CASH CONVERTERS EXTENDS RANGE OF FINANCIAL SERVICES PRODUCTS
“Fundamentally Cash Converters is all about offering consumers access to cash, either by paying instant cash for second-hand goods, cash advances (pawnbroking) or by payday advances, another one of our microloan options,” says Richard Mukheibir, Managing Director of Cash Converters.
“Having access to cash is not an option open to everyone and this is why we are extending our successful microloan options. We pride ourselves in our responsible lending ethos, meaning that although we do loan cash no questions asked, we do not encourage or facilitate our clients or customers getting or staying in a cycle of debt. Our microloans are highly regulated.”
Cash Converters first started offering financial services products in 2005 in addition to selling second-hand goods. Today the stores offer customers immediate access to cash through Cash Advance which is essentially a pawn transaction, as well as a range of micro loan options against their next salary.
“PayDay Advance is awarded by the franchisee and the money is loaded onto a Cashies™ Card which is a VISA endorsed FNB eWallet. It is a versatile product which enables consumers access to a variety of eWallet transactions such as buying prepaid airtime, data and electricity, sending money to other people, transferring to SA bank accounts as well as making certain bill payments. It is also clearly a safer way to carry cash,” says Mukheibir.
Mukheibir says the group has seen strong growth in this side of their business as well as the need for loans which are payable over a longer period of time. The new product is limited to R2000 payable over three months.
“Whether it is for school fees or some other unforeseen necessity or goal, sometimes one just needs access to a bit more money that what is in your wallet at the time. Yet as simple as this sounds, many people, those with few assets, are not able to access additional cash through traditional institutions. We require our clients to be permanently employed and paid electronically. Their credit record is their business, not ours,” concludes Mukheibir.