SMALL CREDIT AGREEMENT IN TERMS OF SECTION 93(2) OF THE NATIONAL CREDIT ACT 34 OF 2005

  1. I the undersigned having accepted the pre-agreement statement and quotation above hereby acknowledge that:
  • The essential terms and conditions hereunder have been explained to me and I understand the consequences of this agreement;
  • I have had an opportunity to read the agreement;
  • I have received the loan as stipulated in the Pre-Agreement Statement and Quotation above;
  • The application completed forms part of these terms and conditions.
  • I have not been induced by the lender into making this loan and have not signed any blank documents relating to this agreement;
  1. PAYMET SCHEDULE
  • The payment schedule attached hereto in the form of the pre-agreement statement and quotation (Annexure “A”)  sets out the payment information relating to the agreement and must be read as part of this agreement;
  1. CONSENT
  • The Borrower consents to the Credit Provider obtaining any information from his employer inter alia, without

derogating from the generality hereof, details pertaining to the Borrower’s salary, residential address and best contact details.

  • In the event of the Borrower being married in community of property and the Borrower’s spouse’s consent is

required in respect of this agreement, the Borrower warrants that his/her spouse’s requisite consent, if any, will be provided within a reasonable period after a request is made by the Credit Provider for same to be provided.

  • The Borrower indemnifies the Credit Provider against any loss or damages it may suffer as a result of a failure to

provide such aforesaid consent.

  1. CONSENT
  • The Credit Provider shall supply the Borrower with a copy of the duly executed credit agreement or, I the case

of an electronic or telephone originated credit agreement a copy of the transcribed agreement.

  • The Credit Provider shall provide a statement of account to the Borrower on or before the last day of every third

month for the duration of the credit agreement, which the Borrower agrees to.

  • The Borrower agrees to collect the statement in person by the Borrower at the business premises of the Credit

Provider.

  1. MARKETING
  • The Borrower consents that the Credit Provider, its affiliates, associates and subsidiaries may send advertising

and promotional material by email, SMS (Short Message System) to his/her computer, cellular telephone as provided herein.

  • The Borrower furthermore consents to the Credit Provider sending SMS’s to him/her with regards to his/her

outstanding balance(s), when his/her installment is due and payable, when he/she is in arrears with his/her

payments and related matters.   Should the Borrower wish to unsubscribe from such messages, please contact the Credit Provider.

  1. EARLY SETTLEMENT
  • The Borrower is entitled to settle this Agreement at any time, without advance notice to the Credit Provider;
  • The amount required to settle the Agreement shall be the total of the following amount(s);
    • The unpaid balance of the principle debt up to the settlement date;
    • The unpaid interest charges up to the settlement date; and
    • All other fees, charges and insurance payable by the Borrower to the Credit Provider up to the

settlement date.

  1. CONSUMER’S RIGHT TO TERMINATE THE AGREEMENT
  • The Borrower may terminate this agreement at any time by paying the settlement amount due to the Credit

Provider, in accordance with paragraph 6 above.

  1. CREDIT PROVIDER’S RIGHT TO TERMINATE THE AGREEMENT
  • The Credit Provider reserves the right, in terms of section 123 of the Act, to terminate this agreement and

Proceed with legal proceedings in terms of section 129(1)(b) and section 130(1) of the Act, which proceedings

may result in a Court of Law enforcing the repayment of the Borrower’s outstanding obligation in terms of

this agreement.  Any judgement of such Court, as aforesaid, shall be recorded by Credit Bureau available to

other credit providers.

  1. PENALTY INTEREST ON ARREARS AMOUNTS
  • Should the Borrower default and/or fails to pay any amount on the due date thereof, then same shall attract

penalty interest as calculated in 9.1.1 below:

  • The Borrower shall be liable for and pay interest, calculated on the total amount which is payable

but is unpaid in full; and

  • The full outstanding balance of the capital together with total cost of credit charges (including

any unpaid accrued interest) and any debt collection charges that may be applicable.

  1. PAYMENTS
  • Payments will be allocated firstly towards payments of any due or unpaid interest, thereafter any due or

unpaid fees or charges (including legal costs, if any) and lastly to the capital.

  • The Borrower authorize the Credit Provider to debit funds for collection from his/her nominated bank account;
  1. BREACH OF AGREEMENT
  • If the Borrower is in default for at least 20 days, subject to 10 days written notice as contemplated in Section

129(1) or 86(9), the Credit Provider may approach the court for an order to enforce the loan agreement

including a claim for all outstanding amounts and/or damages.

  • The Borrower agrees to pay all reasonable costs of the collection of payments and further agrees to pay all

legal costs on an attorney and client scale caused by his/her default including debt collectors’ costs and

tracing fees.

  1. COMPLAINTS
  • Complaints may be directed to the Credit Provider at the contact details provided in this Agreement, or the

National Credit Regulator at 011 554 2600

  1. CESSION
  • The Credit Provider has the right on written notice to the Borrower to transfer (cede and assign) all the

Credit Supplier’s rights and obligations in this agreement to a third party and the Borrower will then pay

the third party instead of the Credit Supplier.

  1. ENTIRE AGREEMENT
  • This agreement constitutes the entire agreement between the parties relative to the subject matter hereof

and  supersedes all representation, warranties, agreements or undertakings previously made relative to such

subject matter, and no such representations, warrantees, agreements or undertakings shall be of any force and

effect unless contained herein.

  • No indulgence, extension of time, relaxation or latitude which the Credit Provider may show, grant or allow to the Borrower shall constitute a waiver by the Credit Provider of any of its rights and the Credit Provider shall not

thereby  be prejudiced or stopped from exercising any of its rights against the Borrower which may have then

already arisen or which may thereafter arise, and/or applying/enforcing the terms of this agreement.

  • No variation of any of the terms and conditions of this agreement will be binding o the parties unless

committed to writing and signed by them respectively.

  • Should any provision or portion of this agreement be unenforceable by law, void or voidable, such provision

shall be severable from the remaining provisions hereof which shall remain in full force and effect.