SmartAdvance have introduced a rehabilitation product for our employer partners that will provide much needed financial relief to hundreds of employees.
According to the Debt Counselling Association as of December 2019 approximately 10 million credit consumers were classified as impaired, having an average of 8 loans agreements at a time.
With 44% of households (combined) earning between R1500 – R7000 per month and with a very low discretionary savings level, it is no wonder that families need to resort to credit as a means to survive each month. Although this may assist as a short-term solution, many find themselves unable to meet monthly commitments, often resulting in over indebtedness.
SmartAdvance, the credit provider that helps customers manage their money better identified the problem within one of our key employer partners, finding that the employees had an average of R28 000 worth of debt, struggling to manage their personal financial portfolio.
It was for this reason that SmartAdvance established a rehabilitation product that would provide financial relief to these employees, reducing the number of debtors, allowing them to pay one lower monthly installment and often saving the customers between R800 – R1000 per month.
“Although the rehabilitation product is newly launched with in the company, we have already seen the positive results with customers that were previously struggling, saving money monthly and managing their debt more efficiently.” Says Mark Young, CEO of SmartAdvance South Africa
A loyal customer of SmartAdvance, after being in debt review and struggling financially for the past 8 years, is finally able to manage his personal finances more efficiently, make it through the month and meet his financial commitments.
“I never thought SmartAdvance could help me with my debt. When they told me about the rehabilitation product, I could not believe it but wanted it to try it. I am truly happy with their service and how they have helped me in the past years. I will always comeback to them when I need help. Thank you SmartAdvance, I am so relieved.” Says Fanisile
SmartAdvance is a registered and regulated credit provider that uses customized credit scoring technology combined with artificial intelligence to not only extend credit to our customers when and where they need it, but strive to help our customers make financially sound decisions for the long term.
“It is our goal to empower consumers to achieve financial health. By providing our clients with educational tools and extending credit responsibly, SmartAdvance aims to enable clients to make financially sound decisions for the long term,” Concludes Young