DebiCheck Debit Order (Primary Method)
The most common collection method for NCR-regulated short-term lenders. You authenticate a debit-order mandate once through your banking app when you sign the credit agreement. The lender pulls the instalment from your account automatically on the due date.
Steps:
- Receive the DebiCheck authentication request in your banking app (USSD or app notification).
- Confirm the mandate details: creditor name, amount, date.
- Approve the mandate. The lender collects on the agreed date.
OZOW Instant-EFT (Proactive Repayment)
Several lenders (LendPlus, Wonga, Boodle and others) integrate OZOW for self-service repayment:
- Log into your personal cabinet on the lender's platform.
- Click Repay Now or Settle Loan.
- Select OZOW as the payment method.
- Choose your bank and authenticate the payment in your banking app.
- Funds reflect instantly.
Manual EFT (Bank Transfer)
Use your lender's banking details (found in your personal cabinet or credit agreement) and your loan reference number to make a standard EFT through internet banking or a branch.
Early Settlement
Under NCA Section 125, you have the right to settle your loan early at any time without penalty. The settlement amount equals:
- Outstanding capital.
- Accrued interest up to the settlement date.
- Unpaid initiation fee balance (if applicable).
- Prorated credit life insurance premium.
Contact your lender to request a settlement quote before making the payment.
Loan Extension / Postponement
Some lenders allow one or more payment extensions before the due date, subject to an extension fee and a fresh affordability consideration. Always request an extension before the due date — not after.
What Happens if You Miss a Payment
| Timeline | Consequence |
|---|---|
| Day 1 past due | Penalty interest accrues; SMS/email notification |
| Day 3–7 | DebiCheck retry; contact from collections team |
| Day 30 | Credit-bureau listing (adverse) |
| Day 60+ | External collections referral |
| Day 90+ | Potential summons and legal proceedings |
Missing even one payment can affect your credit score for up to 5 years. If you anticipate difficulty, contact your lender proactively — many offer hardship arrangements.
Best Practices for Repayment
- Align your DebiCheck mandate with your payday to ensure sufficient funds.
- Make early repayments where possible — daily interest means every day saved reduces cost.
- Keep written or screenshot proof of every payment for at least 3 years.
- After settling, confirm with the lender that your account is closed and request written confirmation.
- Contact the NCR on 0860 627 627 or the National Consumer Tribunal if you believe a lender is charging illegal rates or fees.
FAQ — repaying
Can I repay before the due date? Yes — early settlement is a consumer right under NCA Section 125; no penalty applies on credit under R350 000.
Does early repayment reduce the interest? Yes — interest accrues daily and stops on the date of settlement.
What if I cannot afford to repay? Contact the lender before the due date. If over-indebted, you may apply for debt counselling under the NCA.