PrimeLoans

4.0 (140 reviews)

PrimeLoans (NCRCP20937) is a South African payday lender registered in 2024. Read its company background, regulatory status, contacts and how to verify its NCR licence on Creditdeals.io.

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How to Repay Your PrimeLoans Loan: All Payment Methods

PrimeLoans collects loan repayments using DebiCheck, a South African Reserve Bank-approved debit order system that requires the borrower to electronically authenticate the debit instruction with their bank before any collection can occur. This one-time authorisation at the start of the contract means PrimeLoans cannot collect money from your account without your prior confirmed consent.

Repayment Methods

Default interest: Additional interest may be charged on the

Default interest: Additional interest may be charged on the overdue amount.

Credit bureau listing: PrimeLoans is required to report paym

Credit bureau listing: PrimeLoans is required to report payment defaults to credit bureaus. This affects your ability to obtain credit from any South African lender in the future.

Legal action: Persistent non-payment may result in a summons

Legal action: Persistent non-payment may result in a summons, court judgement, and possible emoluments attachment order (garnishee order) against your salary.

Collection activity: PrimeLoans may engage a registered debt

Collection activity: PrimeLoans may engage a registered debt collection agency to recover the outstanding amount.

Early Repayment

### Method 3 — Early Repayment (Early Settlement)

Loan Extension

### Loan Extension (Rollover)

Penalties

You may settle your PrimeLoans loan in full at any time before the due date. There is no early settlement penalty. Settling early reduces the total interest you pay, as interest is charged only for the days the loan is outstanding.