Every Cash Converters store is a registered credit provider with the National Credit Regulator. Fees are charged as per regulations to the National Credit Act, no. 34 of 2005, for short term credit transactions. An initiation fee of R165 excluding 15% VAT per credit agreement is charged plus 10% of the amount in excess of R1 000 advanced, but never to exceed R1 050 excluding 15% VAT and shall never be greater than 15% of the credit advanced. Interest is charged at 5% per month on the first loan, and 3% per month on subsequent loans within a calendar year. The monthly service fee of R60 excludes 15% VAT and is pro-rated for the first month.
What this means for you: We comply with the National Credit Act, so everything is ethical, legal and above board. Every time you buy something on credit, we charge an initiation fee, interest and a monthly service fee, but these amounts are fair and within set limits.
If you’re interested in learning more about our brand, our business model, and how to become a franchisee, we’d like to invite you to join our CEO and co-founder, Richard Mukheibir, for a virtual webinar.