Code Of Practice

CashSA is a 15-year-old company that is owner-run and based in Durban. We are affiliated with many credit providers who provide credit to South Africans via the internet and mobile. Our service providers offer flexible loans of R100 to R150,000 for anything up to 60 months. All our service providers are a registered Credit Providers, regulated by the National Credit Act 34 of 2005.

Our mission is to solve consumers’ occasional, urgent and short-term cash flow problems with an equally short-term solution. We base our commitment to responsible lending on transparency, flexibility and extreme selectivity – we believe it’s possible to provide credit in a way that suits consumers, not lenders.

We feel that for too long, traditional banks and lenders in South Africa have been offering products which appear to have low interest rates and costs. However, they are generating revenue by keeping consumers in long-term debt or through charges which are hidden in the small print. It is this lack of transparency that allows many financial products to be commercially viable. They bank on customers making mistakes, misunderstanding terms or using them irresponsibly.

CashSA is taking a fresh approach to credit. Not everyone operating in this space is doing so scrupulously, so we’d like to explain exactly what consumers can expect when using our service. These principles are in addition to our strict adherence to South Africa’s regulatory requirements under the National Credit Act, as well as the Consumer Protection Act.

1) Flexible

• You will never be sold, encouraged or forced to borrow more credit than you require.
• You control exactly how much you want to borrow and then determine the cost by deciding how many days you need it for (within defined parameters).
• We determine your credit limit based on in-depth credit and status checks, including how responsibly you have used our service providers in the past.
• We deliver on our promises will never make any misleading claims.

2) Transparent

• In addition to any regulatory requirements, we will always show you the total cost of repayment clearly and prominently before you apply.
• Calculations include all potential costs involved, with no hidden fees.
• We also explain the potential costs and consequences of late payment and non-payment.
• The rate of interest is never changed during the life of your loan.

3) Selective

• Our service providers use Credit Bureaus and all the publicly-available data at their disposal to guard against fraud and make the best possible lending decisions based on your circumstances. This includes evidence of your disposable income and financial commitments.
• If you are declined then CashSA will give you as much information as possible about the reasons why it was declined, including any relevant advice.
• Our service providers recognise your circumstances can change so if you return to use our service again, they will base every decision on a fresh review of your creditworthiness. They reserve the right to decline future applications even if you have repaid a previous loan within the agreed period of time.
• Regardless of whether you apply via the website or your cell phone, all checks will be rigorous and thorough.

4) Short-term

• You are always encouraged to settle your debt either on time or early.
• You will be able to compare interest accrued at any stage with the total cost of credit on the agreed repayment date. It will show you how much you could save.
• You can repay a loan early and save money by paying only the interest accrued up to that point. There are no additional charges for early repayment.
• We will never encourage you to roll your balance over for another term.

5) Fair

• Our service providers provide clear warnings about the serious nature of credit and explain the consequences of non-payment or late repayments.
• Should your circumstances change for the worse, rest assured you will be treated fairly.
• All service providers we work with abide by both the spirit and the word of the National Credit Regulator’s guidance on Debt Collection as outlined in Chapter 6 of the National Credit Act 34 of 2005 and subsequent associated guidance.
• The length of your loan term will only be extended when it is requested by you – and if they believe it to be in your best interest. They will clearly explain the additional cost of extending your loan, require you to significantly reduce the outstanding balance to do so and limit the number of times you can move your repayment date. They will never extend the term of your loan without your request.
• They will not charge you a default fee, but they may charge you administration costs incurred by them in attempting to collect what is owed by you.

6) Responsive

• CashSA makes it easy to contact us during office hours.
• If you have a complaint or concern you will receive a response as soon as possible.
• If you are not satisfied with our response you can appeal the decision by writing to us again, stating your objections and providing any new information that needs to be considered.
• We will respond to your complaint and endeavour to resolve it within 48 working hours. If your complaint is complex it may take longer to investigate. In these cases we will explain why there is a delay and let you know when we will contact you again.
• If you are not satisfied with our response you can appeal the decision by writing to us, stating your objections and providing any new information to be considered again.

We are registered with the National Credit Regulator, so you can register a complaint with them if you have already contacted us and feel we have not responded to your concerns or resolved the matter fairly. You can call the regulator on 0860 627 627 or send an email to complaints@ncr.org.za. If your complaint is related to debt counselling you can email dccomplaints@ncr.org.za.