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What a 3-month loan costs
No guessing and no phone call needed. Every figure on this page is the most you can be charged on a 3-month loan from us, worked out under the National Credit Act.
The 3-month loan at a glance
- Loan amount
- R2 000 – R8 000
- Repayment period
- 3 months
- Interest
- 5% per month (60% per year)
- Initiation fee
- Once-off, from R265
- Service fee
- R60 per month
- Credit life cover
- Optional
- Early settlement
- Allowed, no penalty
Interest is charged at 5% a month, which is 60% a year. The initiation fee, service fee and credit life cover are charged on top of that, all within the maximums set by the National Credit Act. The example below shows exactly what a R5 000 loan costs, to the cent.
If you borrow R5 000
This is what a R5 000 loan over 3 months costs at our maximum rate, with everything included.
R5 000 over 3 months
- Amount paid to you R5 000.00
- Initiation fee (once-off) R565.00
- Interest, 5% per month R584.71
- Service fee, R60 per month R180.00
- Credit life cover R75.12
- Total cost of credit R1 404.82
- Total repayable R6 404.82
- Three monthly instalments of R2 134.94
The full range
The same calculation, applied across the range. These are maximum figures — you will never be charged more than this for the amount and term shown.
| Loan amount | Monthly instalment | Total cost of credit | Total repayable |
|---|---|---|---|
| R2 000 | R904.52 | R713.56 | R2 713.56 |
| R3 000 | R1 314.66 | R943.98 | R3 943.98 |
| R4 000 | R1 724.80 | R1 174.40 | R5 174.40 |
| R5 000 | R2 134.94 | R1 404.82 | R6 404.82 |
| R6 000 | R2 545.08 | R1 635.24 | R7 635.24 |
| R7 000 | R2 955.22 | R1 865.66 | R8 865.66 |
| R8 000 | R3 365.37 | R2 096.11 | R10 096.11 |
Four things worth knowing
Credit life cover is optional
Credit life cover settles your loan if you die, become permanently disabled or lose your income. We include it in the figures above because most clients take it. You may decline it, or use a policy of your own, as section 106(4)(a) of the National Credit Act allows.
These are maximums, not quotes
The figures above use the highest rate the National Credit Act permits — 5% per month, which applies to your first loan with us in a calendar year. If you borrow from us again later in the same year, the rate drops to 3% per month and the loan costs you less.
Your own figures come in writing before you sign
Your instalment dates follow your payday, so your exact figures depend on when you take the loan. You will receive a written quotation and agreement showing your amount, your instalments and your dates, and nothing is binding until you have read it and signed.
You can settle early with no penalty
Pay the loan off whenever you like and you pay no penalty for doing so. Message us for a settlement figure and you only pay interest and fees up to that date.
Ready to apply, or want to check what you would qualify for first? Either is fine — a person answers, not a bot.
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