EC Finance is a seven-year-old company that 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 R 1000 to R 120 000 for period of up to 60 months. All our service providers are a registered Credit Providers, regulated by the National Credit Act 34 of 2005.
- We aim to be the most preferred financial loan service provider, providing 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; clear or blacklisted.
- We strive to be a financial service provider that puts minds at ease, knowing that there is a light at the end of the tunnel, and that a loan is attainable.
- Every day we work to enable all of our medium-income South African communities to have full access to affordable loans. Rendering a professional and caring service, and addressing the financial loan needs of all our clients, is our top priority.
- Our mission is to 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.
- 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 of 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.
- EC Finance 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.
Our main operating principles are:
Flexibility 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.
- 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.
- 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 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
- Regardless of whether you apply via the website or a cell phone, the checks will be just as rigorous
Commitment to Keeping Loans Short-Term
- 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. Our service providers 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. Our service providers 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 lat e 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.
- Our service providers will never extend the term of your loan without your request and 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, e-mail or by 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 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