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RCS Loan Review

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RCS is a consumer finance business that offers a range of financial products in association with leading retailers from South Africa, Namibia and Botswana. RCS offers a store card that provides convenient credit facilities to consumers, as well as various insurance packages for an array of consumers.

In this review, we’ll focus on the third financial product that RCS offers, personal loans. The company offers personal loans of up to R250 000 with flexible repayment terms.

RCS Loans at a Glance

RCS Loans at a Glance

  • Loan amount: R1 000 - R250 000
  • Loan term: 12 - 60 months
  • Interest rate: 15% - 28.75%
  • Initiation Fee: R1 207
  • Monthly Service Fee: R69

What You Should Know about RCS:

RCS Group offers personal loans focusing on speed, convenience, and flexibility. Their online application process allows individuals to apply for personal loans ranging from R1 000 to R250 000  from the comfort of their homes. RCS's fast response time ensures quick decisions for those needing immediate cash.

Additionally, RCS provides flexible repayment terms of 12 to 60 months and tailoring options to meet the unique needs of each borrower. With transparent lending practices and a commitment to assisting individuals in overcoming financial challenges, RCS Group is a reliable choice for personal loans.

Pros
  • The online application process can be completed in a few minutes from the comfort of your home.
  • Flexible loan amounts and loan repayment terms, ideal to suit individual financial situations.
Cons
  • RCS does not have the best customer reviews, according to HelloPeter.com
  • If your credit score is not the best, you can expect to pay some hefty interest rates on your loan.
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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 do RCS Loans Stand Out?

RCS loans have several features that make them stand out from other loans. Firstly, RCS is a well-established finance business that operates across South Africa and works with various retailers across the country.

Additionally, RCS loans offer flexible repayment options, allowing customers to choose a repayment period that suits their financial situation. Borrowers can choose repayment periods ranging from 12 to 60 months, giving them more control over their finances and making it easier to manage their repayments.

Another benefit of RCS loans is that customers receive a free monthly statement via email or SMS. This allows borrowers to stay on top of their loan payments and easily track their finances.

RCS loans also come with customer protection insurance, which provides an extra layer of security for borrowers. This insurance can help protect customers in the event of unforeseen circumstances, such as job loss or illness, that may affect their ability to repay their loan.

RCS Loan Products 

Personal Loans

RCS is a financial services company that provides personal loans to people who live in South Africa. The maximum amount that they offer is R250 000, and they give borrowers the option to repay the loan over a period of up to 60 months.

Benefits of Taking a Personal Loan from RCS

There are multiple benefits to taking a personal loan from RCS. Firstly, the application process is fast and paperless, meaning it can be completed quickly and without physical paperwork. This makes the process more convenient and less time-consuming for the borrower.

Decisions are made in seconds, and borrowers will know whether they have been approved for a loan almost immediately. This saves time and reduces uncertainty, allowing borrowers to plan accordingly. Also, funds can be deposited into the borrower’s account within 24 hours, so the borrower can access the money they need quickly.

In addition to its usual benefits, RCS also provides a lesser-known known benefit, known as Customer Protection Insurance. This insurance package offers borrowers an extra layer of protection and reassurance.

RCS Loan Interest Rate and Fees

The interest rates offered by the RCS group typically fall within the range of 15% to 28.75%, which is relatively high compared to other lenders in South Africa. The specific interest rate charged for a loan or credit facility will be determined based on the borrower’s risk profile, credit score, loan amount, and repayment term.

In addition to the interest rate charged, RCS also charges a monthly service fee of R69. This fee covers the cost of managing the loan or credit facility and providing ongoing support and customer service to borrowers. RCS also charges an initiation fee of R1 207, which covers the administrative costs associated with setting up the loan or credit facility and is typically added to the total amount borrowed.

How To Qualify For RCS Loans?

To qualify for a personal loan from RCS, you would need to meet the following requirements:

  1. Hold a South African ID or driver’s license
  2. Have proof of residence
  3. Be 18 years or older
  4. Have a local bank account
  5. Earn a minimum of R2 000
  6. Proof of income

How to Apply for an RCS Loan?

The best way to apply for an RCS loan is to use BetterLoans. In addition to RCS, we request loan offers from other top lenders. You can easily compare and choose the best loan offer.

To apply for a personal loan from RCS, you need to ensure that you meet the necessary qualifications, you’ll need to submit an application for the loan. This can typically be done through an online portal RCS provides, which will guide you through the application process step-by-step. You’ll need to provide some basic information about yourself, such as your name, contact details, employment status, and details about the loan amount you’re seeking.

One important thing to note is that in order to set up repayment for the loan, RCS will need your South African ID number and bank details. This is so that they can set up a Debit Order, which is a common way of automatically deducting loan repayments from your bank account on a regular basis. Make sure that you provide accurate and up-to-date information, as any errors or discrepancies could delay the loan approval process or cause issues with repayment later on.

How Long It Takes RCS Loans to Approve a Loan

After submitting your loan application online, RCS will review it to determine if you meet its lending criteria. This process typically takes only a few minutes, and you typically will receive a decision within the hour. If your loan is approved and the loan contract is signed, RCS will initiate the process to disburse the funds to your bank account, which typically takes 24 hours. 

However, if RCS requires more information or documentation to make a final decision, they may reach out to you to request additional materials. In this case, you may need to provide further information or clarify details related to your loan application.

Is RCS a Trusted and Reliable Lend?

RCS is a consumer finance provider that has been operating in South Africa for over 20 years. It was founded in 1999 and has since become a prominent player in the retail credit market. The company offers a range of credit products, including personal loans, insurance products and store cards, which can be used at various retailers nationwide.

Regarding accreditations, RCS is registered with the National Credit Regulator (NCR), which regulates the South African credit industry. This means that the company is legally allowed to offer credit to consumers, although the company must comply with the NCR’s rules and regulations.

When it comes to customer reviews, RCS is not too popular on the South African review site, HelloPeter.com. With almost 6000 reviews, the RCS group has an average of 1.2 out of 5 stars. Although, most negative reviews relate to the company’s credit card service – and not to their loan service.

Of course, it’s always important to do your own research and read reviews from multiple sources before making a decision about a financial service provider. Additionally, it’s essential to carefully read and understand the terms and conditions of any credit product you’re considering before applying.

RCS Contact Details

  • Office Address: Golf Park 6, Raapenberg Road, Mowbray, 7700

  • Open:8 am to 10 pm (Monday to Friday), 8 am to 9 pm (Saturday) and 9 am to 7 pm (Sunday)

  • Email: [email protected].

  • Phone: 086 172 9727

  • Website: https://rcs.co.za/loans

Frequently Asked Questions (FAQs)

An RCS loan approval is usually processed within 60 minutes of the application, however, in some cases, it could take up to 24 hours.

RCS is an accredited financial business by the National Credit Regulator (NCR). It is a legit and trusted company

RCS allows its borrowers to take out multiple loans if the borrower can prove that they are able to repay the loans.

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.