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Loan Process
Made Simple in a Few Easy Steps

  • Loan application form is lodged to QMS Offices via Fax, email or hand delivery.
    (Benefit to the employer ~ takes away the personal involvement element and prevents any
    emotional decisions as the employer).

  • A consultant will do employment related validation. Many interfaces available and open to
    discussion. Various interfaces to explore and will discuss best solution for your business.

  • Client affordability assessment performed, as per credit granting criteria and within the ambit of the National Credit Act. National Loans Register ~ commitments with other institutions, taking “real” earnings into account. Not taking into account unreliable income, which could be unfavourable to the client’s financial health. Using the minimum norms standards.

  • Ensuring the client has a take home/nett pay that the employer is satisfied with. Ultimately
    this will result in a happy workforce as the main reason for offering the loan is to protect the
    client from being exposed to totally uncontained cost structures which are provided by
    underground and unregistered lenders.

  • Loan Quotation is presented to client and upon acceptance via a Recorded Telephone
    Quotation the Loan is generated.

  • Instalment deduction schedules are sent in accordance with payroll intervals and cut off
    dates. Formats of schedules as per employer preference.

  • The employer will provide at the end of month (on or before the pay date), a list of actual
    successful instalments/deductions made off the payroll. With non-payment reasons for
    unsuccessful instalments/deductions.

  • Terminations ~ all terminations communicated with QMS for recovery purposes. QMS will
    check on Loan System for outstanding amounts and work out if necessary settlement
    amounts to be deducted off any final pay due to the client.

Loan Process
  • Loan sent to QMS Consulting via fax or email (at arms length)
  • Client affordability assessment process
  • National Loan Register Enquiry (Compuscan)
  • Quotation generated if the client should qualify
  • Loan generated and paid out to client
  • Loan deduction made by payroll department and paid over to QMS on a monthly basis by the 7th ( handled as a payroll creditor)
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