Frequently Asked Questions

Questions we are regularly asked about our business and the MaximAssist plan – with our answers.

Are you a personal loan provider?

No, we are not a provider of personal loans. We do, however, help our plan members apply for personal loans via our Personal Loan Assist service, if they have decided that a personal loan will help them to improve their lives in some way, and can afford to keep up with the loan repayments.

We recommend that all members wait until we have performed the credit profile assessment that is free after signing up and take action on any information and issues that affect their credit score and overall creditworthiness before asking us to submit their details to a partner loan provider as this increases their chance of success.

If I sign up as a member, can you guarantee that I will get a personal loan?

Nobody can guarantee that a loan provider will approve your application for financing as many factors influence the decision including your current credit score, overall credit profile, how you have managed loans and credit in the past, your ability to afford the loan repayments, the loan provider’s internal policies, etc.

However, we perform a detailed assessment of your credit profile once you become a member and then send you a detailed credit report every month so that you can understand and deal with any issues that make you a bad credit risk, and then only submit your details to partner loan providers that we know are most likely to approve you. These actions give you a high chance of success.

Can you help me apply for a personal loan if I have a low credit score or am blacklisted?

Yes, we can, but we don’t usually advise this. Of course, it depends on how low your credit score is and how much negative information is on your credit report. Different lending institutions have different criteria relating to credit scores and credit profile information, so if you are borderline one lender may approve you and another not.

If you sign up as a plan member we will perform a comprehensive credit profile assessment for you, and then continue to send you a detailed credit report every month. This information allows you to see what your credit score is (and whether it is getting better or worse over time) and what negative information about you is on file at credit bureaus and will be provided to loan providers and other potential credit providers.

Using this information, you can take steps to resolve some or all of the problems and improve your credit score before you apply for a personal loan, giving your application a better chance of success.

Is the credit report you provide the same as the free report that all South African consumers can get from various credit bureaus?

No, the free credit reports usually contain only a credit score and some basic credit profile information, there is very little context and explanation – and they are only available to you once a year.

The report we provide monthly to all plan members is very comprehensive and contains multiple credit scores, calculated using different data, a full breakdown of all negative information, listings, default judgements, personal and contact information, properties registered in your name, identity theft/fraud listings and warnings, and a lot of other relevant and useful information. This is the same information that is provided to loan and credit providers, banks, employment agencies, rental agents, or other organisations that may run a credit check (“ITC check”) on you.

Having comprehensive information that is up to date and sent to you regularly is one of the keys to effectively managing your credit profile and financial reputation. This is always important but even more so if you are planning to apply for a large personal loan, car finance, home loan, or other similar credit agreement soon.

Knowing exactly what information is being provided about you to potential creditors allows you to identify the issues that may lead to you being turned down and resolve them before applying – making it more likely that your application will be successful.

How does being a member of your plan reduce my risk of being a victim of identity theft?

We can’t stop people from attempting to steal your identity and engage in fraudulent activity using your ID number (no membership plan or business can).

However, the information provided to you every month as part of the Credit Profile Assist service will help you to spot identity theft attempts quickly and take action to deal with the situation.

This is much better than waiting until you are turned down for a loan or credit finance agreement, have a debt collector come after you, or even face legal action because of the dishonest and fraudulent activities of another person that is misusing your personal details.

Where are you based?

Our company headquarters is in Mount Edgecombe, Durban, but via our online facilities and high-tech call centre, we are able to sign up and provide services to consumers all over South Africa.

Are you registered with the FSB?

We are a services business and not a credit or financial services provider so there is no need for us to be registered with the Financial Sector Conduct Authority (FSCA), previously called the Financial Services Board (FSB), or any other similar organisations.

 

We are registered and in good standing with the Companies and Intellectual Property Commission (CIPC) under company number 2014/080482/07 and are fully compliant with all relevant and applicable legislation.

Find out more about the MaximAssist Plan