Settling your Creditum balance
Repayment is built around an authorised debit order created when you sign. Each due date, the instalment leaves the nominated South African account automatically unless you arrange an alternative with the lender.
Standard collection
The debit order covers principal, interest and permitted service fees according to the schedule in your agreement. Keep sufficient cleared funds the night before the debit date to avoid unpaid items and bank penalty charges on top of lender fees.
Paying early or topping up
The National Credit Act gives every borrower the right to settle early without penalty. On request Creditum must quote a settlement figure covering outstanding principal and accrued interest to the proposed date, credit the payment within three business days, and refrain from charging an early settlement administration fee.
Many branchless lenders also allow manual EFT or portal payments for partial prepayments. Confirm the reference format on creditum.co.za before sending an extra transfer.
When an instalment fails
Late charges follow the wording in your contract. Interest continues on the unpaid balance at the contracted rate. Persistent arrears can lead to negative listings at bureaux such as TransUnion, Experian, Compuscan or XDS, followed by handover to a registered debt collector or court action after the prescribed period.
Contact the lender before the due date if income disruption is likely — voluntary arrangements beat silent defaults.
Extensions and rollovers
Product-specific deferrals depend on Creditum’s live terms. Treat any rollover as new cost of credit and read the revised disclosure before accepting.
Debt review reminder
Consumers under formal debt counselling may not take fresh credit. Attempting a new loan while flagged in debt review violates NCA rules and will fail automated checks.
