RCS offers instant personal loans, starting from R2,000, and up to R150,000. These loans do not require collateral or security, and as such is very handy to tide over unexpected expenses or emergencies.
Many people avail these loans to make unexpected car repairs, tide over a medical emergency, or even for big-ticket expenses such as weddings, education, and more.
Advantage of RCS Loans
The biggest advantage of RCS Loans is the fast and easy processing. It is very easy to apply for a loan. The entire process is online and paperless. Customers may complete the Loans Quick Check in the RCS website, and receive a call-back to complete the application process. RCS scores strong in customer support. All customers get a free monthly statement, through Email or SMS, and also customer protection insurance.
RCS offers flexible repayment options, with the borrower having an option to chose a repayment plan extending anywhere from 12 months to 60 months. Repayment is through a debit order, where the instalment amount will be deducted from the applicant’s bank.
The basic requirements to avail an RCS personal loan is a minimum income of R2000 a month. The applicant must hold a South African ID and be 18 years of age or above. The applicant also needs to hold an operational bank account, and also furnish the latest bank statements for three months. The decision on whether the loan will be provided or not, is done in seconds, deepening on the information uploaded by the customer. Once approved, the loan amount is deposited in the customer’s bank account within 24 hours.
Apart from the monthly interest, RCS charges an initiation fee upfront, at the time of availing the loan, and a monthly service fee. The interest rates for personal loans are high compared to a conventional loan, considering these loans are not secured by any collateral. However, RCS is a registered and Credit and Financial Services Provider, and complies with all applicable regulations.
RCS personal loans is a handy product, for a host of circumstances. Even when there is money in the bank, it may make sense to opt for a short-term personal loan rather than break an investment prematurely.