SmartAdvance South Africa newly on Bondster

SmartAdvance South Africa newly on Bondster

Bondster news
SmartAdvance South Africa newly on Bondster

SmartAdvance is a company that has been operating for over 10 years in the region of South Africa and has become another loan provider of investment loans on the platform Bondster. The company has 65 employees, takes care of almost 180,000 clients and has issued more than 1,145,000 loans during its existence. Apart from traditional loans, it also focuses on financial education and provides products to enhance financial wellness. The interest rate on Bondster will be around 11%.

Using modern technology, SmartAdvance focuses on simple financial products, mainly personal loans and insurance. The loans are specific in that they are 70% aimed at permanent employees which allows for recovery of loan instalments to be collected directly from the payslip on or before day the employee is paid their salary.

People take up loans from the company online, usually for 6-12 months. In terms of risk, the metrics were very strong in 2020; the collections success rate was 89% (the industry average in the region is only 78%) and the key default rate was 1.5%.

SmartAdvance is part of the Finclusion Group, which brings together financial companies in the African region with a focus on making financial products simple and easy to use. When issuing loans, SmartAdvance focuses on responsibility, financial education and analysis of each client's data.

Client data is evaluated so that Smartadvance helps its clients to make financially sound decisions to the maximum extent. It then offers its clients a monthly report with a financial history and an overview of what the client spends on most often and how much. In addition to a summary of how clients used their money in the past month, the company also encloses, if asked for, recommendations for minor changes in shopping habits that could contribute to the client's further financial growth.

This strategy also confirms the company’s CEO Gerrie Fourie: "With the Smartadvance brand that people trust, an easy-to-use product, high-level technology and customer behaviour information, we strive to provide people with a unique service that will help them on the path to sound financial growth."

You can find more information about the company at You also find additional information in the Loan providers section.

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