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Potential Cost of Credit:

As a consumer it is important to understand the costs associated with taking out a loan. The following will explain a few important concepts used by our Loan Providers in their agreements. The National Credit Act 34 of 2005 controls the way lenders evaluate creditworthiness and interest rates. Lenders are limited in how much they can charge you in interest and management fees. The following guidelines explain how these figures are calculated:


The Interest Rate is the annual fee you agree to pay back above the loan amount (which is often called the Capital amount). The interest rate is calculated as a percentage of the loan amount per year. The higher the percentage and the longer the loan the more interest you will pay off.

Interest Rate is calculated: Interest Rate = (RR x 2.2) + 20% per year.


The Initiation Fee is the startup costs for setting up the loan. The minimum fee is R150 plus 10% of the loan agreement up to a maximum fee of R1000.00. This means the Initiation Fee cannot be more than R1000 (excluding VAT)


A monthly service fee is charged on each active loan account that you may have. This fee can be up to R50 per month excluding VAT.

These figures are only guidelines. Different Lenders have different fee structures subject to their own credit granting policy. Please make sure you read the policy document carefully before agreeing to any loan.