About Block Loan

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At its core, Block Loan’s guiding principle is to only grant our clients the amount of credit which they can truly afford. 

The reason for this is twofold: (1) We do not want our clients to be over indebted and put into a situation where they have to sell assets or be placed under debt review; and (2) Our shareholders would not like that.

Who we are

The team consists of the managing director, 4 credit analysts and 2 software developers working closely together to build and offer products that are compliant and useful to our clients. We also have an advocate as our Money Laundering Reporting Officer on the team.

Compliance

Since inception we have endeavoured to be ahead of the curve when it comes to compliance. Below a timeline of the main highlights

  • 1 August 2021 – Appointed an accredited countrywide external compliance and risk management firm that specialises in the National Credit Act (“NCA”) to assist with training on the credit act, drafting of credit agreements and conducting affordability assessments. 
  • 1 January 2022 – External quarterly monitoring of Block Loan’s compliance with the NCA starts and has been ongoing each quarter since. This includes monitoring of Compliance Report, Annual Financial Statements, Form 40, Assurance Report, Form 39, Annual registration renewal, Policies & Procedures, Communications, Registers and record retention, Credit documentation, Affordability assessments, Rates and fees charged, Marketing, Debt enforcement, Confidentiality of information and data submissions to SACCRA
  • 12 May 2022 – Obtained written confirmation that our personal loan- and credit facility products are in compliance with the NCA directly from the National Credit Regulator (“NCR”)
  • 18 May 2022 – Obtained written confirmation from an accredited countrywide external compliance and risk management firm that our personal loan- and credit facility products are in compliance with the National Credit Act (“NCA”)
  • 15 September 2022 – Team receives Financial Intelligence Center Act (“FICA”) training from an accredited training provider for the first time.
  • 16 February 2023 – Registered as an Accountable Institution with the Financial Intelligence Center (“FIC”)
  • 13 July 2023 – Risk Management and Compliance Programme created and inaugural Directive 7 submitted to the FIC.

Funders

We are more than 70% owner funded with the remaining 30% funded by close friends and family members.

Milestones

  • Over 300 clients
  • More than R100 million in credit issued
  • Zero late payments
  • Zero clients becoming over indebted
  • Zero compliance failures
  • Loan management system (“LMS”) built, tailored and hosted by the best LMS provider in South Africa
  • Advanced programming interfaces (API’s) made available and used to connect to and integrate with strategic partners

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