Personal Loan Terms
Services and Regulations
On this site we offer loans from R 1000 – R 15 000, with repayment terms ranging between 3 and 60 months.
Interest rates are based on individual applications and we fully comply with the National Credit Act (NCA) regulations.
Implications of Late & None Payments
Your costs will never change, unless you change the terms of your loan by for example changing the repayment date, or by defaulting on your payment. If we see an account has defaulted, we will contact you to try and resolve the situation as soon as possible. However any additional fees by your bank (for insufficient funds, etc.) will be for your own account.
Should we be unable to contact you to resolve the situation, a collections team will take over and attempt to contact you. In case your personal circumstances have changed, they will propose alternative solutions and come to an arrangement to get you back on track. Keep in mind that the collection team also has their own fees, charges and interest on overdue amounts, which you will be liable for. Should they be unable to reach an agreement, your account will be handed over 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 not.
We do assist clients with more than 1 active loan as long as their current loan with our providers is up to date. Once you made 3 payments on your current loan you can apply for another loan with us. We will work out if you qualify for an additional loan according the same NCR rules as with the first loan.
The National Credit Act:
Provides one set of rules for all credit & loan activities
Aims to prevent reckless lending and over-indebtedness
Establishes new and improved rights for credit consumers
Personal Loan Terms & Conditions
By applying for a Personal Loan on sapersonalloans.co.za and signing the Application form received from this website I confirm the following:
I authorize your agent MyGate Communications Ltd to debit my account on your behalf. The debit order agreement may be cancelled by giving thirty days written notice in writing but I understand they any amounts withdrawn while this agreement was in force in owing.
I hereby agree that the party hereby authorized to debit my bank account may not cede or assign any of its rights that I may not cede any of our obligations in terms of this debit order instruction to any third party without prior written consent of the authorized party.
I also give permission for them to debit my account with a once off Recovery Fee of R 49.99. This will be a once off fee and not a monthly fee.
30 days late
This record will damage your credit scores only when it is reported as “currently 30 days late”. The exception is if you are 30 days late often. Otherwise, a 30-day late payment will not cause lasting damage.
60 days late
This record will also damage your credit scores when it is reported as “currently 60 days late”. Again, the exception is if you are 60 days late often. Otherwise, it will not cause long term damage.
90 days late
This record will damage your credit scores significantly for up to 7 years. It doesn’t make a difference whether or not your account is currently 90 days late. Remember, the goal of the scoring model is to predict whether or not you will pay 90 days late or later on any credit obligation. By showing that you have already done so means that you are more likely to do it again compared to someone who has never been 90 days late. As such, your credit scores will drop.
120+ days late
Late payment reporting beyond the initial 90 day missed payment does not cause additional credit score damage directly. However, there is an indirect impact to your scores. At this point, your debt is usually “charged off” or sold to a 3rd party collection agency. Both of these occurrences are reported on your credit files and will lower your credit scores further.
If you continue to miss your payments beyond 90 or 120 days, the following records may also harm your credit score:
Collections are the result of late payments. There are two types of collections; those that have been sold to a 3rd party collection agency or those that have been turned over to an internal collection department. Regardless of which one shows up on your credit reports, your scores will suffer.
Settlements are deals made between you and a creditor who is trying to collect a past due debt. Normally, you and the creditor would agree on an amount that is less than what you really owe them. Once you pay them, they consider the matter closed and paid off. However, they will report that you have made a debt settlement for less than your contractual obligation. This will hurt your scores as much as any other serious delinquency.