It’s never been easier to secure a short-term loan from payday loan providers, but it’s important to remember the purpose of such loans in the first place. These loans are viewed as simple ways to get credit, but they are best used for emergency situations.

    Any responsible lender will tell you that it is a better plan to have your own savings put aside for special treats and rainy days, and turn to payday loans when you find yourself in need of immediate cash that you can’t get elsewhere.

    Understanding the mechanics of a payday loan and their place in our finances is key to ensuring that we do not become subsumed by debt. It can be difficult to save money, so in order to make the most out of what you earn each month, it is necessary to create a budget and take a careful look at your spending to ensure that you are not spending money needlessly.1Taking out a payday loan

    If your circumstances change, short-term loan providers like Wonga can offer a solution to the immediate need for quick emergency cash. After a careful re-examination of its workings, Wonga’s overhaul puts it at the centre of the revamping of the payday loan industry, where honesty and transparency are now priorities.

    This is especially important in South Africa where payday lenders are enjoying something of a heyday as the online marketplace continues to grow in the region. Payday loans are attractive options as they allow many South Africans access to credit that they may have difficulty obtaining elsewhere. As well as this, websites such as Wonga’s are intuitive and easy to use, offering simple sliders to assist customers in finding out how much they can borrow and how much their repayments will cost.

    Websites such as this are also transparent in their offerings, thus helping new customers to understand the mechanics of payday loans and what they are getting into when they borrow.euro-427530_1280

    Getting ready to reduce your spending

    Payday loans are a quick fix rather than a lifestyle. In order to avoid slipping into debt, it is necessary to take a long, hard look at your expenditure, deduct all necessary costs such as bills, rent, mortgage payments and groceries, and then see what’s left over.

    You shouldn’t have to drastically change your lifestyle in order to reduce your spending. Usually, it’s all the little things that make a big difference. Simply bringing a packed lunch to work a few times a week instead of going out to eat can have a huge impact on your bank balance. Other small changes such as switching off electrical items at the wall when you’re finished using them can make a surprising difference.