What exactly does MBC Finance look at when you, as an individual, complete a loan application with us?
A full credit check is done with Compuscan, with your consent which is given on completion of the application form. With this, we are able to see your payment profile and whether or not you fit the profile to qualify for a cash loan with MBC Finance. The term “payment profile” refers to your current and/or previous loans and accounts with other companies. This allows us to set apart the good payers and those who do not pay their accounts.
This is an important factor, we need to see at least one account that is being paid up to date.
Once the payment profile has been looked at, we then look at affordability to check whether or not you qualify for the cash loan. Every instalment on your credit check will be taken into consideration, as well as all other expenses. This is in line with the National Credit Regulator. A full affordability is created and sent to you for confirmation of expenses, etc.
Firstly, you have to be employed for at least six months at the current company you are employed at for your application for a cash loan to be considered. However, it is preferable that you are employed for at least twelve months.
Secondly, we look at the company you are employed at, it is absolutely necessary that the contact details of your company is made available on a public listing. This is because MBC Finance needs to confirm your employment via the means of a telephone call or an e-mail.
MBC Finance will not assist you if you under any of the following:
– Debt Review
This is in line with South African Law regarding the provision of a cash loan to South Africans.