What a credit agreement contains

Inside a credit agreement

Six things, and they are worth finding before you sign: who the parties are, how much credit is provided and what reaches you, the price and payment schedule, the rules for early repayment and missed payments, the privacy and language arrangements, and the routes for questions, help and disputes. This page helps you navigate those topics; it is not itself a contract and does not replace the documents issued for a specific loan.

Who are the parties, and how much is the credit?

Check your own details, the creditor’s legal identity and registration, the principal debt and the amount actually paid to you. Any difference between the principal and the payout should be explained in the document. You can check a credit provider on the NCR register.

The price and payment schedule

Read the interest method, all fees, any insurance, the total and the repayment dates. Check the payment methods and what a debit-order mandate authorises: a bank mandate and a credit agreement serve different purposes.

Early repayment and missed payments

Find how to obtain a settlement quotation, how payments are allocated, and what happens if a payment is late. Review the default charges and notices rather than assuming the calculator covers them — it does not.

Where are the information, help and dispute routes?

Read the privacy notice, the available language options, the contact routes and the complaints process, and keep the agreement and any later agreed changes in a form you can retrieve. The complaints guide sets out independent escalation routes.

Your credit agreement is issued with your personal quotation. Nothing on this information website, including the calculator and its download, creates a loan agreement.

Reference: National Credit Act — South African Government.