| Parameter | Short-Term (Payday) Loan | Instalment Loan |
|---|---|---|
| Minimum loan amount | R500 | R500 |
| Maximum loan amount | R8,000 | R8,000 |
| Minimum term | 5 days | 1 month |
| Maximum term | 37 days | 6 months |
| Maximum interest rate | 5% per month (NCA cap) | 5% per month (NCA cap) |
| Daily interest rate | From 0.1% per day | From 0.1% per day |
| Initiation fee | Greater of R165 or 15% of the first R1,000, plus 10% of the amount above R1,000 (NCA cap applies) | Same NCA cap |
| Monthly service fee | Up to R69 per month (NCA cap) | Up to R69 per month (NCA cap) |
| Early settlement | Permitted at any time; interest charged only for days outstanding | Permitted at any time without penalty |
| Repayment method | DebiCheck debit order | DebiCheck debit order |
| Currency | South African Rand (ZAR) | South African Rand (ZAR) |
Note: Creditza applies interest and fees up to, but not exceeding, the NCA-prescribed maximums. Your actual rate and fees depend on the outcome of the affordability assessment and your credit profile.
Borrower Eligibility Requirements
To qualify for a Creditza loan, applicants must generally meet the following criteria:
- Age: 18 years or older.
- Identity: Valid South African Identity Document (green ID book or smart ID card) — no passport-only applications.
- Residency: Must be a South African citizen or permanent resident.
- Income: Regular verifiable income (employment, self-employment, or qualifying benefit income). A minimum monthly net income of approximately R1,500 is typically required.
- Bank account: An active South African bank account, ideally the account into which salary or income is deposited.
- Not under debt review: Applicants who are currently under debt review in terms of NCA Section 86 are not eligible.
- Affordability: Net disposable income after existing debt obligations must be sufficient to cover the proposed instalment.
Documents Required
- South African ID (smart ID card or green barcoded ID book).
- Latest 3 months' bank statements (PDF from internet banking or stamped originals).
- Most recent payslip or proof of income.
- Proof of residence (utility bill, bank statement or municipal statement not older than 3 months).
Full Cost of Credit — Worked Example
Scenario: R2,000 short-term loan for 30 days.
| Cost component | Amount (ZAR) |
|---|---|
| Principal | R2,000.00 |
| Interest (5% per month × 1 month) | R100.00 |
| Initiation fee (15% of R1,000 + 10% of R1,000) | R250.00 (subject to NCA cap) |
| Service fee (monthly, NCA max) | R69.00 |
| Total repayable | R2,419.00 |
| Effective annual rate (illustrative) | ~60% |
This is an illustrative example only. Your actual total cost of credit will be set out in the pre-agreement quotation (NCA Section 92 disclosure) which Creditza is legally required to provide before you sign.
Risk Warning
Short-term and payday loans carry a materially higher annual effective interest rate than long-term bank credit. Failure to repay on time may result in additional interest charges, negative credit bureau listings, debit-order dishonour fees charged by your bank, and referral to a debt collector. If you are struggling with debt, contact the NCR at 0860 627 627 or a registered debt counsellor before borrowing further.
FAQ — Terms
What is the maximum I can borrow from Creditza? R8,000. This is the upper limit for both short-term and instalment products offered through creditza.co.za.
Does Creditza charge early-settlement penalties? No. Under NCA Section 125, you may settle your outstanding balance at any time. Interest is calculated only on the days you hold the funds.
Is the interest rate fixed for the life of my loan? Yes. Once your credit agreement is signed, the interest rate is fixed for the full term and cannot be increased unilaterally.
What happens if Creditza's DebiCheck is returned by my bank? Your bank may charge a returned-debit fee. Creditza may also charge a default administration fee. The outstanding instalment remains due and interest continues to accrue.