Terms and conditions including undertakings given by the consumer:
The consumer undertakes only to issue payment instructions whilst he is in a financially sound position, indicating that once his salary proceeds are paid into his bank account, he will be in a position to honour all payment instructions issued by him.
The Consumer consents that WE or our Credit providers that we deal with may receive , compile and retain confidential credit information about himself for purposes of deciding whether to render the services described herein and to monitor his credit profile in instance where no payments are received for services rendered by US and agrees that WE or the credit provider that we deal with at their own discretion may terminate the rendering of future services to him in instances of no payment received.
We do not grant any credit facilities to the Consumer for rendering the services and all fees due to us or the credit provider that we deal with must be paid on the due date specified. The Consumer consents that WE or the credit provider that we deal with may share his credit information with any tracing agent or collection company in the event that he defaults on the repayment of services rendered.
Further information on rights and obligations:
This quotation is not based on all required personal information of the Consumer and the approval for the application for credit, is at the discretion of the Credit Provider, who may decline the application or withdraw this quotation.
The Consumer authorize the Credit Provider to conduct enquiries with Credit Bureau and creditors of the Consumer to establish the Consumers affordability and credit profile.
The Consumer understands and acknowledges that if he/she should default on any payment that the Credit provider will be able to enforce the agreement and claim the full outstanding balance and the Consumer will be liable for additional costs and the Consumers credit record will be adversely affected.
Admin Fees and initiation fees are NCR (National Credit Regulator) regulated.
The Consumer undertakes to notify the Credit provider, immediately should any of the following changes occur (Failure to inform the Credit provider entitles the Credit Provider to terminate the agreement and claim the full Balance):
Change of employer
Consumer becomes unemployed
Change of banking account details
Change of residential, postal or work address
The Consumer will not without prior notification to and consent of the Credit Provider change his/her debiting banking account or divert his/her salary to another bank account or suspend the Credit Providers payments. The Credit Provider reserves the right to per sue charges and investigative action should the Consumer breach the undertaking.
Default Administration Costs – Regulation 46
If the Consumer is in default under the Credit Agreement the Consumer will be responsible for the payment of all default administration charges, in the respect of each and every letter of demand, which is R29.00 plus VAT of 14% per letter and the necessary expenses incurred in delivering such letter.
Credit Provider’s right to terminate the agreement:
The Credit Provider shall have the right to, without prejudice to any other of its rights and upon written notice to the Consumer, terminate the Credit Agreement and to claim the unpaid balance of the debt, the unpaid interest charges and all other fees and charges payable by the Consumer under circumstances where:
Has been in default and remained in default irrespective of receiving notification of its default
The Consumer becomes deceased
A certificate signed by a nominate designated manager of the Credit Provider, shall be prima Facie Proof of the Consumer’s indebtedness in terms of the credit Agreement. The authority of the manager need to be proven by the Credit Provider.
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.
Code of practice/policy on responsible lending:
The codes of practice/policies we enforce are strictly according to the rules and regulation according to the National credit Regulators of South Africa NCR (National Credit Regulator) and the national credit act. (“NCR or National Credit Regulator is the regulator under the National Credit Act 34 of 2005” (the Act). Please feel free to download a copy of the act here.
Disclosure of fees including the annual percentage rate: (APR)
According to the NCR (“NCR or National Credit Regulator is the regulator under the National Credit Act 34 of 2005” (the Act) the fees and annual percentage rates for Short Term Loans in South Africa is 5 % monthly or 60 % per annum. Please see the National Credit Regulations, page 43, Part C, “Maximum prescribed interest and initiation fees” section Short Term Credit Transaction. Download a copy here.
The financial service providers that we work with always states what the cost of the loan that you applied for will be. Our short term service providers have an annual interest rate of 32.10% to 60% APR. Included in this is their R57 per month service fee that helps cover the cost of the administration of your account and an initiation fee which all fall in line with the NCA. All of this is shown up front so you can judge the cost of a loan before you accept your quotation. All fees include 14% VAT.
Implications of Late & None Payments
We at Just Loans work strictly according to the NCR rules and regulations. If you fail to make a payment or do not have funds available in your bank account for debit order agreement according to the contact without previous agreement with our company, additional cost will be charged.
If your debit order does not go through on agreed date, we will first contact you the same day via email, text message and phone call. Unfortunately your bank will also charge you a service fee for the unpaid service, but this has nothing to do with Just Loans and the person involved.
If Just Loans fail to get hold of you, they will then again try to contact you the next day via email, text message and a phone call. After we have tried for 3 days and we still cannot get hold of you additional costs will be added according to the NCR.
Continued non-payment of your instalment might result in we forwarding your information to our legal department. This will also result in a default against your name and damages your credit record. We really do not want to go that route so please make sure that there are funds available in your bank account on the date agreed on the contract with Just Loans and the client.