Frequently Asked Questions

LOAN APPLICATION ENQUIRIES

1. WHAT DO I REQUIRE TO APPLY FOR A LOAN?

2. WHAT DOCUMENTS DO I NEED TO APPLY FOR A LOAN?

3. WHERE CAN I APPLY FOR A LOAN?

You may apply for a loan online or visit our office.

4. HOW DO I APPLY FOR A LOAN USING YOUR WEBSITE?

Simply select the “Apply Now” button and follow the easy instructions.

5. IS THE GOOD MORNING FINANCIAL SERVICES ONLINE LOAN APPLICATION PROCESS SECURE?

Yes. You will need to create a profile which can only be accessed using your SA ID number and a unique One-Time-Pin (OTP) which will be sent directly to the cellphone number you registered with.

6. I HAVE CREATED A PROFILE ON THE WEBSITE. HOW DO I COMPLETE THE LOAN APPLICATION?

All you need to do is log into your profile using your SA ID number, we’ll then forward you a unique One-Time-Pin (OTP) which will be sent directly to the cellphone number you registered with, then, simply follow the instructions.

7. MY LOAN APPLICATION WAS DECLINED; HOW LONG SHOULD I WAIT BEFORE TRYING TO REAPPLY FOR A YOUR LOAN?

You may reapply for a loan after 30 calendar days.

8. HOW DO I SEE WHAT LOAN AMOUNT I QUALIFY FOR?

A loan offer will be prepared for you which will give you an indication of the loan amount you may qualify for subject to the completion of our affordability assessment. The loan amount may change subject to additional credit checks performed once your application has been completed and submitted to us.

9. HOW MUCH MAY I APPLY FOR?

We offer Personal loans of up to R3 000 and Business Loans up to R5m, based on the outcome of your affordability assessment which considers factors such as your income and expenses, your credit profile and payment behaviour.

10. HOW LONG WILL I WAIT FOR A PAY-OUT?

Your loan will be paid out within 48 business hours after approval to your nominated bank account.

11. HOW CAN I SUBMIT MY DOCUMENTS?

CELLPHONE ENQUIRIES

12. I DID NOT RECEIVE A ONE-TIME-PIN (OTP) ON MY CELLPHONE? CAN YOU TELL ME WHAT MY PIN IS?

For your security, PIN numbers are completely private. Please click on the ‘Resend OTP link’ to receive your unique One-Time-Pin (OTP) within 15 minutes, which will be sent directly to the cellphone number you registered with.

13. I WANT TO CHANGE MY CELLPHONE NUMBER.

In order to update your details, please contact one of our consultants to assist you on +27 692 42 9555.

14. I DO NOT HAVE MY CELLPHONE AND CANNOT LOG INTO MY PROFILE ON THE YOUR WEBSITE.

A One-Time-Pin (OTP) can only be sent to the cellphone number you provided when you registered. Request a new One-Time-Pin (OTP) and follow our simple instructions.

 

PAYMENTS

15. WILL NON-PAYMENT AFFECT MY CREDIT RECORD?

Non-payment will have a negative impact on your credit record.

16. I AM UNABLE TO PAY MY INSTALMENT; CAN I MAKE AN ALTERNATIVE PAYMENT ARRANGEMENT?

Yes, please contact GMFS Collections Department on +27 692 42 9555 to make an alternative payment arrangement.

17. WILL MY LOAN TERM BE SHORTER IF I PAY MORE ON MY MONTHLY INSTALMENTS?

Yes, your loan term may reduce should you make additional payments, depending on the amounts paid and the term of the loan.

18. HOW DO I CHANGE MY DEBIT ORDER PAY DATE OR BANK ACCOUNT DETAILS?

You can change your debit order pay date or bank account details in one of three ways:

SETTLEMENT ENQUIRIES

19. HOW DO I SETTLE MY ACCOUNT?

You may call our GMFS contact centre on +27 692 42 9555 to obtain your settlement quote. You may then make payment via the following options before your given expiry date:

20. HOW LONG IS THE SETTLEMENT QUOTE VALID FOR?

The settlement quote provided to you by GMFS is valid for seven business days from date of request, and the settlement balance must be paid in full before such time.

21. WHY IS MY SETTLEMENT QUOTE DIFFERENT TO MY BALANCE?

Your settlement quote includes the unpaid balance of your loan, as well as all unpaid interest and fees which accrue up to the settlement date which may have not yet been added to your account.

 

GMFS DEBICHECK

22. WHAT IS DEBICHECK?

DebiCheck is a secure debit order payment system which allows you to electronically approve your debit order details with your bank.

An approved DebiCheck debit order mandate is required to pay your money into your bank account and collect your monthly installments.

23. WHY WAS DEBICHECK INTRODUCED?

DebiCheck was introduced to protect customers and organisations from fraudulent activity and debit order abuse, for example processing of unauthorised debit orders resulting in high dispute rates. It will also prevent customers from avoiding paying valid debit orders by unfairly disputing them with their bank.

DebiCheck serves to protect customers, requiring credit providers:

24. HOW DOES DEBICHECK IMPACT MY LOAN APPLICATION?

All GMFS customers will undergo our loan application process, and then receive instruction from their bank to approve the debit order mandate from GMFS.

Your bank will send you a USSD notification which you must accept or reject. If you do not receive a USSD notification, you can also approve the debit order mandate via one of your preferred banking channels.

Should you not approve the request, GMFS will request the bank to load the debit order on your behalf. If our request is unsuccessful, we will contact you to assist you with the debit order approval process. Please remember, a delay in approving the request from your bank will delay the transfer of your money into your bank account.

25. WHAT IS THE DIFFERENCE BETWEEN DEBICHECK AND WHAT I CURRENTLY HAVE?

Historically, customers could give verbal or written consent to creditor providers to submit debit order instructions. With DebiCheck, all debit order mandates will be sent to you, via your bank for your approval before any deduction may take place. The bank will, therefore, store your DebiCheck debit order agreement with them.

26. WHAT ARE THE BENEFITS THE DEBICHECK DEBIT ORDER?

DebiCheck serves to protect customers by issuing an active, authenticated mandate, which means service or credit providers cannot deduct more than agreed to or abuse the debit order system.

27. HOW DO I APPROVE GMFS‘S DEBICHECK MANDATE?

Your bank will notify you of the pending DebiCheck mandate that requires your approval. Be sure to follow your bank’s instructions carefully. If you do not accept the approval of the mandate, GMFS will not be able to process your loan. Your bank will advise you of several approval channels, which should confirm your GMFS DebiCheckdebit order. This includes, but is not limited to the following:

28. HOW OFTEN DO I NEED TO APPROVE YOUR‘S MANDATE?

You only need to approve GMFS’s Debi Check mandate once, unless you make the following changes during your loan period;