Credit Application Process

Lendcor

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Credit Application Process

To qualify, your customer needs to answer the four questions below and then follow the next 4 steps:

Do you have full time employment?	Yes
Do have your latest payslip?	Yes
Do you have a South African I.D.?	Yes
Are all your accounts up-to-date?	Yes

Step 1
Step 2
Step 3
Step 4
Step 5
Step 6

Step 1 - Quick Test - 0860 000 3030

For an immediate response: Sms Your ID number* , Your surname* , Your initials* , Your gross salary* to 42997 / Vodacom Users 30633 (free sms) or alternatively you could call :

086 000 3030     New Business
086 000 6060     Repeat Business
086 000 4040     Account Queries

You must have the following information from the customer to conduct a quick test:

1)   ID Number
2)   Surname
3)   Initials
4)   Gross salary

Please phone the above information to 0860003030

You will be informed of the status:

Submit
Borderline
Decline

Step 2 - Complete application form with required supporting documentation

If the quick test results in a response of “Submit” or “Borderline” the following documents should be faxed to Lendcor on: 031 305 30 31.

Credit application (fully completed) Latest Payslip:

1 payslip if the customer is paid monthly
2 payslips if the customer is paid fortnightly
4 payslips if the customer is paid weekl

One full month’s bank statement to correspond with the latest payslip ID Document

The customer can follow one of these tailor made options to suit their loan requirements:

6 month loan from R1000 to R5000
9 month loan from R1000 to R10 000
12 month loan from R1000 to R20 000
18 month loan from R2000 to R20 000
24 month loan from R2000 to R 20 000
36 months loan from R5000 to R30 000

Pensioners

Certain category of pensioners will be considered. Government pensioners may qualify if they do not have any other accounts.

For Pensioners:

The following documents are required: -
ID Documentation
Pension Slip
Copy of Pension Card
One full months bank statement (if available)

And Application Form

The pensioner can select one of these tailor – made options to suit their loan requirements 12 month loans – R1500

Step 3 - Approval

On approval, Lendcor (Pty) Ltd will fax to you a Loan Agreement to be signed by the customer.

NB: Breakdown of Payments: To Merchant and Third Party on the Loan Agreement explaining the split of the loan. It is your responsibility to ensure that the goods supplied will be the value of the payment to the Merchant and not the loan amount.

NB: Delivery should take place within 60 days of the loan approval date. These forms must be completed and faxed back to 086 742 2083. Should the time period expire a new application must be submitted.

Please courier or post original documents to Lendcor (Pty) Ltd:

Physical Address:	331 Mavundla House
	Anton Lembede Street
	Durban
	4001

Postal Address:	P.O. Box 3297
	Durban
	4000

Step 4 - Payment

Payment will be made to the Merchant on receipt of signed faxed copies of the:

Loan Agreement
Delivery Note/ Invoice, fully completed and signed

NB: The above documents must be fully completed and signed by the customer, and Merchant.

Step 5 - Repeat Business

For repeat business, please call Lendcor (Pty) Ltd’s call center on 086 000 6060.

Settlements

If the client has an existing loan and has completed paying three consecutive installments, he/ she can then apply for a new loan settling the outstanding amount. Settlement amounts are valid for 7 days only from date of issue. The Loan Agreement will show the split of the loan with the loan amount, the settlement and the payment to Merchant. If a client will only receive R500 or less after their Lendcor (Pty) Ltd settlement, a loan cannot be granted. Copy of I.D. will be required as well as confirmation of employment and references will be re-confirmed.

Step 6 - FNB Applications

The requirements for FNB applications are as follows:

Latest 3 month's bank statements
Latest payslip: if weekly - 4 payslips and fortnightly - 2 payslips
CK Form (if self-employed)
Copy I.D. (stamped, signed and dated) - If the stamp is not available, the wording of the stamp is to be handwritten, signed and dated
Copy of Merchant's banking details on the Merchant's letterhead
Quotation of goods the client wants to purchase on the Merchant's letterhead
Expenditure Sheet [provided by Lendcor (Pty) Ltd]
Marketing Sheet [provided by Lendcor (Pty) Ltd]

IF THE CUSTOMER IS SELF-EMPLOYED AND HAS BUSINESS PARTNERS, THE FOLLOWING MUST BE PROVIDED:

Latest 3 month's bank statements for personal and business bank accounts of both partners
Copy I.D. (stamped, signed and dated) - If the stamp is not available, the wording of the stamp is to be handwritten, signed and dated
Personal Tax Assessment
Statement of Assets and Liabilities
CK Form
Latest payslip of each member: if weekly - 4 payslips and fortnightly - 2 payslips
Copy of Merchant's banking details on the Merchant's letterhead
Quotation of goods the client wants to purchase on the merchants letterhead
Expenditure Sheet [provided by Lendcor (Pty) Ltd]
Marketing Sheet [provided by Lendcor (Pty) Ltd]

IF THE CUSTOMER IS A COMMISSION EARNER, THE FOLLOWING MUST BE PROVIDED:

Latest 3 months bank statements
Latest 3 months payslips: if weekly - 12 payslips and fortnightly - 6 payslips
Copy I.D. (stamped, signed and dated) - If the stamp is not available, the wording of the stamp is to be handwritten, signed and dated
Copy of Merchant's banking details on the Merchant's letterhead
Quotation of goods the client wants to purchase on the Merchant's letterhead
Expenditure Sheet [provided by Lendcor (Pty) Ltd]
Marketing Sheet [provided by Lendcor (Pty) Ltd]

FNB REQUIREMENTS

Client must be earning R6,750 or more in order to qualify for a loan of R21,000 or more
Teba Bank account holders cannot be assisted
Handwritten payslips and bank statements are NOT accepted; therefore please ensure that all payslips and bank statements are clearly readable

CANCELLATIONS OF PAID APPLICATIONS

This is the process for when an application has been paid and the client then cancels the application
Merchant/ client is to complete the cancellation letter and fax it to Lendcor (Pty) Ltd on 086 742 2083. A letter will then be sent to the Merchant requesting a refund within 14 days upon receiving the cancellation letter
If Lendcor (Pty) Ltd has not received a refund within that time, the monies will then be offset from the Merchant's next payment

Customers can now pay at any branch of:

Shoprite
Pick ‘n Pay
Post Office

Standard Bank
Branch: Westville
Branch Code: 045426
Account Number: 053081684

FNB
Branch: Durban
Branch Code: 221426
Account Number: 62131415235

ABSA Bank
Branch: Durban
Branch Code: 630126
Account Number: 4059454715

Pensioners can now conveniently pay their monthly instalments at any Post Office using the Pensioner Payment Schedule, which is available to you, the Merchant.

Wizzit Lendcor Debit Cards

Wizzit is your bank in your pocket, and together with Lendcor (Pty) Ltd have made it possible for customers to do all things a bank allows them to do; like sending money long distances, paying accounts without queuing and paying without using cash - from their cellphones.

Wizzit, together with Lendcor (Pty) Ltd provides a modern, customer focused company offering a savings and transactional bank account to customers who cannot meet the minimum requirements of other banks and their high costs for services. In addition to the ease and speed of opening an account, customers will benefit from being able to use their cellphone and a Maestro debit card to transact in both the formal and informal markets, and to make person-to-person payments.

Having total control of their money, clients will be able to transact whenever they want to, from wherever they are, avoiding the cost of transport and inconvenience of long queues.