Features & Benefits
Whether you’re looking for extra cash for car repairs, your studies or even a wedding, trust RCS to make it possible. An RCS Loan gives you access to:
- A cash loan from R2 000 up to R250 000
- Fast, paperless application process
- Decision in seconds
- Cash in your account within 24 hours
- Flexible repayment options; choose from 12 to 60 months
- Free monthly statement via email or SMS
- Customer Protection Insurance
- Interest from as low as 15%
- Representative example: Loan amount of R7,500 borrowed for 24 months. Annual Interest Rate: 27.50%. Initiation fee (charged upfront): R936. Monthly service fee: R69 Total Amount payable: R13 312. Monthly instalment amount: R555
Please note our interest rate will never exceed the maximum as prescribed by the NCA of 27.50%
To apply for an RCS Loan you must:
- Be 18 years or older
- Have a valid SA ID or Drivers Licence
- Have a bank account
- Be employed and earn R2 000 or more per month
- You will be required to provide proof of income documentation
How will you determine if I qualify for an RCS Loan?
As registered credit and authorised financial services provider, RCS is governed by the National Credit Act in assessing whether we can provide you with credit.
We will conduct an assessment which uses your credit score (which provides us with your credit history and tells us how well you have been managing all your credit in the past) as well as your income and expenses. Based on all this information we will determine whether we can grant you credit at this time
Fees are subject to change and will be affected by customer risk profile
Before you take out a loan, we want to make sure you know what all the contract terms mean. Here’s a quick guide to the legal jargon:
Personal loan: A personal loan is when you borrow money from a lender (for example, a bank or financial services provider) for your personal use. It’s based on the borrower’s ability and promise to pay it back. There is no collateral attached to it, which means if you (as the borrower) default on repaying the loan, the lender cannot seize your property or car to recoup the loss of your non-payment.
Loan agreement: A written agreement between borrower and lender, detailing the terms and conditions of the loan and the repayment of the loan.
Loan repayment: This is the amount of money that has to be paid back every month towards a loan. This amount may include service, once-off initiation, interest or insurance fees.
Loan term: The period of time set aside for a borrower to back pay the loan. Loan terms can range from 12 to 60 months.
Loan protection insurance: This is insurance taken out by the borrower (that’s you!) to ensure repayment of the loan, in the event that the borrower passes away or is unable to earn an income due to illness or disability. This is also knows as Customer Protection Insurance (CPI).
Interest rate: This is the percentage that’s charged for the loan, or for the use of the money you’re borrowing. The interest rate charged is the percentage of the total amount loaned or borrowed.
Credit history: This is a history or record of a person’s ability to pay their accounts. Basically, it’s a record of how well you’ve been able to meet your financial or debt obligations: how long the debt was held, how much was owed and if payments were made on time. A good credit history is a good start to getting your loan approved easily. Your credit history can be requested as part of a credit report. To see your own credit record, ask Transunion for a free credit report.
Loan account: This is an account opened after the conclusion of the loan agreement. This account is used to track the repayments made towards the loan, as well as the outstanding balance on the loan.
Initiation fees: This is a once-off fee, which you are charged when you loan agreement is initiated.
Service fees: A monthly fee debited from your account for the administration costs of your loan account.
For more information contact us on 0861 729 727 | Postal address PO Box 111 Goodwood 7459
RCS is a registered and Credit and Financial Services Provider. NCRCP 38/FSP 44481