In-store, the average sale is R250, compare personal loans australia 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. The PayDay Advance lending product was in the pipeline before the recession came along, so when we launched in 2009 the market was ready and in need of it.
In fact, PDA took off at such a rate there wasnt enough cash in-store to keep up with demand. We partnered with FNB who had just launched their e-wallet to retain the convenience of cash loans for customers, but without the risk of actually carrying it.
Now we load e-wallet debit cards which can be used just 15 minutes after the loan is granted. From there customers can use any POS around the country or draw money at the ATM, Mukheibir explains.
Even though were conservative with developing and implementing lending products, were always developing lending products to roll out across the network. In fact, Cash Converters is soon to uob bank personal loan its 1 2 3 Uob bank personal loan, which is unsecured micro-lending of up to R2 000 and repayable over three months.
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