RCS - Lender Review

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Representative example: Estimated repayments of a loan of r30,000 over 36 months at a maximum interest rate of 29.25% apr would be r1,381 per month including fees. Repayment terms can range from 2 - 72 months. Myloan is an online loan broker and not a lender. Our service is free, and we only work with NCR-licensed lenders in South Africa. Interest rates charged by lenders can start as low as 19.25% 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.

The maximum annual interest rate including fees is 27.5%. Repayment terms can range from 1 - 72 months.

MyLoan 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 applicants’ credit score and other factors at the lenders’ discretion.

The RCS Group  is a consumer lender that's also associated with several retailers in South Africa. Across the board, RCS provides several financial products, including loans, credit cards, and insurance. 

Before applying for an RCS loan in South Africa, use our review to better understand how RCS loans work and determine if this lender is right for you.

RCS Loans: Quick Overview

  • Loan amount: Up to R150 000

  • Loan term: 12 to 60 months

  • Interest rate range: 15% to 24.5%

  • Loan types: Cash loans and store cards

RCS Loans: Full Review

RCS provides cash loans and store cards to borrowers all over the country. RCS cash loans offer loan amounts of between R2 000 and R150 000, and you can use them for pretty much anything. In addition, a store credit card from RCS lets you shop in over 26 000 stores in South Africa.

Overall, RCS loans come with several benefits, like flexible loan amounts and repayment terms. But you should watch out for fees that can add up and keep in mind that although interest rates start from 15%, your rate might be higher if your credit score is on the lower side.

Representative example: Let's say you borrow R7 500 from RCS for 24 months at an interest rate of 24.5%. You will have to pay an upfront, once-off initiation fee of R1 207 and a monthly service fee of R69. Your monthly instalment comes to R542. The total amount due will be roughly R13 005.72. Please note that the exact details of your loan will vary based on the loan amount, term, and personalized interest rate.

Pros of RCS loan options

  • Easy online application: RCS has a fast, paperless application process you can complete in the comfort of your home.

  • Flexible loan repayments: You can repay your loan at a pace that suits your budget with loan terms of up to five years.

  • Fast approval: You can get a response in seconds and receive money in your bank account within 24 hours. 

  • Free monthly statements. RCS sends you free monthly statements via SMS or email to help you stay on top of your account. You can also manage your account using the RCS app.

  • Customer Protection Insurance: With CPI all or some of your repayments will be covered in the event of death, disability, or loss of income. This gives you peace of mind, so you don't have to worry about loan payments when the unexpected happens.

  • Store credit cards with flexible terms and conditions: The RCS store card comes with many benefits, such as a 55-day interest-free period. You can also use it at over 26 000 selected retail stores nationwide and get access to exclusive offers and promos.

  • Small loans: An RCS store card allows you to make small purchases, which is convenient when you only need to borrow a small loan. Similarly, you can take out a cash loan from as low as R2 000. Typically, it's difficult to borrow small amounts. For instance, most lenders only offer loans starting from R5 000, so you'll be forced to take out more than you need.

Cons of RCS loan option

  • Fees and charges can add up: Besides the once-off initiation fee, your monthly instalments will also include insurance premiums and a service fee. That means costs will add up the longer you keep the loan.

  • Expensive for bad credit borrowers: RCS loan charges depend on your credit history, with bad credit borrowers getting higher rates.

What Loan Options Does RCS Offer?

RCS offers two lending products, which are:

  • Cash loans: An RCS cash loan can get you between R2000 and R150 000 payable over 12 to 60 months. An RCS loan can be used on anything from buying a car and making car repairs to paying for your wedding or studies.

  • Store cards: If you walk into any retail store in South Africa and see the RCS logo, it means you'll be able to use your RCS card to make purchases. The card also gives you access to cash and allows you to shop online. You can apply for the card online or at selected retailers and get credit ranging from R1000 to R40 000, depending on how much you can afford. The card comes with revolving payment plans of up to 24 or 36 months.

Is RCS a Trusted and Reliable Lender?

RCS is a registered credit and financial service provider. As such, RSC will never charge interest rates that are higher than what's recommended by the National Credit Act. RCS will also grant your loan based on whether you can afford it to encourage responsible lending. 

It's safe to assume that RCS is a trusted lender, given that the consumer finance business has been helping South Africans meet their lifestyle and financial goals for many years with cards, loans, and insurance products.

RCS Is Best for Borrowers Who:

  • Have a good credit score: According to RCS, the fees attached to your loan will vary based on your customer risk profile. That means borrowers with good credit generally get better rates.

  • Want to use their credit at retail stores: If you're planning to use the loan money to make a purchase at an applicable retail store, an RCS store card could be ideal for you.

  • Need extra cash fast: Once you submit your application, RCS promises to make a decision within seconds. If you need money quickly, you'll have the money in your bank account within 24 hours of approval.

Compare RCS With Other Lenders Using MyLoan.co.za

Now that you have all the information you need to know about RCS loans, we recommend that you make one last stop at MyLoan.co.za. We will help you compare RCS with other lenders to ensure you're choosing the right loan for you. Here's how the process works:

  • Fill in our application form to see available offers

  • We will match you with the best option

  • You compare the offers and choose the best offer

  • Once you accept an offer, complete the application

  • Receive your money


How do I contact RCS?

  • Telephone: 0861-729727 or 0861-SAY-RCS

  • Fax: 021-597-4727

  • Postal Address: PO Box 111, Goodwood, 7459

  • Physical Address (Head Office): Golf Park 6, Raapenberg Road Mowbray, 7700, South Africa

How do I apply for an RCS personal loan?

You can apply for an RCS personal loan online. Qualification requirements are as follows:

  • Government-issued ID

  • Be 18 years or older

  • Earn R2000 or more per month

  • Valid bank account

  • Provide proof of income - latest payslips or bank statements

  • Provide details about your expenses, home, and work

How do I make repayments?

Your repayments will be automatically deducted from your bank account on the due date. If you have any trouble making repayments, contact RCS as soon as possible for a workable solution.

Is RCS the best loan option for me?

The only way to know if RCS is the right lender for you is to compare your loan options. Instead of shopping all over the internet, you can find multiple loan offers under one roof with MyLoan.co.za.

With MyLoan.co.za, you fill in a single loan application and get several offers from our partner lenders. From there, it's easy to compare lenders and see which option is better for you.