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What are Prescribed Debt Loans?

Prescribed debt loans are offered to individuals who have outstanding credit debt . These are unsecured loans that offer immediate financial relief.

Why is it called a Prescribed Debt Loan and not just a Personal Loan?

When applying for a personal loan or secured loan at a bank, you are usually required to have a spotless credit record. While the interest rate on unsecured loans is slightly higher than secured loans, if you fall behind on monthly payments of a secured loan you run the risk of losing your assets.

Often our clients have run into some unforeseen financial trouble in the past and because of that, they are unable to meet their commitments as agreed with their creditors. Getting a personal loan approval doesn’t have to be difficult and having prescribed debt doesn’t have to be the end of your financial autonomy. By applying for a prescribed debt loan you are taking the next step towards relieving yourself of that debt.

Get back your financial freedom now!

We care about the financial situation of each of our individual clients. While you are in the process of removing your prescribed debt status we recommend that you:

  • keep your credit rating as high as possible by making sure you don’t miss any repayments;
  • pay the minimum amount required each month for any other debt obligations you may have;
  • if you can afford to, pay more on the cash loans that will increase your credit record;
  • make sure that the details on your credit report are up to date and correct;
  • check your credit report.

When you apply with EC Loans you get a free credit report – just ask our staff to send it to you.

For more information about applying for a loan with EC Loans, contact us.

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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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