SA Company easing burden on post-National Credit Act borrowers

This has however also made it more difficult for many borrowers who find the paperwork required from lenders intimidating and confusing, often dealing with jargon and stipulations that are complicated and difficult to understand.An innovative new website has taken a lot of the complications and risk out of asking for a loan or credit by comparing the various offers from banks and other reputable financial institutions and providing easy access to lenders through the web. Whether it is a home loan, insurance, vehicle loan or credit card application, simply fill in a short form online, sit back and wait for “up to four offers direct from South Africa's most well known financial service providers”, promises www.ratesdirect.co.za.We wanted to create a website that is very user friendly and provides all the information the consumer needs to get the best deal for his or her particular financial needs,” explains Erez Atia, Managing Director of RatesDirect.“We ensured during the setup of the site that our lenders are solid and comply with all the requirements stipulated by the NCA. By cutting out the middleman and creating competition between the lenders, the client can save a substantial amount of money that he would previously have paid to administrative services and scrupulous lenders and also gives him some negotiating power with the lenders,” says Atia.The offer on the website is impressive: quotes on loans, debt consolidation, various forms of insurance and a credit rating are all provided “fast, easy and free”.The application form is short and simple and one form reaches a pool of service providers who respond with an offer within a few days. A lot of information regarding finances, tips, a newsletter and a very neat and comprehensive dictionary on money jargon makes this website a great resource for financial questions and education.According to a study carried out by the Research house FinMark Trust almost half of those surveyed either did not know what constituted bad debt or had never even heard of the term."South Africans still show little understanding about financial terms. Most still want the basic knowledge about how to draw up a budget, what interest rates are and so forth," said Mark Napier, author of the study.www.ratesdirect.co.za is addressing that problem by providing information that is written for consumers in easy language without the complicated terminology usually associated with financial writings.Contact DetailsErez AtiaRates Direct079 396 9600erez@ratesdirect.co.zawww.ratesdirect.co.za