Massmart, the parent company of Makro and Game, has partnered with credit provider Retail Credit Solutions (RCS) to offer customers a solar energy funding solution.
This initiative provides a loan of up to R250,000, which can be released within 24 hours through a convenient application process.
The loan will be available in flexible payment plans, with fixed monthly repayments tailored to the customer’s monthly expense budget, which can be extended from 12 to 60 months. The loan will be offered on purchases from Makro, Builders, and Game stores.
The interest rates for these loans were not specified, but it was explained on the FAQ sections of the stores’ websites that the funding is a cash loan. According to the RCS website, it charges between 15% and 28.25% interest on cash loans, depending on the customer’s risk profile.
Massmart senior vice president for financial services, Varsha Dayaram, stated that the company had noticed a significant increase in the number of people who wanted to fund solar energy projects for their homes.
She also emphasized the importance of developing funding solutions that meet the needs of customers.
RCS chief commercial officer Gavin Lomberg said the company wanted to offer customers the opportunity to meet their energy needs while maintaining their desired lifestyles in a cost-effective way.
He further added that through this financing solution, they could provide funding for preferred, more sustainable energy requirements, offering much-needed assistance to cash-strapped South Africans.
In conclusion, Massmart has launched a solar energy funding solution in partnership with RCS, offering loans of up to R250,000 to customers.
The loans come in flexible payment plans, with fixed monthly repayments tailored to the customer’s monthly expense budget, and can be extended from 12 to 60 months.
Although interest rates were not specified, RCS charges between 15% and 28.25% interest on cash loans, depending on the customer’s risk profile.
