MASHEFHA

41 KEATE STREET LADYSMITH TEL: 036 635 3158 FAX : 036 637 3641	M.F.S ALWAYS THERE FOR YOU	P.O.BOX 1628 LADYSMITH 3370
CELL : 082 800 5472	Registration No: 2003/007472/23 NCRCP 1121

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Mashefha financial Services is a money-lending business that provides short term loan of 30 days money back agreement. We saw a demand for this type of business mainly from government employees but we do cater for private sector on a smaller scale. Our main office is in Ladysmith but we have branches in Newcastle as well as in Vryheid.

In the light of the above – mentioned subject, we hereby state that our organization uses English as an official language on our loan application forms. This was concluded after we interviewed clients as well as analysed their suggestions from our suggestion box regarding this matter. The main reason for us seconding the usage for English as our official language was that, since our business is based in KZN about of our clients are Black Zulu speaking whom 80% of them are government employees who are literate and familiar in the usage of various application forms. As per the requirements of Section 63 (2) of the National Credit we would like to reflect our proposal regarding the following issues:

PRE – AGREEMENT STATEMENT AND QUOTATION

We took it upon ourselves to make our loan application forms to be written in plain, simple, understandable English that the client can read with ease without having to need explanation or interpretation. The format of the loan application form is simple but yet significant to the subject without losing its content. The context, comprehension and consistency of the application form are easy and simple to follow. We give our client the right to take the form with them prior to the loan agreement after interviewing the client to check the form if the terms and conditions of the agreement are clear and visible before filling the application from. Furthermore we let the client know about his/her right to a two days grace period to rethink and analyse if he/she really needs that loan before putting it into the books. The client has a right to cancel a loan agreement in that 2 day period. Should there be a change of mind without any breach of contract fee charge form us.

CREDIT AGREEMENT

The credit agreement between our client and us is based on a 30 days money back term whereby the client will be liable to pay the total loaned amount together with the initiation fee/interest charged for that particular loan.

ENFORCEMENT NOTICE

As a short term money lending business, if our client is in default under a credit agreement we first phone the client for up to three times in reminder of the outstanding monies to be paid. If that is in vain we then opt to write a letter as further reminder to come and make some arrangements which can suit both parties to pay the outstanding amount. Should it be noted during the interview of the client that he/she is now over-indebted we then advise the client to visit the nearest debt councillor for reviews on his/her financial planning and receive counselling. We then await the response from the debt councillor to forward a new arrangement in order to pay off the outstanding loaned amount in instalments.

MARKETING AND ADVERTISING MATERIAL

Unfortunately we are a small company that can not afford to advertise ourselves through operating call centers or subscribing on internet therefore we entirely rely on word of mouth.