Personal Loans: Frequently Asked Questions.

WHY WOULD MY APPLICATION BE DECLINED?

An application can be declined for a number of reasons, such us the following:
- Failed affordability (your salary cannot sustain the loan).
- You have a commission-based salary.
- We cannot find your company on any public listings.
- There are too many judgements against your name (bad credit history).
- You live outside of the Gauteng, Western Cape and KZN regions.
- Your documents are fraudulent.
- You are not permanently employed.
- You are under debt review.
- You have been working for less than 6 months at your current employer.

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DO WE HELP BLACKLISTED CLIENTS?

Sometimes we do! We look at their affordability and stability of their income. We understand that the financial position of a family could change overnight, resulting in credit defaults and judgements. More often than not these circumstances are not a result of their own wrongdoing, but due to external factors like retrenchments,etc. We therefore look to the future and not the past.

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WHAT HAPPENS WHEN I CAN'T AFFORD THE AGREED INSTALMENTS ANY MORE?

We encourage clients to discuss their financial problems with us and rather be open and honest about it. We will in most cases be more than willing to reschedule the loan or find an appropriate solution to assist our clients through their crisis.

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WHAT HAPPENS TO A CLIENT WHO DOESN'T PAY AN INSTALMENT ON TIME?

We try our best to come to a suitable payment arrangement with our clients. If a client then still doesn't stick to the arrangement, we will hand over the clients file to our legal collections department who will follow standard legal procedures to collect the outstanding money.

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HOW WILL I KNOW IF MY LOAN HAS BEEN APPROVED?

There is no reason for you to give us a call, a consultant will call you as soon as your loan has been approved.

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SO MY LOAN HAS BEEN APPROVED, WHAT'S NEXT?

One of our consultants will then fax or email you the loan quote, which you will have to sign in agreement. You will then have to fax or email the quote back to us. As soon as it is received the transfer will be made into your account.

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HOW DO I PAY MY MONTHLY INSTALMENTS?

We set up a monthly debit order on your bank account, so there is no need for you to transfer money into our account or pay us in cash.

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DO I NEED TO SEE A CONSULTANT?

Fortunately, we never need to see you! All the loan application documents must be sent to us via FAX or EMAIL only. All banking is done electronically.

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I NEED TO SPEAK TO A CONSULTANT, BUT I HAVE NO AIRTIME.

Simply go online and click on the "Apply" link, send your cellphone number to us, and we will call you back.

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WHAT IS THE MAXIMUM LOAN THAT I CAN RECEIVE?

R8000.

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WHAT IS THE PAYBACK PERIOD OF THE LOAN (LOAN TERM)?

Either 3 months or 6 months.

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WHY DO WE ONLY OFFER LOANS OF A MAXIMUM OF R8000 OVER 6 MONTHS?

The micro-lending industry has become very competitive. It has therefore become necessary to find a niche in the market and to stay focused. We have decided to focus on providing fast, hassle free loans to people who need cash in a hurry. Which means that we are not only lending money, but also providing a much more flexible and direct service than that which is offered by traditional lending institutions. Our competitors who provide larger loans over longer periods, but take several days to process applications. They will also be less likely to assist clients who do not have a solid credit record. By providing smaller loans to our clients not only enables us to deliver a much faster service, but also increases the likelihood of their loans being approved. People who are prepared to wait for several days will most likely approach other institutions for a loan. However if you need money in a hurry, you should give us a try!

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WHY IS IT TAKING SO LONG TO PROCESS MY APPLICATION?

The time it takes for your loan application to be approved is completely dependent upon you. The faster you send us your supporting documents, the quicker the application process. Once we have your documents, the next step is to confirm employment with your company. Sometimes when we contact your HR department to confirm that you do have a job, the HR contact person is unavailable. This can result in further delays. Lastly, once all that has been done, we will send you a quote for the loan that you will need to sign - the longer you take to send it back to us, the longer it will take for your money to be paid to you!

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HOW WILL I KNOW IF MY APPLICATION HAS BEEN DECLINED?

As soon as your application status is "declined" our system automatically sends a letter to your email address to inform you. That's why it is crucial that you provide us with the correct information and that you make us aware of any change in your contact details.

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WHAT IS A TOP UP LOAN?

Do you already have a loan with us, but need more money added to that loan? Then why not apply for a top up loan? Your monthly instalments will however increase as you increase the amount of the loan. You will therefore still be paying for your first loan, combined with the instalments for your second loan.

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WHAT DO I NEED TO QUALIFY FOR A TOP UP LOAN?

At least half of your loan must be paid up with us before applying for a top up loan. You will also need to send us your most recent payslip and 3 months bank statements.

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WHAT DO I DO IF MY BANK DETAILS CHANGE?

You need to inform us immediately of any changes. If your debit order does not go through your bank account, your credit record will be affected, and this could affect your ability to apply for future loans and credit.

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IS THERE ANY JOINING FEE?

No.

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WHEN CAN I SPEAK TO YOU?

From 8am to 4pm, from Monday to Friday.

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CAN I CANCEL MY LOAN?

Yes, before the loan can be completely cancelled, you will have to pay out the settlement amount. The amount is valid for 5 days, from the day you receive the letter.

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