All CreditBar loans are governed by the National Credit Act (NCA). CreditBar (Pty) Ltd (NCRCP23238) must provide a pre-agreement quotation showing the total cost of credit before you sign. Never accept a loan without reviewing that document.
Key Parameters
| Parameter | Value |
|---|---|
| Minimum amount | R500 |
| Maximum amount | R5,000 |
| Minimum term | 7 days |
| Maximum term | 61 days |
| Maximum interest | 5% per month (NCA cap for short-term credit) |
| Initiation fee | NCA-regulated (up to 15% on first R1,000 + 10% on remainder + VAT) |
| Monthly service fee | Up to R69 + VAT |
| Collateral | None |
| Repayment | DebiCheck debit order or manual EFT |
Example Cost Breakdown
Illustrative example for a R2,000 loan over 30 days:
| Cost component | Amount (ZAR) |
|---|---|
| Loan principal | R2,000.00 |
| Interest (5% per month) | R100.00 |
| Initiation fee (NCA cap) | ~R250.00 |
| Monthly service fee | R69.00 |
| Estimated total repayable | ~R2,419.00 |
Actual costs depend on your quotation, risk profile and exact term. The pre-agreement statement is the binding figure.
Affordability Assessment
CreditBar must verify that you can afford the loan after essential expenses and existing debt. That is why three months of bank statements are required. The lender may also consult TransUnion SA, Experian SA or other registered bureaus.
Risk Warning
Short-term credit is expensive if used repeatedly. Borrow only what you need and can repay on the due date. Missing a DebiCheck collection leads to bank fees, default interest and negative credit bureau listings.