On this page
How much does a R2 000 loan cost over 30 days?
A R2 000.00 loan over 30 days costs R473.75 in the first-loan example, so the single repayment is R2 473.75. That R473.75 cost of credit is made up of R100.00 interest, a R304.75 initiation fee and a R69.00 service fee. Both fees already include VAT of R48.75 in total, so do not add it again. No fee is deducted from the R2 000.00 paid out, and no insurance premium is included. Interest is 5% of the amount borrowed per 30 days for a first loan, or 3% for a subsequent loan in the same calendar year; it is proportional to the number of days and is not an annual percentage rate (APR). The initiation fee is R165 plus 10% of the amount above R1 000 before VAT, capped at the lower of R1 050 and 15% of the amount borrowed — R265.00 before VAT in this example. The service fee is R60.00 before VAT per 30 days. These are Lendumi Everyday rates applied to an example; your personal quotation confirms the figures for your loan.
| Component | First-loan example |
|---|---|
| Amount received | R2 000.00 |
| Interest | R100.00 |
| Initiation fee, including VAT | R304.75 |
| Service fee, including VAT | R69.00 |
| Insurance premium | Not included |
| Total cost of credit | R473.75 |
| One repayment after 30 days | R2 473.75 |
The “Continue to partner” button on this page opens our partner’s website, where the application is made. The partner confirms eligibility, price and terms, and Lendumi may be paid if you take up an offer there.
Each charge, explained
Interest
The first-loan scenario uses 5% of the amount borrowed per 30 days. The subsequent-loan scenario uses 3% per 30 days. Interest in these examples is proportional to the selected number of calendar days. These rates are not an all-in annual percentage rate (APR).
The “Borrowed this year” option compares an example subsequent short-term loan in the same calendar year. Selecting it does not establish eligibility for a rate; borrowing history must be checked as part of a real assessment.
Initiation fee
A once-off charge associated with setting up the credit agreement. The example uses R165 plus 10% of the amount above R1 000, before VAT. It is capped at the lower of R1 050 and 15% of the amount borrowed, before VAT.
Service fee
A charge for administering the agreement. The example uses R60.00 before VAT per 30 days, proportional to the selected term. Each VAT amount is rounded separately to the nearest cent.
Other amounts and terms
Each row uses the first-loan scenario and assumes payment on the agreed date.
| Amount received | Term | Total cost | Total to repay |
|---|---|---|---|
| R500.00 | 15 days | R133.25 | R633.25 |
| R2 000.00 | 30 days | R473.75 | R2 473.75 |
| R4 000.00 | 35 days | R848.58 | R4 848.58 |
What is not included in these figures?
Late-payment costs, collection costs and insurance are in none of the amounts on this page, so the examples show the cost of paying on time and nothing else. The interest rate and both fees stay within the maximums set for short-term credit in the regulations under the National Credit Act: 5% a month for a first loan, 3% for a later loan in the same year, and a R60 monthly service fee before VAT. Ask any lender for default and collection charges in writing before you accept credit.
If you settle early or pay late
A dated settlement quotation may differ from your scheduled total, because it is worked out for the day you actually pay. If a payment is late, ask for an itemised balance and check your agreement; the missed-payment guide explains what to ask for. The calculator cannot predict default or collection charges.
What should the personal quotation show?
Confirm the amount paid to you, every charge, the total, the due date and the quotation’s validity. If anything changes, read the revised quote before deciding. Use the quotation guide to check each item.
References: National Credit Act · NCR register of credit providers.
Still have a question? Find the right contact or search all guides.