APR

For the first loan you take in a calendar year, the APR will be 5% and all subsequent loans taken thereafter will be charged at 3%.

Repayment Terms

The normal repayment term is 30 days or less (depending on when you take out the loan and your next pay date) we shall also consider requests to make the repayment date 45 days in advance, depending on your personal circumstances. The longer the term is the more you need to pay back.

RENEWAL POLICY

No renewals of loans are automatic. All new loans are subject to employment and affordability criteria. Consumer's will qualify for the same amount if it is paid successfully for 3 times. Thereafter limit may be reviewed depending on consumer’s financial circumstances and affordability. No additional fees are charged to renew a loan. Each loan carries its standard fees in terms of chapter 5 of the Credit Act No 34 of 2005.

COLLECTION POLICY

All collections are done by NAEDO Debit orders and soon to be introduced AC (Authenticated Collections) via FNB.

NON-PAYMENT OF LOANS

Whilst we shall endeavor to communicate with you in such an instance, the loan will fall in arrears attracting penalty interest and unsuccessful in collecting the funds due to us we shall hand you over to our attorneys after 90 days for collection. The non-payment of your loan will have a negative effect on your credit score, impacting severely on your success to obtain any form of credit from credit providers in the future.

EXAMPLE

If R2000 is borrowed for 30 days.
Initiation Fee: R255.00
Service Fee: R69.67
Interest: R130.35

Total to Repay: R2455.02