Responsible Lending

No matter how well you plan your finances, there will always times when your cash-flow gets a little too tight for comfort.

Whether you need to service your car, settle an urgent debt, or simply find yourself with a lot of month left over at the end of your money, a fast cash loan is one of the quickest and easiest solutions to kick-start your finances until your next paycheque. Once your loan has been approved, don’t forget to apply some basic financial management and loan repayment basics to ensure that your loan is repaid smoothly within the agreed time:

Managing Your Finances

A short-term loan is an excellent option for settling unexpected expenses, but it should go hand-in-hand with solid financial management to ensure that your financial situation doesn’t get out of hand. Here are some great ideas that will help you manage your finances:

  • Try not to over-extend yourself. Limit your day to day purchases to items you can afford to pay for in cash. Also, try to avoid opening too many clothing and retail accounts – only buy on credit if you are sure you can afford the repayments.
  • Try to save each month. By spending less than you earn you’ll be able to build up savings in the long-run, making it easier to manage financial emergencies and providing collateral for any larger loans you may need.

Managing Your Loan

Once your loan is approved, you will need to make your repayments on the date you agreed to in your loan agreement. To ensure that your loan is repaid with no hassles and in order to build a good credit record, remember the following tips about managing your loan:

  • Pay on time. Make sure that on the due date you have sufficient amount of money in your account to pay the loan, you must have the money in your account in the morning of the due date.
  • Communicate. If you think you won’t be able to repay your loan on time, let us know well in advance and we may be able to offer you an alternative. By not paying you may be subject to extra charges or legal action.

APR

Our monthly interest rate is 5%.

Financial implications

Late interest is accumulated on a daily basis for overdue loans. A R57 service fee will be charged for loans exceeding 30 days.

Collections for overdue loans

A) Customers are called & emailed about their overdue loan status and immediate action is taken against them.

B) After 30 days the customer will receive a final letter of demand and are given 10 days to settle the outstanding amount.

C) Customers are handed over to our bad debt department where they will then continue to reclaim the outstanding loans.