• At QMS Consulting, we have designed a streamlined loan application and administration process that is convenient for employees, minimises the administrative burden on employers and promotes responsible lending

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1. Loan Application

The completed loan application form is submitted directly to QMS via email @ qms@bidvestservices.co.za, or walk in client.Benefit to the employer: By dealing directly with QMS, the employer is removed from the individual loan application process. This helps maintain professional boundaries, minimises administrative involvement and ensures that lending decisions remain objective.

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2. Employment Verification

A QMS loan agent conducts the necessary employment-related verification to validate the applicant's employment details. Various interfaces and verification methods are available. These can be explored and discussed with each employer to identify a solution that best suits the organisation's operational requirements.

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3. Comprehensive Affordability Assessment

Every application is subject to a comprehensive affordability assessment in accordance with QMS's credit-granting criteria and the applicable requirements of the National Credit Act.

The assessment includes:

• Verification of the applicant's income and employment details.

• An assessment of existing financial commitments, including information obtained from the relevant credit bureau.

• Consideration of the applicant's actual and verifiable income, distinguishing reliable income from uncertain or irregular earnings.

• Application of the relevant affordability assessment standards and regulatory requirements.

Our objective is to ensure that every lending decision is based on the applicant's individual financial circumstances and ability to repay.

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4. Agreed Take-Home Pay

QMS works with the employer to establish appropriate credit-granting guidelines, including any agreed minimum take-home pay requirements.

The affordability assessment considers the employee's disposable income after applicable deductions to help ensure that the proposed loan instalment is sustainable. This approach supports responsible borrowing while helping employees avoid excessive debt and potentially costly borrowing from unregistered or informal lenders

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5.Loan Quotation and Acceptance

Once an application has successfully passed the affordability assessment, QMS presents the client with a comprehensive loan quotation.

The quotation clearly sets out the applicable interest, fees, repayment period, instalment amount and total cost of credit. Should the client wish to proceed, the quotation and relevant terms are confirmed through a recorded telephone quotation and the required acceptance process. Once all necessary requirements have been met, the loan is generated and processed for payment.

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6. Payroll Deduction Administration

QMS prepares and submits loan instalment deduction schedules to the employer in accordance with the agreed payroll intervals and cut-off dates.

The schedules can be provided in a format that accommodates the employer's payroll system and administrative preferences. This process is designed to integrate efficiently with existing payroll procedures and minimise additional administrative work.

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7. Monthly Deduction Reconciliation

At the end of each month, on or before the applicable payday, the employer provides QMS with a reconciliation of the actual payroll deductions successfully processed.

Where deductions have been unsuccessful, the employer supplies the relevant non-payment reasons, enabling QMS to update its records and follow up appropriately.

This reconciliation process supports accurate loan account administration and facilitates the early identification of potential payment difficulties.

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8. Employee Terminations and Final Settlements

To ensure effective loan account administration, the employer is requested to notify QMS of employee terminations promptly.

Upon notification, QMS reviews the employee's loan account to establish any outstanding balance and, where applicable, calculates the settlement amount.

Any proposed deduction from the employee's final remuneration is handled in accordance with the applicable legislation, the relevant credit agreement and the necessary authorisations. This process helps ensure that outstanding loan accounts are identified and managed appropriately when an employee leaves the organisation.