Key parameters
| Parameter | Value |
|---|---|
| Minimum loan amount | R100 |
| Maximum loan amount | R15,000 |
| Minimum repayment term | 61 days |
| Maximum repayment term | 365 days |
| Minimum annual interest rate | 0% (new-client promotional offers via select partners) |
| Maximum annual interest rate | 36% |
| Platform fee | R0 — free comparison service |
| Disbursement method | Bank transfer or card, by the individual lender |
| Lender regulation | NCR-registered under the National Credit Act 34 of 2005 |
Note. Specific partner lenders usually limit the 0% promotional rate to a first loan. Not every applicant qualifies. Repeat borrowing follows the standard rate schedule of the lender you select.
Borrower requirements (typical — verify with your chosen lender)
Each partner sets its own rules. Across the Letocredit network, applicants commonly need:
- 18 years of age or older.
- Valid South African ID document or smart card.
- South African resident.
- Active South African bank account in your own name.
- Verifiable source of regular income.
- Active mobile number for OTP verification.
- Latest payslips or three months' bank statements (some partners use automated bank-feed verification tools).
Cost-of-credit example
Illustrative example only. The individual lender fixes actual figures in the pre-agreement quotation. Take a loan of R5,000 over 91 days at the maximum disclosed rate of 36% per annum with typical NCA-capped fees:
| Cost component | Illustrative amount |
|---|---|
| Principal | R5,000 |
| Interest (36% p.a. × 91/365) | ≈ R450 |
| Initiation fee (NCR cap) | ≈ R626 |
| Monthly service fee × 3 months (NCR cap R69/month) | R207 |
| Total repayable (approx.) | ≈ R6,283 |
The numbers above simplify reality. Your lender must supply an exact pre-agreement statement of account before you sign.
NCA cost caps that apply to every partner lender
- Interest rate cap: 5% per month on short-term credit of R8,000 or less (first agreement); otherwise 21% per annum plus the repo rate for longer agreements.
- Initiation fee cap: R165 plus 10% of principal above R1,000 (maximum R1,207.50 incl. VAT).
- Monthly service fee cap: R69 incl. VAT.
- Credit life insurance cap: R4.50 per R1,000 per month.
Risk warning
Letocredit partner loans are credit products regulated by the National Credit Act 34 of 2005. Failure to repay on time results in penalty interest, debit-order return fees, adverse listings on your credit bureau record (TransUnion, Experian, Compuscan, XDS) and possible referral to debt collectors or legal proceedings. Assess affordability carefully before accepting any loan offer. If you are over-indebted, contact a registered debt counsellor via ncr.org.za.
FAQ — Terms
Why does the maximum rate reach 36% when the NCA short-term cap is 5% per month? That 36% ceiling applies to longer products (above R8,000 or beyond a first short-term agreement), where the NCA cap is 21% plus the repo rate instead of 5% per month on short-term credit.
Is the 0% rate available to everyone? No. Partner lenders treat it as a limited first-loan promotion. Repeat loans and some applicants may not qualify.
What is the shortest term available through Letocredit? The disclosed range currently starts at 61 days. This partner network does not list shorter terms.