In contrast to conventional banks and other loan providers in South Africa, Cash Converters provides secured personal loans.
Individuals have the opportunity to be eligible for a loan by leveraging their valuable assets or potentially even their income. Instantaneous cash disbursement is available to individuals in times of urgent financial need.
Cash Converters loans provide secured loans that are backed by collateral in the form of goods and salary.
A positive credit history is not a prerequisite for eligibility for these loans; rather, the loan can be secured solely through the use of valuable assets.
Cash Converters provides customers with a selection of two distinct loan options, namely the PayDay loan and the Cash Advance loan.
Cash Converters offers a range of loan options, catering to both short-term and long-term financial needs.
Payday Loans:
These loans are of a personal nature and can be obtained promptly, with repayment scheduled for the borrower’s upcoming salary date.
Individuals have the opportunity to obtain loans ranging from R400 to R4,000 at a competitive interest rate. The repayment terms, as previously indicated, would correspond to the date of your upcoming salary.
It is necessary for you to possess evidence of employment. Upon verification of employment, the loan application can be approved within a mere 30-minute timeframe.
Funds are deposited into your Cashies card or disbursed as cash without any delay.
Submit an application at the retail establishment.
Cash Advance loans
The loan package offered by Cash Converters that is widely favored and highly sought-after.
Individuals have the option to seek a loan by leveraging their possessions and valuable assets. If one finds themselves in a situation where they require immediate funds, they may possess valuable assets that can be used as collateral for a loan. However, they may not be inclined to sell these assets.
The cash advance loan offered by Cash Converters is strategically tailored to cater to individuals with similar financial needs.
The situation improves over time.
A cash advance offers several advantages, including:
- The application process is expedited, requiring minimal paperwork.
- Customers may be eligible to receive a qualification of up to R20,000, contingent upon the value of their goods.
- Upon approval, it is possible to obtain cash within a 30-minute timeframe.
Loan prerequisites:
In order to be eligible for the Cash Converters loan, it is necessary to satisfy the following set of requirements:
- Individuals must be at least 18 years of age or older.
- The individual is currently engaged in a long-term employment arrangement and possesses recent documentation of their salary payments.
- Please provide a recent bank statement that accurately reflects your salary.
- The aforementioned information is necessary solely to prevent the provision of a loan that exceeds your financial capacity for repayment.
The loan amount will be secured by the borrower’s income-salary.
Due to their limited concern for the individual’s credit history, the lending institution perceives a substantial level of risk in extending the loan. Consequently, the institution requires the presence of a valuable asset as collateral to ensure the loan’s security.
Key Considerations Regarding Interest Rates.
In South Africa, it is common for companies to provide secured loans at a reduced interest rate.
It is important to note that the determination of risk is predicated upon an individual’s salary or asset value, rather than their credit rating.
Therefore, it is highly probable that these companies will recover their funds, along with additional interest, from individuals seeking loans.
In the event of loan default, the lender possesses the option to liquidate the borrower’s valuable assets as a means of recouping the outstanding debt.
The determination of interest rates charged on loans is subject to the lender’s discretion; however, it is consistently lower in comparison to interest rates on unsecured loans.
Methods for Obtaining a Loan
Cash Converters provides loans in accordance with the regulations outlined in the National Credit Act. All applicable fees will be disclosed in advance and subject to regulation under the Credit Act.
Regrettably, Cash Converters does not provide an online application procedure. However, the company has established retail outlets in major cities across the country, providing convenient access for customers.
Please access the store finder in order to locate the nearest Cash Converters store in your vicinity.
Alternatively, individuals may choose to contact the consultant at 087 820 4010 in order to obtain additional assistance.
