Repayment Methods Explained
CreditBar supports two main repayment routes. Most borrowers use DebiCheck because it is automatic and tied to the mandate you approve before payout.
| Method | How it works | Best for |
|---|---|---|
| DebiCheck debit order | Pre-authorised collection on due date | Hands-free repayment |
| Manual EFT | You transfer from internet banking | One-off or early settlement |
DebiCheck Best Practices
- Ensure sufficient balance the day before your due date.
- Do not reverse a legitimate DebiCheck without settling the loan — this triggers arrears.
- Keep your banking app notifications on so you see the collection in advance.
Early Settlement
Under Section 125 of the National Credit Act, you may settle your CreditBar loan early at any time without penalty. Request a settlement quote from support or your online account, then pay the quoted amount via EFT using your loan reference.
If You Cannot Pay on Time
Contact CreditBar before the due date if you expect insufficient funds. Persistent non-payment leads to default interest, administration fees and negative listings at TransUnion SA and Experian SA. CreditBar does not promote rolling short-term debt — avoid taking a new loan to pay an old one.