These staggering statistics point to a couple principal ideas. First, that traditional banks have significantly failed to meet the needs of a large segment of the country's population.
Second, we have found more trustworthy, reliable and transparent options for our banking needs. Once you complete your application to get cash now repayments on a 5000 personal loan can take your time and review the terms and conditions of each offer before you decide which one to accept.
Further, if at any time during the lending and repayment periods you need to review the offers terms, your lender will be happy to provide that information to you. Long gone are the days when banks were a community space, where the tellers knew your name and would help your family with short-term loans on a handshake.
In the 1970's and 1980's banks were deregulated and they began merging with other institutions and creating financial products to make money from their customers. Prior to deregulation, or the gradual repeal of Glass-Steagall, banks would only collect on the interest paid on loans.
Now, they have partnered with insurance companies and other financial institutions and have grown into enormous corporations.
The landing of the global recession in 2008 exacerbated banks lending reluctance and demonstrated our brand was recession-proof: We provide access to cash, and the more difficult it is to get bank loans, the more business we get. Cash Converters offers a number of micro-lending products: Pawnbroking and payday advances (PDAs), which are reflected in the store-level model. We make lending small values of cash easy for customers which banks are reluctant to give because theyre so risk-averse.
In-store, the average sale is R250, the average pawn is R500 and the average micro-loan is R1 200 over 30 days. And because our stores are franchisee owned and operated, the loan experience is face-to-face and franchisees are emperors of their own empire. They can give and decline loans in five to 15 minutes, says Mukheibir.
While there is not an official conventional streamline program, the HARP refinance comes close. Most homeowners do not need an appraisal to use this loan. HARP is open to those with a Fannie Mae or Freddie Mac loan, and since these agencies have an appraisal on record, they usually dont require another one.
Documentation requirements are lower with HARP, mainly due to computerized approval systems. Most refinance applicants will only need to supply pay stubs, a W2, and a bank statement if any cash is required to close the loan. The borrower can wrap closing costs into the loan, making the HARP program the next best thing to a conventional streamline refinance program.
2018 Conventional Loan Limits. The standard conventional loan limit is 453,100.
Australian Credit Licence 388847. Any estimated repayment amount displayed may vary due to the effect your personal requirements may have on loan repayment calculation. Rapid Loans is committed to responsible lending. All loans are subject to an approval process which is subject to our lending criteria and an assessment of borrower suitability.
1 Subject to assessment of affordability and suitability. All secured loans have a maximum Annual Percentage Rate (APR) of 48 or less.