Sadiki Micro Loans is a cash loan provider based in Tembisa, South Africa. Read this article for more information BEFORE APPLYING for a cash loan with the company.
Sadiki Micro Loans
Sadiki Micro Loans, like every other cash loan provider in South Africa, must be registered with the National Credit Regulator (NCR). If registered with the NRC then the company should have a registration number. This registration number can then be checked online using the NRC Register of Registrants.
Registered companies are less likely to be fraudulent or to engage in loan sharking practices by charging exorbitant interest rates and other hidden charges.
CreditMoney was, unfortunately, unable to determine whether Sadiki Micro Loans is an NCR registered credit provider or not.
As a potential applicant, it would be good practice to ask for the company NCR registration number to know if they are registered. If so, the following application process can be expected as it would be in line with the relevant regulation.
The Financial Intelligence Centre Act (FICA) documents required to be submitted when applying are:
- A copy of your RSA ID document (for SA Citizens) or Passport (for Foreign Nationals)
- Proof of residence less than three months old (typically included on bank statements containing your residential address)
- Copy of SARS document confirming income tax number (your latest payslip is typically requested).
Using this information the company would have to conduct a credit check and affordability assessment in line with the National Credit Act (NCA).
Short-term cash loan providers like Sadiki Micro Loans usually just conduct soft credit checks which offer a summarized view of the entire credit history.
They should also try to determine whether the monthly repayments on the loan applied for are affordable for the applicant.
All the terms and conditions of the loan agreement should be fully explained to the applicant.
These should be the expectations of an applicant when applying for a loan with a registered credit provider.
5 Hospital View, Tembisa, 1632, Gauteng
+27 11 926 0554