. A payday loan is taken when you want to cover some expenses but you are still waiting for your salary to credit. 

Once the salary credits to your account, the lender has the right to take the loan amount with interest. These are high-interest loans and need to be paid in one single instalment. 

  • Short Term Online Loans

In this type of loan, the complete process takes place online. You can directly visit the website of the lender, fill the application form, and await approval. 

Once approved, the amount is credited to your account. When it comes to repayment, the lender can directly take the instalment from your account. 

  • Merchant Cash Advances

This type of short-term loan is great for businesses that want to support their current lack of finances. When a business gets money from the lender, this gives the lender access to the business’s card terminal. 

Now, whenever the business gets payment from a customer through cards, the lender will deduct a small amount till the loan amount is paid in full. 

  • Lines of Credit

Just like credit cards for individuals, lines of credit can be called credit cards for businesses. They can borrow the amount to cover their finances based on the set limit. 

The businesses have to pay the amount back with the interest rates at a later date. Based on the amount borrowed via lines of credit, the monthly repayment amount is decided. 

  • Invoice Financing

This is another type of short-term loan for businesses, where they can apply for a loan against unpaid invoices. The loan amount is usually a small percentage of the total invoice amount. 

Once the customer has paid the invoice, the lender can take the amount borrowed along with interest rates and service fees. 

Advantages of Short Term Loan

  • Get Quick Access to Cash: With short-term loans, you can get quick access to cash. Since you have to repay the amount within a year, lenders usually don’t hesitate to release the loan amount after approval. 
  • Pay Less on Interest: With short-term loans, you get lower interest rate payments. This is because the debt has to be paid in full within a year.
  • Easy Approval: When it comes to short-term loans, there are no strict guidelines. You don’t necessarily need to have a good credit score. The main reason for easy approval is that the loan amount is less as compared to long-term loans. 

Disadvantages of Short Term Loan

  • Unreliable Lenders: Short-term loans can be easily accessed and approved but the biggest drawback is dealing with unreliable lenders. Sometimes, lenders charge higher interest rates and unreasonable fees. 
  • Penalty Fees: With short-term loans, penalty fees for relapse the repayment are quite high. 
  • Small Amount Borrowing: With a short-term loan, you can only borrow small amounts. If you need a larger amount, you have to go for long-term loans. 

Requirements for applying for short term loan online

If you want to apply for loan online, you need to fulfil these requirements:

  • A valid ID issued by the South African government showing your age 18 years and above
  • Bank statement to prove the bank account activity for the last three months
  • Proof of income


Short-term loans are an excellent way to cover your immediate expenses. But make sure that you can repay the loan amount in the given time. It can cost you high if you are unable to repay the loan. 

Also, if you want to check out and compare different short-term loan offers, make sure to visit our website Snappy Loan. We give you a comprehensive overview of the latest offers. Just Snap It! And cover your finances immediately. 

Get Loan Online

A Simple Guide for Online Loan Application in South Africa

Most people these days use the Internet to search, apply, and purchase different products and services. And the same goes for bank loan applications. You can apply for loan online right from the comfort of your home.

And it is not just about comfort when it comes to filling online loan applications but you can also get great loan offers at your fingertips. But do you know what it takes to make a successful online application for a loan? Don’t worry! This blog post will give you all the details about the online loan application process. 

What types of loans are available online?

In South Africa, you can find online loan offers for the following types of loans:

  • Short-Term Loans: This type of loan can be easily applied online. You can borrow only small amounts when applying for short-term loans. These loans have higher interest rates, and thus, need to be paid off quickly. Payday loan are a great example of a short-term loan. 
  • Secured and Unsecured Loans: Secured loans come with low-interest rates and require you to provide a property as collateral. On the other hand, unsecured loans have higher interest rates and don’t need collateral which makes them risky. 
  • Debt Consolidation Loan: This loan assists you in paying all your existing debt. This way you are left with just a single loan account that is easy to manage and payback. 
  • Study Loans: These loans are meant to assist your education. Study loans have different structures and lower interest rates as compared to personal loans. 
  • Motorbike Loan: You can apply for a motorbike loan if you want to buy a motorbike in South Africa.
  • Car Loan: If you intend but a car and need financial support, car loans are the best way. 

Checklist to Apply for loan online

Have you finally decided to apply for a loan online? How do you know which loan offer is best for your needs? Below is a checklist that will help you efficiently comparing different loan offers and get loan online

  • Loan Term: You can choose a loan term between 6 months and 72 months. Make sure to choose a loan term that gives you a comfortable period to payback. 
  • Minimum and Maximum Loan Amount: Make sure to choose a lender that can give you the flexibility to choose your loan amount. Some lenders in South Africa limit the loan amount range. 
  • Interest Rates: You might already know that low-interest rates are the best choice. But what you don’t know is that you have to choose between variable and fixed interest rates. Fixed rates don’t change over the period but variable interest rates change over time. Both have pros and cons but the choice depends on your requirements.
  • Terms of Repayment: Usually, loan repayment occurs every month. But some lenders give you the flexibility to pay on weekly basis. You can opt for these repayment terms if you want to pay your loan quickly. 
  • Additional Benefits and Fees: To stay ahead of the competition, some lenders give you additional benefits for no extra charges such as excellent customer service. Take advantage of these benefits. But also be wary of any additional fees. The loan might look cheaper initially but might have hidden costs. 

The process to apply for a loan online

Let’s take a look at the general requirement and process of applying for a loan online in South Africa.

Loan application requirements

  • Age 18 years and above
  • Valid South African ID
  • Payslips and bank account statements as proof of income. It shouldn’t be older than 3 months
  • Minimum monthly income proof. Some lenders want you to have a minimum monthly income to qualify for a loan. 
  • Good credit score

The online loan application process

  • Once you have searched, reviewed, and compared different loan offers on our website Snappy Loan, click on “Snap It!” You will be taken to the lender website. You can start applying for the loan online. 
  • Chances are that the lender will ask you to fill an online application form for details such as an address, name, email, and more. 
  • Once you have filled the online application form, click submit and wait for the approval. 
  • After submitting your loan application, the lender will approve it and send you a loan offer. You have to accept the loan offer for you to receive the loan amount in your account. 

Traditional loan application Vs. Online loan application

So, when you compare traditional loan application with the online loan application process, applying for a loan online has got several benefits:

  • Easy and quick applications since you don’t have to visit the lender. Instead, you can apply for a loan online in the comfort of your home. 
  • Most online loan offers in South Africa have instant approval. So, you might have to just for a few hours or business days to get your loan amount in the bank account. 
  • You can easily compare different online loan offers anytime anywhere as the details are always available on the website. 
  • Online loans are also generally a safer option. This is because the information is available online that can be verified easily. You can also check out the National Credit Act that tells you about the lenders that are strictly regulated and other financial services. At Snappy Loan, all the lenders are regulated by the National Credit Act. You can easily find reviews and ratings for different loan lenders online. 

Online loan application has made it easier for people to apply and get a loan from the comfort of their home. But if want extra information or assistance, it would be wise to visit a branch nearby. 

Online personal loan calculator

When you are looking to apply online for a personal loan, don’t forget to use an online loan calculator. This calculator will provide you repayment amount estimate based on the loan amount and loan term. 

When you are comparing loan offers on Snappy Loan, you will find different offers from numerous lenders from South Africa. Choose the loan offer that best suits your needs. Get in touch with our team if you want to know more about loan offers.