Our needs usually outweigh the amount of money we have to solve them. Because of this, there are lenders like RCS Group who offer financial services products of which are RCS loans. However, the loan amount you get may not solve your pressing needs if you do not use it efficiently. So, you need to handle your loan responsibly in order to meet your needs and repay your loan promptly. Besides that, you’ll see more reasons you should use your loan responsibly in this article.
As you read along, you’ll know the products of RCS group, their loan requirements, minimum and maximum loan amount, etc.
About RCS loans
As a consumer finance business, the RCS Group (RCS) offers its customers a range of financial services products. They do this in association with several leading retailers in South Africa, Namibia, and Botswana. And ultimately under their own brand name, they registered RCS as a Credit and Financial Service provider with NCRCP 38/FSP 44481.
Their core purpose is to improve people’s lifestyles by being innovative in providing desirable and accessible credit products. RCS customers can enjoy convenience with this simple idea.
What are the requirements for RCS loans?
In order to get a loan from lenders, they’ll usually require you to meet some requirements. These lenders risk losing their money if you do not meet these requirements. These requirements are the parameters lenders can use to determine borrowers’ who are eligible to get a loan.
The following are the requirements for RCS loans:
- Be 18 years old or older.
- You must possess South African or driver’s licence
- You should earn a minimum of R2,000 monthly.
- Possess a bank account
- You must provide proof of income documentation.
What is the maximum or minimum amount I can borrow from RCS loans?
The loan amount you can borrow varies across lenders. Therefore, it is essential to know the amount of loan you can get. This is because it will help you weigh the options of lenders you have appropriately. However, the minimum amount of loan you can get from RCS loans is R2,000. Whereas, the maximum loan amount you can borrow from RCS loans is R150,000.
How can I apply for RCS loans?
There are things you must do in order to apply for any form of loan. If you apply with the right documents they require, you will have your loan faster.
However, RCS loans do not require rigorous processes for loan application. The only thing you must do to apply is to ensure you meet the above requirements. If you qualify for an RCS Loan, they’ll call you. But you can call them at 0861 SAY RCS (729 727). They just need a little information to process your application. And once they approve it, they deposit the money into your account within a day.
RCS loans will only need your South African ID number and bank details to process your loan application.
What is the interest rate for RCS loans?
Before accepting any loan offer, ensure you know the exact interest rates on the loan. This will help you make use of your loan efficiently. However, the interest rate of RCS loans is usually as low as 15%.
Note: Their interest rate will never exceed the maximum of 24.50% the NCA prescribed. However, the fees are subject to change and the customer risk profile can affect it.
How fast can I get the RCS loans?
Because of the need for cash flow, especially when you have an emergency. You should know when to expect the loan from a lender. For RCS loans, after qualifying for the loan, you’ll get the cash in your account within 24 hours.
What are the repayment terms for RCS loans?
There must be an agreement between the lender and the borrower on certain terms that will guide the repayment of the loan. The repayment term of the RCS loan is from 12 months to 60 months.
How will RCS determine if I qualify for the loan?
As a registered credit and authorized financial services provider, RCS complies with the National Credit Act when determining whether you are eligible for credit. Because of this, they conduct an assessment that uses your credit score to determine your eligibility. Your credit score shows them your credit history and how well you have been managing all your credit in the past. It ultimately shows them your income and expenses.
All of this information will be used as a basis for deciding whether to grant you credit.
What are RCS products?
There are major products RCS groups offer their customers. They offer a range of card, loan and insurance products, they are:
- They provide convenient credit facilities to consumers through the RCS Store Card.
- RCS cash loan and retail loan which could be up to R150 000.
- They also offer RCS Insurance. And this currently includes Customer Protection Insurance and Accidental Death Cover. Besides that, they also include Motor and Home Cover.
What are their contact details?
For more enquiries about RCS loans or their range of products and services, you can contact them through:
- Telephone: 0861-729727 or 0861-SAY-RCS.
- Fax: 021-597-4727
- Postal Address: PO Box 111, Goodwood, 7459.
- Physical Address (Head Office): Golf Park 6 Raapenberg Road Mowbray, 7700, South Africa.
Naturally, lenders who offer personal loans, car loans, or student loans, consolidation loans etc expect prompt loan repayment. Ensure you comply with your loan repayment terms to keep your credit scores in a pleasant condition. Besides that, lenders will be more confident to offer you a higher loan amount because of your good financial habit. And also, they’ll effortlessly offer you instant loans to see you through unforeseen circumstances.