Questions and answers

question
Q) What is a payday loan and how do I apply for one in South Africa?
A)

Payday loan (also referred to as a cash advance or payday advance) is short-term loan that is usually repaid on the day that you receive your next salary payment, hence the name 'payday loan'. The loan amount is generally smaller and the repayment period shorter than a normal loan, i.e. there will not be terms such as 12 months to repay, rather it will be 1 month or a little longer.

Q) What if I am blacklisted and have judgments?
A)

If you are already blacklisted or have judgments, this means that you are experiencing financial difficulties. Unfortunately, we will not be able to grant you a loan and we recommend you seek professional assistance.

Q) What documents do I need to apply for a loan?
A)

You will need to complete our Online Application (Apply for Loan), provide a copy of your Identity Document, a copy of your latest payslip and your last 3 months' bank statements.

Q) How will I know if my loan application has been successful or declined?
A)

We will update you during the entire process of your application and will inform you by SMS should your loan application be successful or declined. It is important for you to provide us with your cellphone number and update us if the number changes.

Q) How long will it take for me to receive my money once the application has been approved and processed?
A)

We make the payment into your bank account the same day the loan is approved. However, depending on who you bank with it could take up to 24 hours to clear into your bank account.

Q) Do I need to come into any of your branches or meet with a consultant?
A)

There is no need for you to ever come into our offices as our service is online. All communication that is needed will be done via SMS, Fax, Email, and Telephone. Our banking is done via Electronic Transfer and your loan repayments are collected via Debit Order or as a payroll deduction from your Employer.

Q) How long will it take for my loan application to be processed?
A)

This depends on you as your application will only be reviewed as soon as we receive all your documents. Our loans are normally processed within 24 hours from Monday to Friday.

Q) What do I need to do if I change my banking details?
A)

Inform us immediately. Should your debit order or payroll deduction not be honoured, this will affect your credit record with Res Q Loans and therefore affect your ability to apply for loans or credit with Res Q Loans and other institutions in the future.

Q) Can I use a relative or friends account to transfer the money into?
A)

No. We will only transfer your money into your active bank account where you receive your salary.

Q) Can I apply for a loan jointly with my spouse?
A)

No. We unfortunately only look at one or the other but not together. Should your spouse have a loan with us, we unfortunately cannot assist you until the loan is paid off. If you are married in Community of Property, you will need your spouses’ approval.

Q) What if I have a bad credit record?
A)

Res Q Loans does a credit check on your name and should you have a bad credit record it does not necessarily mean that we won’t be able to assist you. We take a lot of other factors into consideration as well when approving/declining a loan application.

Q) When can I speak to a consultant regarding my loan account?
A)

Our consultants are available from Monday to Friday 08h00 to 17h00.

Q) What are the basic requirements to get a loan?
A)

You need to be over 18 and less than 65 years old, resident and employed in South Africa and have an active RSA bank account, plus your own cell phone. Your credit rating will determine if there are any additional requirements. We do an assessment of your financial ability to repay a loan and your ability to settle the loan on the agreed date.

Q) How much cash can I borrow?
A)

We currently only offer loans of a minimum of R500 and and a maximum of R1000. Depending on your affordability, this amount can be increased.

Q) Can I borrow after my first loan?
A)

You are not permitted to borrow more than once in the same month but can borrow as often as possible. We will apply the same processes as your first loan.

Q) What is our cost of your loan?
A)

We charge the minimum amounts prescribed by the NCR. Our fees and charges are transparent and are shown on our website (Rates and Interest menu). Interest is charged daily thus the shorter the period you borrow the less you will pay.

Q) Debt Review and Administration?
A)

We are a responsible lender and will not consider giving you a loan if you are already or planning to go under debt review or administration. If you are in a financially stressed position, we suggest you seek counselling and approach a debt councillor to assist you.

Q) What personal information do we need to process your loan?
A)

Our online process details all the information required. Our Privacy Policy covers the protection and use of your personal information. View our Privacy Policy on our website.

Q) Is Res Q Loans compliant with all legislation?
A)

We are a registered member of Micro Finance South Africa (“MFSA”), (www.mfsa.net) and also registered as a credit provider with the National Credit Regulator (“NCR”) (www.ncr.org.za).

Q) How do I contact Res Q Loans?
A)

View our Contact Us menu for all our details.