Cash Converters loans offer consumer credit that is secured by valuable goods or salary income. Bad credit history is not a problem for them; what matters is whether you have enough assets to cover the loan. In this article, we will be looking at everything you should know about cash converters loan in South Africa
How does Cash Converters loan work in South Africa
Unlike banks and other loan lenders in South Africa, Cash Converters offer secured personal loans on a range of valuable items or even salaries. They disburse funds as soon as documentations are complete and authenticated. Cash converters offer two major types of credit products which include PayDay loan and the Cash Advance loan.
1. Cash Converters Payday Loans
These are loans you can receive by your next salary date. Prospective applicants can borrow from R400 to R4 000, and you will be charged the affordable interest rate. The terms will depend on your next salary date.You must be working with proof of employment. Once employment has been confirmed, it’ll only take 30 minutes to approve your loan application.
Money is paid into your Cashies card or as cash – no waiting period.
2. Cash Advance Loan
The is the most popular and in-demand loan package by Cash Converters. Prospective applicants can apply for a loan against their goods and valuables. Do you need money urgently and have goods to place against your loan but are not keen to sell.
Cash Converters advance loan is strategically for people like you.
It gets better.
With a cash advance, you’ll get the following benefits:
- Quick application process, no unnecessary paperwork
- Qualify up to R20 000 depending on your goods
- Walk out with cash in 30 minutes upon approval
Cash converters loan requirements
Cash converters loan requirements are a bit complex than other online instant loans in South Africa. This is because they only offer secured loans to their customers. To qualify for the Cash Converters loan, you must meet the following criteria:
- Must be 18-years old and above
- Permanently employed with recent payslips
- Recent bank statement that reflects your salary
They require these conditions above to help them ascertain the eligibility of a prospective customer and also to determine the ability of the customer to pay back. You’ll actually be securing the loan amount with your income-salary. However, because they don’t need your credit history, the risk of offering a loan is so high that there must be a valuable asset of yours to secure the loan.
Cash converters loans Interest Rate
Companies that offer secured loans often offer the loan at a lower interest rate. Remember, you can take out a loan with your income or savings as collateral.
So, these companies are certain to get their money back with interest from loan seekers. If you fail to repay the loan, they could just sell your valuable property and get their money back. It’s at the discretion of the lender on the interest charged however it’s always lower compared to unsecured loans.
Can I apply for cash converters loan online?
No. Unfortunately, you can not apply for a cash converters loan online as there is no online process in place. However, you can visit the nearest cash converters store near you or dial 087 820 4010 to speak to an agent for further assistance.
How long does it take to get a loan from cash converters?
It usually takes 24 hours after your loan has been approved and they have completed all documentation. Cash converters is regulated by the credit act and they offer loans in line with National Credit Act of South Africa.
Cash converters loans contact
You can go to any of their stores closest to you by walking in to make an inquiry or you can call the number +27 (0) 87 820 4758 or emailĀ customercare@cashconverters.co.za.
Conclusion
The fact that Cash converter does not require any credit history checks has made them applicants top choice. They provide a top-notch credit solution within minutes as long as you have enough goods and assets to cover the cost of the loan.