The Financial Services Board (FSB) warns against doing business with Convenient Cash Loans and Bothaville Finance. These entities are not registered financial services providers, it says.
The FSB says Convenient Cash Loans requires loan applicants “to be registered with the FSB” for short- and long-term loans and requires a fee for such registration. The FSB says it does not register people for loans.
Bothaville Finance, the FSB says, after approving a loan application by a client, sends out a letter with the name and logo of the FSB in the name of FSB deputy executive Caroline da Silva. In terms of the letter, the applicant is fraudulently led to believe that he or she needs to pay R6 700 in order to obtain certain “clearances”.
The FSB confirms that the letter is fraudulent.
To check whether a financial services provider is registered and what products the provider is entitled to offer, contact the FSB on the toll-free number 0800 110 443 or visit www.fsb.co.za.