Please note that Mr Cash Loans is not the credit provider but all our credit providers adhere to the NCA (National Credit Act) and is registerred Credit providers with the NCR.
The lender will disclose all payment information before you have any obligation to actually take out a loan. Before accepting and signing for the loan, be sure to thoroughly review all information regarding fees and rates. Lenders are required by the National Credit Act to disclose any and all fees that borrowers may be required to pay.
Interest Rates and Cost of Credit
• Your rate is fixed for the life of the loan and is determined when you apply for the loan. This means that your rate will not vary from the rate it was awarded. Your interest begins to accrue from the date you signed for the loan.
• Our service providers will tell you upfront what the cost of your loan will be. There are no catches or extra costs providing you stick to the contract.
• The interest rate will depend on the loan amount, loan term and credit profile of the applicant.
• Our long loan term Credit Providers with loan terms ranging for 6 - 60month has got a maximum interest of 28% per year as per the NCR . All our loans are longer than 60 days as we do not do payday loans.
• Our short term loan Credit Providers providers (3 - 6 Month Loans) have an annual interest rate of up to 60% per year. They also show you an example of the cost of an average loan to show you a clear breakdown of interest and fees.
• Included in this is their R68.40 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 upfront so you can judge the cost of a loan before you accept your quotation. Fees include 14% VAT.
• Also included - Initiation Fee of 15% of the Loan Amount up to R1 000, thereafter 10 % (+ VAT)
• All our Credit Providers adhere to the National Credit Act and is registered Credit Providers with the NCR, and will only charge you interest in accordance with the act, you will have a chance to screen all details of the loan before you sign, in order for you to make an informed decision.
A representative Example of this is:
On a loan of R15 000 over 15 months at a maximum interest rate of 28%, maximum fees of R68.40pm, credit life fees, maximum initiation fee of R1 197 inclusive of VAT comes to a total cost of R22 717 which equals an APR of 68%.Which means that your monthly installment will be R1514.47
The interest rate will depend on the loan amount, loan term and credit profile of the applicant.