How do I settle my loan early?

Ask us for a settlement figure, pay it by the date shown, and the loan is closed. There is no penalty for settling early. You pay the principal you still owe plus interest and fees up to that day, and nothing for the months you no longer need.

How to settle, step by step

1. Ask for a settlement figure. Contact us with your ID number. Tell us the day you want to settle.
2. Receive it in writing. The figure is sent to the contact details on your loan, with the date it is valid until. The validity period is not yet published.
3. Pay the exact amount. Pay into the account named in your agreement, or as the settlement letter explains. Only use bank details from your agreement or official RandLeaf channels.
4. We confirm and stop the debit orders. Once the payment clears, we confirm that the loan is settled and cancel the remaining DebiCheck collections.
5. Ask for your paid-up letter. It confirms that nothing more is owed. About paid-up letters.

What the settlement figure includes

Principal still owed

The part of the amount you borrowed that you haven’t repaid yet.

Interest up to the settlement day

At 2% a month on what you still owe, for the current period only.

Service fee for the current month

R40.00 for the month you settle in. Later months are not charged.

Unpaid part of the initiation fee

The initiation fee is charged once when the loan starts and is split across your repayments for convenience. Any part not yet paid is included.

Not included

Interest and service fees for future months, and any penalty. There is no early settlement penalty.

Example: settling a R3 000 instalment loan early

Take a first instalment loan of R3 000 over 3 months. You have made the first repayment of R1 123.59 and want to settle on the date of the second one, instead of making the last two repayments.

The two remaining scheduled repayments add up to R2 247.20. Settling instead costs R2 186.80, so you save R60.40: the interest and service fee for month 3.

What happens to the debit order

After the settlement payment clears, the remaining DebiCheck collections are cancelled. If a collection was already being processed close to the settlement date, the settlement letter explains how it is treated. If money is collected after you have settled, contact us so the overpayment can be refunded.

Other situations

• You want to pay extra without settling. Contact us first so the payment is allocated correctly and you know how it changes your schedule.
• You are under debt review. Settlement is arranged through your debt counsellor.
• The figure has expired. Ask for a new one. Interest keeps running until the loan is settled.

Settling early doesn’t count against you. If you apply again later, you can be treated as a returning customer, and the RandLeaf Roots benefit is designed so that early settlement doesn’t remove it.

Who to contact

Our phone, email and support hours are not yet published. You can also see every official channel on the contact page. If a message claiming to be from us looks wrong, check it against that page before you reply.