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It generates additional income, explains Mukheibir. Come 2001, attention turned again to True North Holdings. In the years after the sell-out, we were the first to introduce a multiple application device (MAD) which is a point of sale device like a bank terminal that sells things like pre-paid airtime and electricity.
It taught us that tech could move money and information on a distributed basis economically. When Sport For All founders approached True North Holdings looking to partner and convert their NGO into a franchise in 2004, we bought their front end and partnered for just over five years, using MAD tech and smart cards to form part of their business model.
However by 2008 we realised we didnt have the capacity to do too much as building MADs consumed enormous amounts of money - a terminal cost R5 000 and it was a bit too ahead of the curve.
So in 2010 Sport For All bought back their shares and focus fell back on Cash Converters where its been ever since. How Richard Mukheibir and Cash Converters met. I come from generations of entrepreneurs; my grandfather came to South Africa in 1897 from Lebanon and despite being illiterate and arriving with very little, he bought a donkey in Durban harbour, settled in the Eastern Cape and set up a general dealer store which is still around today, 115 years later.
How long does nab take to approve a personal loan I was in the army I met my long-time friend and business partner, Peter Forshaw.
Simple Online Form Fast Access to Funds. Quick Application. Submit online in a few minutes. We Work For You. All credit types welcome. Fast Funding.
Payday loans also called cash advance loans appear to offer a way out. You can walk into one of the thousands of payday lending offices across the country and walk out half an hour later with 300 in your hand to pay that repair bill. Then, on your next payday, you can come back in to repay that 300 plus another 45 or so in interest.
The problem is, if you had a hard time raising 300 in the first place, losing 345 out of one paycheck leaves a big hole in the budget. And so before the month is out, you could find yourself coming back for another loan to cover the bills you can no longer afford to pay.
Before long, you end up entrapped in an ongoing cycle of debt, going from loan to loan, while the interest payments pile up higher and higher.