Taking responsibility for your repayments

The implications of late payments or non-payments

Should you successfully receive a loan and thereafter, be unable to make payments on-time as per your agreement, you will be liable to the lender, as per their terms and conditions, relating to interest and fees. Our lenders may use legal means to pursue you in the event you do not pay. Almost all our lenders will contact you directly via phone or a written letter to organise a method of payment suitable for you. Please bear in mind that non-payment will result in additional charges or increased interest, which will definitely affect your credit score. It is important to ensure you are familiar with the interest and extra charges for non-payment of our lenders (on their website) before accepting the loan.

Our lender’s collection practices

Our lenders will make try to make contact with you either via letter, phone, email or all three to arrange payment. Please remember, non-payment may result in unwanted increased interest and charges which will directly affect your credit score. If you continue to not pay, your outstanding debt will be passed to a collection company/agency, and you will incur additional charges for that too.

Not paying on time, late payment

If you see that you are not going to make your agreed repayment date, you need to contact the lender immediately to make arrangements for late payment. The lender, upon a new agreement, may extend or offer to renew your loan. Keep in mind that alterations or further agreements will result in additional unwanted interest or charges. Lenders usually charge for late payments. Additional or interest charges will differ from lender to lender, therefore, please make sure you are familiar with the terms and conditions thereof, before you agree to the new arrangement.Remember late payments affect your credit score negatively.

The renewal policy

When renewing your loan, you will need to contact the lender, directly and in advance of your final payment date. Our lenders generally charge you the same rate for fees and interest on the loan for the extended period, but on the whole amount owed. If you fall into arrears, and if you seek a renewal or an extension, you will automatically incur additional interest and charges to your loan account. We urge you to carefully consider this before you renew or extend your loan, as this may result in your repayment costs increasing dramatically.

Representative Example: As an example, if you borrow R15,000 over 15 months at a fixed rate of 28% per annum and a fee of R68.40 per month and initiation fee of R1,197 this would result in a representative rate of 68% APR (fixed). The total amount repayable would be R22,717.

Please note: we are NOT a lender - we are a loan broker working with the most reputable direct lenders in the market place to find you a loan. Our FREE service compares a wide range of lenders quickly, and finds you a lender that may be willing to lend to you today. Some lenders or brokers on our panel may charge you a fee to process your application.

Rates from 20% APR to 112% APR - we provide a no obligation loan searching service, your APR will be based on your personal circumstances. Loan repayment terms from 3 to 60 months.