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Potential Cost of Credit

We at LoanFinder SA have realised that understanding and interpreting a credit agreement can be a difficult task therefore we have opted to educate you with regard to a few important aspects that our lenders and brokers use in their agreements:

ANNUAL PERCENTAGE RATES:

The Regulations made in terms of the National Credit Act 34 of 2005 lay out the rates that a credit provider is allowed to charge a client. With your application, our brokers and lenders may charge you the following rates:

Interest rates: (RR x 2.2) + 20% per year
Initiation Fee: R150 per credit agreement, plus 10% of the amount of the Agreement in excess of R1000-00 but never exceed R1000-00
Monthly service Fee: R50-00
Please note that this calculation of interest and fees is a guideline and subject to each lenders credit granting policy

NON-PAYMENT OF CREDIT AGREEMENT

The only way costs will mount beyond your initial calculation is if you don't keep your promise. In other words, if you ask our service providers to change your repayment date, or don't ensure sufficient funds are available for automatic collection. If there is an early morning collection attempt is declined by your bank - because you haven't made sure there are enough funds available - they will do their best to contact you throughout the day. They always hope to resolve the situation that day but your bank may charge you for not having sufficient funds available in your account.

They will then make further attempts to collect the money from your account and their professional collections team will also keep trying to contact you to discuss the situation. If your circumstances have changed significantly, they will do their best to offer a solution and come to an arrangement that helps you get back on track.

They will try their utmost to keep penalty fees and charges to a minimum but interest and service fees will continue to mount on your balance for up to 90 days if they can't reach a fair agreement in the meantime. If you don't work with them and they can't recover the money over a reasonable period, your account may be passed to an external collections partner.

Continued failure to repay a loan will also mean credit bureaus will record the outstanding debt. Records remain on file for a number of years after they are closed, whether settled by you or defaulted. For a complete breakdown of the of late payments, collections and settlements please click here.

RENEWAL POLICY

We do assist clients with more than 1 active loan as long as their current loan with our providers is up to date. After you made 1 or more installments depending on which credit provider we deal with we can offer second and third loans depending you are not in arrears, all other loans will be put through the same criteria as the first loan to insure that affordability and all other NCR (National Credit Regulator) rules are met.