TERMS AND CONDITIONS for SHORT-TERM PERSONAL LOANS
1 INTERPRETATION
1.1 In this agreement clause headings are for convenience and are not to be used in its interpretation.
1.2 In this agreement, unless the context otherwise indicates, the following expressions bear the meanings assigned to them below and similar expressions bear corresponding meanings:
1.2.1 ‘NCA’ means the National Credit Act, 2005;
1.2.2 ‘agreement’ means the credit agreement signed by the borrower and Staff Credit and includes, if applicable, any application and/or quotation and/or any annexes thereto;
1.2.3 ‘charges’ mean the amount indicated in the quotation and the quotation; and include initiation fees, monthly service fees, interest and commission where applicable.
1.2.4 ‘NCA rate’ means the maximum interest rate as specified from time to time;
1.2.5 ‘quotation’ means the most recent written quotation given in respect of this agreement as contemplated in the NCA.
1.2.6 Any number of days prescribed shall be determined by excluding the first and including the last day, or where the last day falls on a day that is not a business day, the next business day.
2 SUSPENSIVE CONDITION
The credit agreement is conditional upon a successful credit assessment in accordance with section 81 of the NCA. Your online application with all the requisite information forms part of this agreement.
3 FEES, COSTS AND CHARGES
3.1 We will levy charges on the loan amount from the time the money is paid over to the borrower’s account until the money is repaid in full at the end of the month.
3.2 Charges will be calculated on a full month basis irrespective of the date on which the loan is granted.
3.3 If you default on your loan repayment, we will levy penalty charges and may charge you the costs incurred by us to collect the debt. You will also be liable for all legal costs which we may incur in exercising any of our rights in terms of these terms and conditions, including all legal costs charged on an attorney and client scale, counsel’s fees, tracing fees and other collection charges.
4 COMMISSION
In the event that a consultant is used, a commission on conclusion of the agreement will be paid. The amount of the commission ranges between 2% to 5%.
5 DISBURSEMENT OF THE LOAN
An agreement will only come into effect on payment of funds into your account. If we approve a loan for a lesser amount than the amount applied for, you will be notified and requested to confirm the approved amount before the funds can be disbursed. No loans will be approved so long as there are outstanding fees to be paid.
7 REPAYMENT
You must repay the loan amount together with interest, fees and charges as stated in the quotation by depositing the said funds in our bank account as provided. If you do not make payment on the due date, we reserve the right to alter the amount due to cover any extra costs that may arise as a result of the delay.
- GOOD REPAYMENT CREDITS
If you pay your loan on time you will earn good customer credits and you will receive discounts on your due amounts every time you take up a loan to a point where you may be granted an interest free loan.
9 IMPLICATIONS OF DEFAULT
Should you default on your obligations under this agreement, you will pay default administration charges, collection costs together with interest and all other amounts owing to us. Any amount in default or arrears will bear interest calculated and capitalised monthly. We reserve the right to issue summons and apply for a default judgment against you and a writ of execution, attaching your salary or property and selling your property to recover the loan, as per the applicable laws.
10 NOTICES AND DOMICILIUM
10.1 You agree that the residential address and e-mail address you provided in the quotation/credit agreement or the most recent address provided to us in terms of clause 10.2 is the address to/at which all legal notices must be sent/delivered.
10.2 Either party may change its address by delivering a written notice of the new address by hand or email. If you have not advised us of a change of address or any of your other contact details, we will continue to use the last address provided even though the information may be incorrect.
10.3 You may send any legal notices to:
The General Manager
Staff Credit
applications@staffcredit.co.za
10.4 Unless the contrary is proven, any legal notice sent by:
- ordinary mail in a correctly addressed envelope to the other party’s chosen address will be considered as having been received on the 7th (seventh) day after posting; or
- hand to a responsible person during ordinary business hours at the other party’s chosen address will be considered as having been received on the day of delivery; or
- fax to the chosen fax number or sent by email to the chosen email address, will be considered as having been received on the date of transmission.
10.5 Any document actually received by a party will be adequate written notice or communication to that party, even though it may not have been sent to or delivered at the chosen address.
11 GENERAL
11.1 The loan agreement contains everything we and you have agreed on and any change to it must be signed by both parties. If either party decides not to use a right in this loan agreement, it does not mean that the right is lost in terms of the agreement. If you or we wish to waive a right in terms of this agreement, you or we must provide such waiver in writing. Every undertaking in this loan agreement is separate from the others. If any clause is found to be unlawful or cannot be used for any reason, the other clauses will not be affected by its invalidity.
11.2 We have the right, without your consent, to cede, assign and transfer any of our rights or obligations in terms of this agreement to any third party. If any such cession, assignment or transfer constitutes a splitting of claims that requires your consent, you hereby consent thereto.
11.3 You are required to furnish us with such information and/or documents as we may require, from time to time, in respect of yourself or your spouse.
11.4 The English/isiZulu/Afrikaans version will prevail in the event of a conflict with any other version of the agreement.
12 JURISDICTION
In terms of section 45 of the Magistrates’ Court Act, 1944, and at our option, any claim arising hereunder may be recovered in any magistrate’s court having jurisdiction, and you hereby consent to the jurisdiction of the magistrate’s court.
Should the client accept this quotation, this together with the terms and conditions shall become the agreement between Staff Credit and the client.