Conducting your own loan application can be hassle especially when you don’t the required criteria needed for one to apply for a loan. Such a scenario will in turn require the services of an expert who can take you through the way.
One such an organization is Qwiekfin, a South African based call centre whose purpose is to assist you to make your application process smooth and hassle free. There ceratin requirements that are needed for one to qualify for this financial facility and one should be:
Applicant must be 18 years or older
A South African citizen
Permanently employed for at least 3 months
Earning a salary of at least R2000 per month
Apart from the above mentioned requirements; the institution doesn’t assist clients who are under administration or debt review. Worth noting is that the institution’s lenders are registered with the NCR and below are some of the guidelines applicants should take note of when applying for a loan:
Annual percentage rates: (unsecured credit transactions) Initiation fees: R150 per agreement plus 10% of the amount of the agreement in excess of R1000 but never to exceed R1000 Interest Rates: RR X 2.2 + 20% per year.
Mortgage Agreements: Initiation fees: R1000 per credit agreement plus 10% of the amount of the agreement in excess of R10 000, but never to exceed R5000. Interest rates: RR X 2.2 + 5% per year. Every lender has their policy so this is just a guideline.
Implications of non-payments: The institution only charges an initial cost if your monthly debit order was ineffective as a result of inadequate funds or changing bank accounts without prior notice to the service provider. The service provider will try to contact the client in order to resolve the problem. If the client can’t be found or the problem can’t be solved, it would be handed over to the internal collections department to see if a solution to the problem can be found. If an agreement can’t be reached, the lender can make use of an external collections company or an attorney. This will lead to an increase in fees and interest. This will have a big influence on the clients credit score and it will be very difficult to get any more credit from any loan provider. Monthly premiums for loan repayments will be done by direct debit order collection from the client’s bank account. Failed debit order collections may result in the client being charged a fee by his own bank for the unsuccessful transaction.
Renewal policy: Clients may qualify for a second or third loan depending on the criteria as set by the loan company if they are up to date with their loan repayments. The client will have to apply again and the loan provider will look at the clients profile, affordability, etc… The loan provider will then make a decision based on the rules and regulations as set by the NCR.