We do not provide loans. RandCash is a comparison platform that promotes responsible borrowing. We are committed to helping consumers make informed credit decisions by connecting them with NCR-registered credit providers who comply with the National Credit Act (NCA) 34 of 2005.
Our Responsible Lending Principles
1. Working With Registered Lenders
We encourage consumers to only borrow from credit providers registered with the National Credit Regulator (NCR), who comply with the National Credit Act (NCA) 34 of 2005. Registered lenders are required to:
- Register as credit providers with the NCR.
- Adhere to prescribed maximum interest rates and fee structures.
- Conduct thorough credit and affordability assessments for every loan application.
- Provide clear and transparent disclosure of all loan terms, interest rates, and fees.
- Maintain proper records and report to credit bureaus as required.
2. Affordability Assessment
Partner lenders conduct comprehensive affordability assessments before approving any loan, as required by the NCA. This assessment considers:
- Your Income: Lenders verify your monthly income from all sources.
- Your Expenses: Lenders review your essential living expenses, including housing, utilities, food, transportation, and insurance.
- Your Existing Debt: Lenders check your credit bureau records to understand your current debt obligations.
- Your Disposable Income: Lenders calculate whether you have sufficient disposable income to comfortably meet the proposed loan repayments.
Responsible lenders will only approve a loan if they are satisfied that you can afford the repayments without experiencing financial hardship. Reckless lending is prohibited by the NCA.
3. Transparent Pricing
We believe in complete transparency. Before you sign a credit agreement with a lender, you will receive a pre-agreement statement and a quotation that clearly sets out:
- The total loan amount
- The interest rate (annual and monthly)
- The initiation fee
- The monthly service fee
- The monthly repayment amount
- The total cost of credit
- The repayment schedule
There are no hidden fees or charges. What you see is what you pay.
4. Cooling-Off Period
In terms of Section 121 of the NCA, you have a 5-business-day cooling-off period after signing your credit agreement. During this period, you may cancel the agreement without penalty by repaying the principal amount and any interest that has accrued.
5. Early Settlement
You have the right to settle your loan early at any time, in terms of Section 125 of the NCA. If you settle early, you may be entitled to a proportional reduction in the cost of credit.
6. Assistance for Borrowers in Difficulty
If you are experiencing financial difficulty and struggling to make your loan repayments, please contact your lender as soon as possible. Lenders are required to work with you to find a suitable arrangement, which may include:
- Restructuring your repayment terms
- Adjusting your repayment date
- Providing a temporary payment holiday (where applicable)
- Referring you to a registered debt counsellor
7. Debt Counselling
If you are over-indebted, you have the right to apply for debt counselling in terms of Section 86 of the NCA. A registered debt counsellor will assess your financial situation and may restructure your debts to make them more affordable.
Borrow Responsibly
We encourage all borrowers to:
- Only borrow what you can afford to repay.
- Read and understand your credit agreement before signing.
- Budget for your loan repayments alongside your other expenses.
- Make your repayments on time to avoid additional costs and protect your credit score.
- Contact us immediately if you are experiencing financial difficulty.
- Be cautious of taking on multiple loans simultaneously.
Useful Resources
- National Credit Regulator (NCR): 0860 627 627 | www.ncr.org.za
- National Debt Mediation Association: 0861 333 822
- Credit Ombud: 0861 662 837 | www.creditombud.org.za
- National Consumer Commission: 012 428 7000 | www.thencc.gov.za