Terms and Conditions

Regulatory information: This Loan Agreement (including the Payment Schedule addendum to the Loan Agreement (“Payment Schedule”)) is a standard written document. Terms used in the Payment Schedule shall have same meaning when used herein..

APPLICANT DECLARATION AND AUTHORISATION

  1. I, the Borrower, acknowledge and agree in respect of this Loan Agreement (including the Payment Schedule incorporated herein) that:
    1. the information contained herein is correct and truthfully declare that I have presented original and authentic documents to the Lender;
    2. I will not reproduce any original documents used for this Loan Agreement with the sole intention of obtaining additional credit from another credit provider;
    3. the Lender may contact any third party to verify any information supplied by me and obtain any information which the Lender, at its sole discretion, may require;
    4. I have read this Loan Agreement or it has been read to me; the terms and conditions were explained to me and I understand the content thereof;
    5. where I have agreed to monthly instalments to be deducted from my Bank Account, my salary will be paid into the Bank Account and I will not close it without first informing the Lender and making arrangements for my deductions to continue on alternative bank account(s) in which I then receive my salary;
    6. where my Employer and I have agreed to instalments to be deducted from my salary by my Employer and paid over to the Lender, I acknowledge that I may not cancel that deduction until my loan has been repaid in full, as per the Loan Agreement;
    7. should my employment with the Employer be terminated for any reason during the duration of this Loan Agreement, I will provide details of my new employer or the status of employment to the Lender in writing within 7 (seven) days of such change in employment;
    8. I declare that there are no reasons or financial obligations in my current circumstance which would cause me to default on this Loan Agreement’s repayments;
    9. I have considered the amount repayable and I confirm that I have sufficient means to support myself and my dependents after meeting all of my debt obligations;
    10. My obligations in terms of this Loan Agreement will become binding on me immediately on disbursement of this loan and, if I have elected for my loan to be paid into my Bank Account, I agree that I cannot hold the Lender liable for any loss or damage arising from payment of the loan into my Bank Account or whatever disbursement method chosen by me as per this Loan Agreement;
    11. the Lender may contact any registered bank for purposes of determining whether I hold an account at such bank and obtaining details relating to the aforementioned account (receipt of this instruction by the lender shall be regarded as also having been received by the bank where the Bank Account is held).

2.    I consent to and give the Lender permission to:

  1. report the details of any fraudulent activities concluded or attempted with this Loan Agreement to the police;
  2. assess my credit score including but not limited to obtaining a credit report on myself from any licensed credit reference bureau;
  3. provide or forward information about this Loan Agreement to any party that the Lender deems necessary at its sole discretion;
  4. disclose to a third party my credit record, payment history and other confidential information which in addition I provide consent to be used to trace me;
  5. request correct and accurate information from me when I contact or I am contacted, telephonically or otherwise, by the Lender’s staff members;
  6. cede or assign without my consent or notice given or a portion of its rights in terms of this Loan Agreement to any party that the Lender may nominate at its sole discretion;
  7. disclose confidential information about me in the event that: (a) the Lender is legally compelled to disclose; (b) the Lender is required to do so in enforcing its rights in terms of this Loan Agreement; and/or (c) I have requested and/or consented to it;
  8. approach my current or future employer(s) to confirm my employment details, my salary payment date and/or my bank account details at any time;
  9. in the event that I have selected a Settlement Re-advance Loan, deduct the settlement balance of my existing loan, as calculated by the Lender, from the amount shown as “Loan Amount” in this Loan Agreement and to then pay over to me the net amount remaining. I acknowledge in this event that I will still be liable for the total of instalments, as reflected in this Loan

3.    Early Settlement and Borrower’s Right to Terminate / Proof of amounts owing

  1. The Borrower may make additional payments or settle the loan facility earlier than the agreed tenor, which payments shall include the unpaid balance outstanding, interest, fees, insurance to the date of settlement. and an administration processing
  2. The Borrower shall furnish the Lender with written notice of the intention to settle the loan facility earlier than the agreed tenor in which event the Lender will provide the Borrower with a settlement quotation.
  3. A settlement quotation, reflecting the balance outstanding, provided by the Lender will serve as proof of the settlement amount owing by the Borrower from time to time for all purposes, including legal
  4. The Borrower shall repay the full outstanding balance under the Payment Schedule and the Fixed Monthly Charge shall be payable up to the completion of the tenor of the Loan. In the event of early settlement, the Lender may at its discretion grant the Borrower with a waiver on part of the outstanding balance.
  5. The fixed monthly charge will be charged in full for the agreed tenor reflected in the Payment Schedule of the loan period.

5.    Instalment Amounts/Repayments

  1. The Borrower will owe the Lender the total outstanding balance repayable immediately on disbursement of the loan to the Borrower which must be paid in equal Monthly Instalment amounts, including applicable fees and insurance premiums, as reflected in the Loan
  2. It is a specific condition of the loan that, although the Borrower has agreed to have the instalment amounts deducted from his/her salary and/or Bank Account, the Borrower is still solely responsible for ensuring that the repayments are received by the Lender by the due
  3. Repayments will be used to offset or settle any legal and collection costs first and thereafter be applied to reducing or settling any interest on arrears and/ and then the charges and interest due and lastly to reduce or settle the balance of the outstanding amount of the
  4. Should the Borrower fail to pay any instalment amount due, the repayment term will be increased to recover any additional amounts, including the monthly service fee and applicable insurance premiums on the increased term and additional interest as a result of such non-payment.
  5. Payments made by the Borrower in cash or otherwise to any account or person other than the Lender shall not constitute payment for the purposes of this Loan
  6. Depending on when the loan is disbursed and the Employer’s deadline for submission of the deduction by the Lender, the first instalment will be due on the soonest salary date from submission.
  7. Should the Borrower fail to pay any instalment amount due, the arrears amounts will be lodged as a further deduction from the borrowers’ salary provided there is sufficient affordability.

6.    Breach

  1. The Lender may demand payment of the whole amount outstanding if the Borrower breaches this Loan Agreement; commits an act of insolvency; makes false representations at any time; or does anything which may prejudice the rights of the Lender in terms of this Loan
  2. Under no circumstances may the Borrower withhold any repayment by reason of any alleged breach, counterclaim or any other reason
  3. In the event of a dispute, the Borrower shall be obliged to continue with all repayments until such time as the dispute is
  4. The Lender reserves the right to recover any costs associated with collection of debt owing to the

7.    Loan Agreement Changes / Severability

  1. This Loan Agreement shall constitute the whole of the agreement between the Lender and the Borrower and any amendments must be in writing and signed by both parties. Every clause is severable. If any clause is found to be unenforceable, it shall not affect the validity or enforceability of the rest of the agreement.

Salary Stop Order Instruction / Payroll Instruction

  1. I irrevocably instruct my Employer’s payroll department to deduct the Monthly Instalment in the payroll instruction below and to pay it to the Lender each month until all amounts under the Loan Agreement have been paid and the Lender cancels the deduction. My Employer may make salary deductions in accordance herewith, save for in the event of employment termination, when I authorise deduction of the full amount (or portion thereof) owing from any monies due to me.
  2. I consent that the Lender may vary the Monthly Instalment to be deducted and/or extend the repayment period in the event of additional amounts becoming due.