CAPE TOWN, South Africa -
July 12, 2013 -
PRLog -- EC Loans is a 7 year old company who is owner run and based in Western Cape, 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 R1000 to R 50 000 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. EC Loans 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.
All info @ http://www.ecloans.co.za/content/info-ec-loans-company-0 Main operating principles for EC Loans *To be flexible for our clients *You will never be sold, encouraged or forced to borrow more credit than required ◦We will determine your immediate and future 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 and describe our service honestly and accurately at all times - we will never make any misleading claims or hard-sell you loans 2 Transparent for EC Loans *In addition to any regulatory requirements, we will always show you the total cost of repayment very clearly and prominently before you apply on all contracts *This calculation includes all potential costs involved, with no hidden fees or catches only the amount you need to pay *We also clearly explain the potential costs and consequences of late or non-payment *We won’t ever change the rate of interest or charge during the life of your loan as the interest is fixed over the term 3 Selective for EC Finance *Our service providers all 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 at the point of application. This includes evidence of your disposable income and financial commitments *If you are declined, we will give you as much information as possible about the reasons why, along with any relevant advice we can offer and you always welcome to apply again should something change *Our service providers recognize your circumstances can change so, if you return to use our service again, they will base every decision on a fresh review of your credit-worthiness, reserving the right to decline future applications even if you have repaid a previous loan on time *Regardless of whether you apply via the website or a cell phone, the checks will be just as rigorous 4
Short-term loans for EC Loans You will always be encouraged to settle your debt quickly – 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 - at any time. They will clearly show you how much you could save if you settle early You can repay a loan early at any time and save money, paying only the interest accrued up to that point. They do not charge early repayment fees and there are no catches They will automatically collect full repayment on the date agreed and never encourage you to roll your balance over for another term Our service providers always provide clear warning about the serious nature of credit and explain the potential consequences of non-payment or late repayment If your circumstances change for the worse, you will be treated fairly and respectfully All our service providers 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 They will only ever extend the length of your loan term when requested to do so by you – and if they believe it to be in your best interests. 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 to them by you. We make it easy to contact us during office hours: via the website, email or phone If you have a complaint or concern you will receive a response from us within hours We will respond to your complaint and endeavor to resolve it within 24 working hours. If your complaint is particularly complex it may take longer to investigate but, in these cases, we will explain why there is a delay and tell you when we will contact you again
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 to be considered
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