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About Us

 

EC Loans was established in 2005 with the sole aim to provide online loans, short-term loans, personal loans and prescribed debt loans. We offer online personal loans as one of the best online loan companies in South Africa and our online loan application system is quick and easy. Having prescribed debt isn’t an issue with us.

We are affiliated with many credit providers who provide credit to South Africans via the internet and mobile. All our service providers are Registered Credit Providers, regulated by the National Credit Act 34 of 2005. Get to know a little more about us:

 

Our Vision

Our vision is to be the most preferred financial loan service provider, providing online cash loans for the medium-income sector of the population in South Africa and align our business with the relevant financial loan industry governing bodies, in order to help influence the loan industry to the benefit of our clients. As a financial service provider, we believe that our purpose is to put minds at ease, knowing that there is a light at the end of the tunnel, and that a loan is attainable.

 

Our Mission

At EC Loans, we strive to enable all of our medium-income South African communities to have full access to affordable loans and render a professional and caring service, addressing the financial loan needs of all our clients. We endeavour to build a future in which we become the one dependable financial loan service provider in South Africa, for people that would struggle to get cash loans due to bad credit with other financial service providers.

 

Our Standards

We deliver an exceptionally friendly and caring service to all our clients and continuously develop our loan products range, in order to anticipate and meet all our clients’ needs.

We continuously grow and develop our staff. Ensuring we have motivated friendly staff providing exceptional services to all our clients.

 

We go the extra mile to ensure that our clients are completely satisfied with the financial services that we offer them. 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.

 

Our main operating principles is to be flexible for our clients

Our promise to you is that:

  • 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.

 

Transparency is important to us

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 and 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.

 

We are selective

Every one of 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 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’re always welcome to apply again should something change.

 

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 credit-worthiness, reserving the right to decline future applications even if you have repaid a previous loan on time.

 

Short-term policy

You will always be encouraged to settle your debt quickly – either on time or early and 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.

 

We aim to always be fair

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 and 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 are responsive

We make it easy to contact us during office hours: via our website, e-mail 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 endeavour to resolve it as soon as possible. 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

 

Want to know more about the ins and outs of EC Loans? Visit one of these informational pages:

 

TERMS OF LOANS

LOANS RATES AND FEES

NATIONAL CREDIT RREGULATIONS PLEDGE

PRIVACY POLICY

Apply for a Loan
Status Check
How to Apply

Cost of credit and Application Requirements

Our financial service(s)/credit provider(s) offer between R1000 and R100 000,00 loans and are the best method of attending to an unforeseen financial event. Repayments are also tailored to suit your budget and your personal needs, they are also dependent upon your affordability and credit criteria. To apply for a loan you must, be a South African citizen or a permanent resident and 18 years or older with a valid identity document, earn a minimum of R1500 per month, have proof of your current residential address and your own a bank account into which your salary is deposited.

Cost of Credit:
Insurance: 1.25% of monthly opening balance
22.50% Benefit
The Maximum APR is 28% per annum

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