APR
5% per month (which equates to a maximum of 60% APR) for the first loan of the year and 3% per month (which equates to a maximum of 36% APR) for other loans in the same calendar year.
Repayment Terms
Repayments will be made over no less than 2 months and no more than 6 months.
RENEWAL POLICY
No
Renewals of Loans are automatic. All New loans are subject to
employment and affordability criteria. A Consumer 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
Non-payment
will result in a R60 service fee charge if the loan is arrears for 30
days. Additional Interest of 3% per month may also be added for up to 2
months. After this the Debt will be handed over to our external
collection agency and their Attorneys. Not paying your loan could impact
your Credit Rating and make it difficult to qualify for finance at
other Credit Providers.
EXAMPLE
If R2000 is borrowed for 60 days.
Initiation Fee: R255.00
Service Fee: R104.50
Interest: R58.32
VAT: R00.00
Total to Repay: R2610.62