Have a burning question? Take a browse through our most frequently asked questions to learn more about what we offer and how to make the most of your Standard Merchant experience! Personalised Asset Finance Starts Here 

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13 Most Frequently Asked Question at Standard Merchant

Do my business qualify for a loan facility if I have been operating for less than 2 years?

In exceptional cases where the business is reporting positive Net Income and Positive cash generated from operation the above criteria is waived.

Does my business qualify if my annual turnover is below the R2 million threshold?

In 99% of the cases when an application for credit is submitted any amount above R150 000 is declined, hence you will only be able to obtain a very low loan facility

What happens once my application is approved?

The relationship manager will inform you if we need to see any further documents, and if not you will receive an offer from us, known as a ‘pre-agreement’. This will include all you need to know about the finance contract, the costs, the monthly payments, the duration of the agreement and so on. At this stage we will be there to answer any questions you may still have, to explain anything which appears confusing and to ensure that both sides are happy. If there are no outstanding issues, and you are happy with our offer, you can arrange to sign your contract on the same day.

Is this online application going to be easy? I have not always found the internet to be reliable, and don’t want to waste my time on a process which is going to go wrong

We need this to work well for both sides, so we have put a lot of work into ensuring that you will be guided through a step-by-step process in completing your application for finance. But to help speed things up, we suggest you have all the documentation that was mentioned earlier onhand, in case you need to get any important information from them. Once again, you shouldn’t be worried if we ask you some rather personal questions – asking about your income, employment, marital status, address, bank details etc., is all a standard part of the application process. This process is totally secure and your information will always be treated as confidential.

How quickly will I get an answer to the online application?

If we have all the relevant documentation (documents required) we aim to give you an answer in 4 working days.

How long does it take to process my application

If we have all the relevant documentation (link to docs required) we aim to give you an answer in 4 working days

Can I structure my loan repayment on a quarterly basis?

Yes depending on which industry you are operating in. We do accommodate cyclical businesses like agriculture.

What is FICA

The Financial Intelligence Centre Act, 38 of 2001 (FICA), came into effect on 1 July 2003. FICA was introduced to fight financial crime, such as money laundering, tax evasion, and terrorist financing activities.

How does Standard Merchant calculate interest?

Interest is calculated daily on the outstanding balance as at the beginning of the month plus the previous’s day interest.

What amount do I qualify for?

Every application is evaluated on its own merit taking into account your affordability i.e. your income less expenses less external debt.

Can you provide your own security in place of Standard Merchant credit life insurance?

Yes, you can provide your own policy with the same cash value as the outstanding debt

What is credit life insurance?

Credit life insurance is an assurance product which covers outstanding debt, for example in the case of  asset financing, the purpose of this product is that, if you should pass away or become disabled before you have repaid the full amount owed, this insurance will settle the outstanding debt on your behalf.

Who need Credit life insurance?

Debt assets purchased is usually only over a short-term and in most cases, this is not included in a person’s longer term financial planning. In the event of death or disability, either the dependents of the debtor or the debtor himself may be left with outstanding debt. It is therefore in the best interest of any person with outstanding debt to ensure that he/she has sufficient credit life insurance in place to protect him/her and his/her dependents should the unforeseen happen.