APR
2.33% per month (which equates to a maximum of 27.75% APR).
Repayment Terms
Repayments will be made over no less than 6 months and no more than 24 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 2.33% 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 R30 000 is borrowed over 24 months
Initiation Fee: R1050.00
Service Fee: R1449.00
Interest: R9774.60
VAT: R349.80
Total to Repay: R42624.00