Understanding the true cost of credit is vital. CenturyZA provides a full pre-agreement quotation before you sign any contract, detailing the exact principal, interest, initiation fee, and monthly service fees.
Example Cost Breakdown
If you take out a short-term loan of R2,000 for 30 days, the NCA-regulated costs would typically look like this:
| Cost Component | Amount (ZAR) |
|---|---|
| Loan Principal | R2,000.00 |
| Interest (at 5% per month) | R100.00 |
| Initiation Fee (subject to NCA cap) | R250.00 |
| Monthly Service Fee | R69.00 |
| Estimated Total Repayable | R2,419.00 |
| Note: This is an illustrative example. Actual costs may vary based on your specific risk profile and exact loan term. |
The Importance of the Affordability Assessment
To comply with the National Credit Act, CenturyZA must verify your income and expenses. This is why you are required to submit three months of bank statements and your latest payslip. The assessment ensures that after you have paid your essential living expenses and existing debt obligations, you still have enough disposable income to comfortably meet your CenturyZA loan instalment.
NCR registration and statutory fee caps
Century Financial Services (Pty) Ltd trades as CenturyZA and holds National Credit Regulator registration NCRCP20970 (company registration 2023/140135/07). Every quotation must mirror the National Credit Act 34 of 2005 caps: interest up to 5% per month on short-term credit, initiation fees of up to 15% on the first R1,000 plus 10% on the remainder, and a monthly service fee capped at R69. CenturyZA cannot legally charge above these ceilings.
Choosing between short-term and instalment credit
| Product type | Term | Typical use |
|---|---|---|
| Short-term loan | 5–37 days | Bridge until next salary |
| Instalment loan | 1–6 months | Spread a larger expense within the R500–R8,000 band |
| Both products share the same eligibility gate: you must be 18+, hold your own South African bank account, provide a valid SA ID, and not be under debt review. CenturyZA pulls bureau data from TransUnion SA and Experian SA before any offer is made. Queries: 021 054 1057 | info@centuryfinancialservices.net | Mon–Fri 08:00–17:00 at Unit 9, Monaco Square, 14 Church Street, Durbanville, 7550. |
