RCS loans: Many times it happens that you need additional financing on an urgent basis. This usually takes place when an individual is facing a medical emergency in the family and needs funds to provide the best care for a loved one. However, it may also happen for first-time parents who underestimate the costs associated with their new baby. Some might want to build a new nursery for their bundle of joy, others might want to buy them the best wardrobe available in the market.
Whatever your needs, RCS is a bank that prides itself in having the shortest possible loan application times. For example, successful applicants can access their funds within 24-48 hours of the application.
Similarly, loan terms are quite flexible. The principal amount can vary from R1,000 to R100,000. This is so that all your financial needs can be covered by one bank, all under one roof. The tenures for these loans can range from anywhere between a year to 5 years.
RCS Loans are compliant with the National Credit Act and are unsecured. This is particularly advantageous for people who are applying for a loan to acquire their first asset since they do not have to put up either their house or car as collateral.
Many people wonder whether they can apply for the loan. The fact is anyone can apply for a loan provided they can prove they have a continuous source of income. It can be a housewife who is applying for a loan, but the bank account she is using must have her husband’s salary being deposited into it. It can also be a person who is working part time, either because he is running a side business or studying.
Existing debtors can also request for a change to their repayment plan by submitting their bank statements for the previous 3 months. This is necessary so that the committee responsible is able to assess the financial situation of the applicant carefully.