RCS Personal Loan Full Review
Borrow up to R250.000 with the RCS personal loan you have been looking for and get the boost your life needs.
When it comes to personal loans in South Africa, RCS is one of the most popular options in the country.
RCS has a personal loan of up to R250,000 that is known for its flexible repayment terms, competitive interest rates, and multiuse funds.
Below you will find everything you need to know before applying for a RCS loan, including its terms, fees, advantages, and much more.
Who is RCS?
RCS is a financial company specializing in loans, insurance, and retail cards for South African customers.
Making full use of its 30 years of experience, RCS has established itself as a trusted and reliable lender in the country.
The company is known for its slogan, “Making it possible,” reflecting their commitment to making financial products and services accessible and convenient for everyone.
How does an RCS personal loan work?
As of today, RCS offers a personal loan starting at R2,000, but it can go as high as R250,000.
Still, all this money can be used for various reasons and to solve the problems you want.
From debt consolidation and unexpected expenses to wedding planning or even a vacation, you can use RCS loans for anything you need.
When it comes to the repayment plan, RCS allows a term that goes up to 60 months with an interest rate as low as 15%.
But the best of all: The RCS personal loans are unsecured, which means that you don’t need to provide any collateral or security to qualify for the loan.
Advantages of an RCS personal loan
RCS personal loans come with several advantages, making them an attractive option for many South Africans.
Those who participate in the bank’s cashback program, which offers rewards for customers who pay their loans on time,
This reward program can help you save money and improve your credit score by making timely payments.
And even before applying, you can access ABSA’s website and make full use of their personal loan calculator to estimate your monthly payment amount based on the terms that best suit you.
I also worth mentioning RCS mandatory insurance, which provides financial protection in case you’re unable to make your loan payments due to unforeseen circumstances, such as job loss or illness.
Other benefits include:
- Flexible repayment terms
- No collateral is required.
- Quick and easy application process
- Online Banking
Disadvantages of a RCS personal loan
While RCS personal loans have several advantages, there are also some potential drawbacks to consider.
As with many other lenders in the country, RCS will charge you an initiation fee that will depend on your total loan amount and a monthly service fee.
It is important to note that RCS will charge its customers who got their monthly installments delayed.
If you miss a payment or are late with a payment, you’ll be charged a late payment fee and may face penalties, which can increase the cost of your loan.
Finally, while RCS offers competitive interest rates, some borrowers may be charged higher rates depending on their credit history and financial situation.
It’s essential to read the terms and conditions carefully before applying for a loan to ensure you understand the interest rate you’ll be charged.
How do I apply?
Got interested? You can apply for an RCS personal loan online from the comfort of your own home.
Tap the green button below and check out all the requirements you must meet in order to get approved for a RCS personal loan.