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These loans are also in the majority of cases only given to people that can and will pay them back and those that don’t are the exception rather than the norm.

Another interesting fact about payday/short term loans is that when natural disasters occur, countries that have access to these loans help those people that have been affected by the disaster as they have an instant source of money to buy food, water, clothing and shelter while the area is affected.

Below is a general breakdown of the loans available from each provider.

The payday loan providers shown below have the majority market share in SA in terms of the online, payday loan market.

To give you a rough idea of how big the short-term / payday loan market is in SA, for the first 3 months of 2013 there was R1,59 Billion worth of these payday loans that had been taken out by individuals.

Some other common names for Payday loans are; short term loans, instant loans, fast loans, emergency loans, salary advance loans, quick loans, cash loans and online loans.

These loans are and continue to be a very viable and popular form of financing as opposed to the traditional form of bank financing.

– Initially launched in the UK in 2006, Wonga was the first loan provider to fully automate the online loan application process, making it entirely paperless.

Since the launch of Wonga, the company gained massive popularity and has since achieved a dominant market position in SA.

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