RCS

RCS is an authorized financial services provider. It’s governed by the National Credit Act (NCA), which, among other things, protects consumers who enter into a credit agreement with a financial credit provider.

RCS offers diverse lifestyle financial solutions including loans, cards and insurance products. These products provide you with a straightforward and user-friendly way to cater to financial needs.

RCS’s main purpose

RCS works alongside top brand names from South Africa, Botswana, and Namibia.

Their primary purpose is to help you improve your lifestyle by helping you access the credit you need to thrive. They achieve this by providing easy-to-access and affordable credit products.

RCS customer protection insurance

RCS offers customer protection insurance (CPI) which is underwritten by Guardrisk Life Limited.

It covers a share of your remaining balance should an unexpected incident like a permanent or temporary disability, death or income loss occur.

If you decide to take up the insurance, it’ll be invoiced as part of your personal loan and debited monthly as a single amount.

Personal data confidentiality

RCS has a strict confidentiality policy which promises to not disclose your personal information to anyone unless they’re acting in relation to the credit agreement.

This means the only time they’ll disclose personal data is when they’re obliged by the law, to issue a court order provided you are in arrears and no longer committed to paying your personal loan.

When applying for a personal loan with RCS, they will conduct an affordability and credit assessment.

This will take into account your credit score, credit history, expenses, and income to check how well you’ve been managing your finances. 

This is one of their most crucial steps in the application process, as it’s a key indicator of how much credit you can be granted. Depending on your financial circumstances, you may be offered a personal loan from R2,000 to R250,000.

Free monthly electronic statements

RCS sends out free electronic statements every month that detail all transactions you’ve performed on you for the month. 

On your account, they’ll include interest and fees, payments you’ve made the remaining balance, arrears if you have any and the due date of your installment. Statements are sent to your personal email and via SMS to the number, you provided during the application process. 

Initiation and service fees 

When taking up a personal loan with RCS, they’ll charge you a once-off initiation and service fee, which serves to cover up admin costs from applying for your loan. 

Their annual interest rate stands at the standard 26.50%, however, their fees are subject to change based on customer risk profile. Here’s a typical example of how much they normally charge for their personal loans.

Borrowing a loan of R10 000 for 24 months with the annual rate standing at 26.50%, the initiation fee will amount to R1207, with their service fee being R69. 

The total amount to pay is R16 933.50 which you divide by the 24 months, leaving you with a monthly installment of R706 debited on your account as per your loan agreement.