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CreditSmart Review

CreditSmart logo

CreditSmart, a company established in 2018, is dedicated to providing credit management solutions specifically tailored for South Africans. With a deep understanding of the unique challenges faced by individuals in South Africa’s credit landscape, CreditSmart has emerged as a reliable partner for those seeking to enhance their financial well-being. 

This review will look at the debt review and consolidation packages offered by CreditSmart to its diverse clientele. With its expertise and commitment, CreditSmart aims to assist individuals in effectively managing their debts and achieving financial stability.

CreditSmart at a Glance

CreditSmart at a Glance

  • Loan amount: n/a
  • Loan term: Up to 60 months
  • Interest rate: n/a
  • Initiation Fee: n/a
  • Monthly Service Fee: n/a

What You Should Know about CreditSmart:

CreditSmart provides debt management solutions for South Africans who feel overwhelmed by their financial statements. They strive to simplify the process and offer a lower monthly payment, helping you save money over time and eventually become debt-free.

Pros of CreditSmart
  • CreditSmart provides a dedicated debt advisor who carefully examines each case on an individual basis, ensuring personalised service.
  • The entire debt management service is accessible online, eliminating the need to visit a branch and wait in a queue.
Cons of CreditSmart
  • CreditSmart does not provide information about estimated fees on its website, which could lead to potential customers being uncertain about what to expect.
  • Being a relatively small company with a limited number of staff members, it may be difficult to reach them easily.
CreditSmart review by Hellopeter
CreditSmart review by Hellopeter mobile
CreditSmart review by Hellopeter mobile 2

Review stats provided by Hellopeter

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*Representative example: Estimated repayments of a loan of R30 000 over 36 months at a maximum interest rate, including fees of 27.5% APR would be R1 232.82 per month. BetterLoans is an online loan broker and not a lender. Our service is free, and we work with NCR-licensed lenders in South Africa. Interest rates charged by lenders can start as low as 20% APR, including an initiation and service fee determined by the lender. The interest rate offered depends on the applicant’s credit score and other factors at the lender’s discretion. Loan amount R500 – R350 000. Repayment terms can range from 3 – 72 months. The minimum APR is 5%, and the maximum APR is 60%.

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How CreditSmart Stands Out?

CreditSmart stands out by providing a personalised and dedicated debt advisor who will be there to guide and assist you throughout the entire process. CreditSmart emphasises the importance of having a human touch when it comes to dealing with financial matters.

Their advisors are trained professionals who have the expertise and knowledge to tailor solutions to your specific needs. With CreditSmart, you can feel confident knowing that you have a trusted partner by your side to help you navigate your debt journey and achieve your financial goals.

CreditSmart Products

Debt Review

CreditSmart provides a debt review service in which a committed debt advisor examines all your debt responsibilities and engages in negotiations with your credit providers to ultimately provide you with a reduced combined monthly rate.

Debt Consolidation Loan

A debt consolidation loan functions similarly to a debt review by consolidating all your debts into one monthly payment that is easier to manage. However, with debt consolidation, you take out a sizable loan to promptly pay off all your creditors, and then you only need to make monthly repayments to CreditSmart.

Credit Report Package

CreditSmart offers customers a monthly credit report, accompanied by interpretations of their financial situation and complimentary advice on enhancing their credit profiles. The company diligently monitors and provides guidance as individuals progress toward their desired credit goals.

CreditSmart services

Benefits of Managing Your Debt With CreditSmart

Managing your debt with CreditSmart offers a plethora of benefits. Firstly, it immediately enhances your cash flow by providing you with effective strategies to manage and reduce your debt. With CreditSmart, you gain access to a range of debt management services tailored to your specific needs, allowing you to tackle different types of debts, such as credit card balances, loans, or mortgages.

The platform empowers you to take charge of your financial situation by offering personalized solutions based on your income and expenses, ensuring that you only pay what you can afford. By utilizing CreditSmart, you can regain control over your finances and work towards a debt-free future.

CreditSmart Debt Services Interest Rate and Fees

CreditSmart, while not providing specific details about their interest rates and fees on their website, ensures that their charges are within reasonable limits as they are registered with the National Credit Regulator. This registration indicates that they adhere to regulatory guidelines and cannot impose exorbitant fees on their customers.

Additionally, their debt review and debt consolidation services come with a commitment to substantially decrease interest rates on debt repayments, providing a potential solution for individuals seeking to manage their debt more effectively. 

How To Qualify For CreditSmart Debt Services

To qualify for CreditSmart debt consolidation or debt review, you should have the following information at hand:

  1. South African ID: To begin the CreditSmart debt consolidation or debt review process, it’s crucial to have your South African ID handy. This document verifies your legal status as a citizen and confirms that you are above 18 years old.
  2. Settlement letters: Gather settlement letters from all your credit providers. These letters provide CreditSmart with a comprehensive understanding of the remaining debt amount you owe. By analysing this information, they can develop an appropriate debt management plan.
  3. Bank information: To establish a DebiCheck Mandate, you must possess a bank account registered in your name. This requirement enables CreditSmart to facilitate seamless financial transactions and streamline the debt consolidation or debt review process.
  4. Employment letter: Obtain a letter from your employer that serves as proof of permanent employment. This document validates your stable income source, assuring CreditSmart that you have the means to meet your debt obligations.
  5. Payslip: Include your most recent payslip when submitting your application. The payslip assists the debt advisor in assessing your financial situation accurately. By examining your earnings, they can determine the amount you can reasonably afford to repay.

How to Apply for CreditSmart Debt Services

If you are interested in availing any debt service from CreditSmart, the first step is to visit their official website. Once there, you will find an online form that you need to fill out. The form only requires basic information from you, including your name and contact details. 

After submitting the form, a debt advisor from CreditSmart will promptly get in touch with you to provide a complimentary credit check and initiate the debt management process. By following these simple steps, you can take advantage of CreditSmart’s services and work towards resolving your debt-related concerns.

How Long It Takes CreditSmart to Approve Debt Services

CreditSmart does not provide specific information about the time it takes for their application processing on their website. However, numerous positive online reviews serve as reassurance for potential customers seeking exceptional debt services. 

Despite the absence of specific turnaround time information, the abundance of positive reviews reflects the company’s commitment to providing excellent debt services to its clientele.

Is CreditSmart a Trusted and Reliable Debt Service Provider?

CreditSmart is a trusted and reliable debt service provider. The company is registered with the National Credit Regulator, a regulatory body established in accordance with the 2005 National Credit Act. This act protects South Africans against unethical credit practices and ensures financial service providers do not charge exuberant fees.

CreditSmart has earned a stellar reputation among its clients, evident from its exceptional average rating of 4.25 out of 5 stars on the esteemed South African review website, Hellopeter.com. This impressive rating is a testament to the high level of satisfaction experienced by individuals who have availed themselves of CreditSmart’s services. It reflects the company’s commitment to delivering reliable and effective debt solutions that meet the needs and expectations of its clients.

CreditSmart Contact Details

  • Office Address: 1st Floor, Fountain Square, 78 Kalkoen Street, Monument Park, Pretoria, 0181

  • Open:Mon – Fri / 8:00 AM – 5:00 PM

  • Email: [email protected]

  • Phone: 012 054 5755

  • Website: www.creditsmart.co.za/

Frequently Asked Questions (FAQs)

A debt advisor will take your income and debts into consideration and determine your monthly repayment amount based on what you can afford. 

On average, customers undergoing debt review become debt free within 60 months or less, with the average term being around 36 months.

Foli Raheem
Foli Raheem

Foli has an MSc. Economics degree, and has been active in South Africa lending space for years. Whenever he is not writing, you will find him building websites.