What Are RCS Loans? How To Get It?
RCS is a business group in South Africa that offers personal cash loans to individuals to provide them with financial assistance. The loan-providing company is a registered credit provider that can pay cash loans up to R 50,000. Let’s put light on an in-depth description of RCS credit providers, their eligibility requirements, the application procedure, and the documents you have to submit.
What Are RCS Loans? How To Get It?
RCS is a registered consumer finance business and is an authorized credit provider known to provide different types of loans to meet individual needs. After confirming your eligibility, you then have to apply for RCS loans.
The interest rates that apply to RCS loans are set by the South African Reserve Bank. They are linked to the repo rate. Remember, any changes in the repo rate affect the RCS store card interest rate directly. Let’s look at the types of RCS loans the organization offers.
Types Of Loans
Here are the different types of loans that RCS provides according to the needs of the borrowers. You need to understand all the types mentioned below clearly so that you can get to know how each type of loan works and which one will be appropriate for you. The types of loans include,
- Personal loans
- Credit cards
- Car Financing
- Debt consolidation loans
- Payday loans/temporary loans
Personal Loans
Personal loans are the common type of RCS loans offered that you have to repay within 24 to 84 months. They can be used for any purpose and are simple to get.
If you get a good credit score, there is a high chance that you will receive the cheapest personal loans available with the lowest interest rates. You can get RCS loans ranging between R 2000 to R 50,000 with as much low interest as 15%.
Credit Cards
RCS also offers credit cards to individuals. There is this predetermined credit limit that an individual can spend.
The cardholder borrows this tiny amount of money for shopping and returns it over time. There are no extra charges, fees, or interest rates that you have to pay if the debt amount is paid in full.
Car Financing
With car financing or a car loan from RCS, you can get a vehicle and can pay back the loan amount within 3 to 7 years. Within this time period, you must pay back the loan; otherwise, the lender will take possession of your car.
Debt Consolidation Loans
Debt consolidation is ideal for those who want to simplify their payments by simply taking a second loan to pay off the already existing one. There is this beneficial point of taking debt consolidation loans from RCS.
You are left with only one monthly payment. It has particularly two major benefits, including cheaper interest rates and reduced monthly payments.
Payday Loans/Temporary Loans
These are the short-term loans that only last until you receive your next salary. It is not necessary for you to have a good credit record to get these temporary loans from RCS.
But remember the loan fees are quite high. Plus, in case you are unable to pay off the loan on your next payday, there is a high chance that the charges on late repayment you then have to pay become more than the initial amount you have borrowed.
Eligibility Requirement
Here is how you can check your eligibility to get RCS loans.
- rcs.co.za/see-if-you-qualify.Simply click on this link, and you will land on the web page.
- Then, you have to put in the required information and see whether you qualify for RCS loans or not.
- You have to provide your first name, last name, ID number, email address, mobile number, and total income.
- Then you have to mark the terms and conditions box and your consent box.
- Then you have to click on “Start Quick Check.”
Moreover, the basic eligibility requirements that you might have to fulfill to apply for RCS loans include,
- You should have a good credit record.
- You should have a bank account in your name.
- You should have proof of your monthly income, which could be in the form of the last three consecutive months’ salary slip or the latest 3 months’ bank statement.
How To Apply?
Here is how you can apply for an RCS loan if you fulfill the eligibility requirements. Make sure to understand this step-by-step procedure to apply for RCS loans easily and quickly. In order to apply for RCS loans you have to do to,
- Visit the RCS website. You can simply visit the official website by clicking on https://rcs.co.za/.
- Then you have to find out the desired loan type that you want to apply for. There are different loan types available. Make sure to select the one that is the best according to your needs.
- Now you have to enter the loan details. You will be asked to enter the desired loan amount and repayment term.
- Now you will receive the estimation of your monthly repayments.
- A page will open in front of you. This is the online application form.
- You have to fill in the required details, including your employment information, your personal details, and your financial commitments. Make sure to avoid any misleading information or incorrect information to minimize the chances of delays in your application approval.
- After filling out the application form, you have to upload all the necessary documents including income proof, identity proof, residential proof, and others as mentioned below.
- After submitting the application and required documents, then you have to wait until you receive a response from RCS.
- RCS will recheck your information and confirm whether you are eligible for the loan or not. It will also conduct a credit check according to your information and will process your eligibility.
- You will get to know about the response from RCS soon after submitting an application.
Documents You Need To Submit
Here is the list of documents that you have to submit along with your application form. Make sure to provide all the genuine and legal documents to avoid any charges or fines later on. Along with your application, you also have to upload,
- Your identity proof in the form of a South African ID or a passport of a foreign national if you are a South African resident.
- Your income proof in the form of financial statements or recent pay slips.
- Your residential proof in the form of rental agreement, recent utility bill, or official document where the applicant’s current address is mentioned.
How To Contact RCS?
There are different ways that RCS offers to its customers so they can contact them in case of need. If you have any questions or queries in your mind or if you are confused about anything, you can contact RCS via any of the following methods. You can directly contact them via their,
Customer Service: 086 1 729 727
Head Office: Golf Park 6, Raapenberg Road Mowbray, 7700, South Africa
Fax: 021 597 4727
Card Enquiry: [email protected]
Loan Enquiry: [email protected]
Insurance Enquiry: [email protected]
Goodwood Office: Liberty Grande Building, Voortrekker Rd & Jakes Gerwel Dr, Cape Town, 7460, South Africa
Postal Address: PO Box 111, Goodwood, 7459
You can also contact them directly by leaving them a message on their official website. In order to do that,
- You have to just click on, rcs.co.za/about/contact-us/.
- Then, you have to fill in the required information, including full name, email address, contact number, and account number.
- Then you have to tick the yes or no option for the question of whether you are an existing RCS customer or not.
- Then, you have to select the reason for contacting via a drop-down box.
- Now you have to leave a message and click on “Submit”. They will contact you on their own about your query.
FAQs
Who is RCS?
RCS is a registered credit provider and is a consumer finance business that provides financial assistance to needy people. They offer 7 different types of loans and provide loans up to 100,000 for eligible applicants.
What information do I need to provide for an RCS store card?
In order to apply for an RCS store card, you have to make sure that your age is equal to or more than 18 years. You have to provide proof that you are employed and earning a minimum of R 2000 per month.
How much credit can I get from RCS?
You can get credit between R 1000 and R 50,000. It ranges on the basis of different factors including, individual circumstances and credit check score.
What if I am unable to pay my loan monthly installment?
It would be beneficial for you to pay your monthly installment right on time. But in case you are unable to pay your monthly installment you have to give a call to the officials right away. You can simply dial 0861 729 727 and the customer service providers will assist you in the best possible way to help you find a solution according to your situation.
Is it possible to check the balance on an RCS store card?
Yes, you can check your RCS store card balance and installment information via different methods. You can simply download the RCS application and check your balance,or you can dial *120*727*card number*#. Moreover, you can also log on to the self-service portal and can select available credit to check your RCS store card balance or can simply contact the call center by dialing 0861 729 727 and following the prompt that appears.
Final Thoughts
RCS credit providers are one of the reliable credit providers in South Africa. You have to make sure to follow the step-by-step procedure mentioned above to apply for the loan online and have to attach the necessary documents along with your application form. Pay attention to the above article to ensure you have understood every necessary information about RCS loans and how you have to apply for them.