Loan Terms Summary
| Parameter | Value |
|---|---|
| Minimum loan amount | R1,000 |
| Maximum loan amount | R120,000 |
| Minimum term | 12 months |
| Maximum term | 60 months |
| Interest rate type | Fixed for the duration of the agreement |
| Maximum APR | 32% per annum |
| Representative APR | 28% per annum (on R100,000 example) |
| Monthly service fee | R68.40 (per representative example) |
| Initiation fee | Per NCR schedule (capped at R1,207.50 incl. VAT for agreements above R8,050) |
| Monthly service fee cap (NCR) | R69.00 incl. VAT |
| Repayment method | Debit order / DebiCheck from borrower's bank account |
| Disbursement | Direct EFT to borrower's nominated bank account |
Borrower Eligibility Requirements
- South African citizen or permanent resident.
- 18 years of age or older.
- Valid South African identity document (green ID book or smart card).
- Minimum monthly income of R1,500 (net / take-home).
- Active South African bank account into which salary is deposited.
- Proof of current residential address.
Cost of Credit — Illustrative Example
Representative example: Loan amount R100,000, APR 28%, term 24 months:
- Monthly instalment: R4,558
- Monthly service fee: R68.40
- Initiation fee (once-off, approx.): R1,207.50
- Total interest over 24 months (approx.): R9,392
- Total cost of credit (interest + fees, illustrative): R12,035
- Total repayable (approx.): R112,035
Smaller loan example: Loan amount R10,000, APR 32%, term 12 months:
- Monthly instalment (approx.): R955
- Total repayable (approx.): R11,460
Mandatory risk warning. These examples are illustrative only. The actual APR, fees and instalment are determined by the matched NCR-registered lender after a statutory affordability assessment under the National Credit Act. Do not sign a credit agreement before you have read and understood the pre-agreement statement and quotation (NCA Section 92). Defaulting on a credit agreement results in penalty interest, credit bureau listings and possible legal action.
FAQ — Terms
Is the interest rate fixed? Yes. EC Online Loans states that the rate is fixed for the life of the loan, giving you certainty over your monthly repayment.
What is the minimum income to qualify? R1,500 net per month. In practice, lenders apply a more detailed affordability model; higher-value loans require demonstrably higher income.
Can I borrow for a period shorter than 12 months? The minimum advertised term is 12 months. For shorter-term borrowing (days to 6 months), short-term lenders such as Wonga SA or Lime24 may be more appropriate.