Loan terms, in plain language

Who the agreement is with

Your agreement is between you and legal entity not yet published, the registered credit provider that trades as RandLeaf (NCRCP: not yet published). The company’s name and registration number appear on your quote and on the agreement itself.

Your quote comes first

Before you sign, you receive a pre-agreement statement and quotation with the amount, the term, every repayment, the interest rate, each fee and the total to repay. How long a quote stays valid is stated on the quote itself. You are not bound by anything until you accept the agreement.

Amount and payout

The agreement states the amount we lend you. That full amount is paid by EFT into the bank account in your name that you verified during the application. Fees are not deducted from the payout: you receive the full amount and the fees are part of your repayments.

Interest and fees

Interest

2% a month on the principal you still owe, worked out for each monthly period.

Initiation fee

R50 plus 4% of the amount above R1 000, charged once and spread evenly across your repayments. It does not earn interest.

Service fee

R40 for each month of the agreement.

VAT

All fees include any VAT that applies. Nothing is added on top.

Insurance

No credit life insurance is charged. It is not a condition of the loan.

See how each cost works, with examples.

Repayments

Repayments are collected by debit order through DebiCheck, which you approve with your own bank. The agreement sets the amount, the dates and the number of repayments. A short-term loan has one repayment; instalment and personal loans have equal monthly repayments, with any cents of rounding on the last one. How DebiCheck works.

Settling early

You can settle the full balance at any time without a penalty. Ask us for a settlement figure: it includes the principal still owed, interest and fees up to the settlement date, and nothing for the months that would have followed. How to settle early.

If a repayment is missed

If a debit order fails, interest continues on the principal still owed at the agreed rate. Default administration charges and collection costs may only be charged as the National Credit Act allows and as your agreement states. We don’t list amounts here because they depend on the approved agreement and the law.

Before any of this, we would rather hear from you. What to do if you can’t make a repayment.

Cancelling

Your agreement sets out your cancellation rights where the law gives them. We don’t promise a general cooling-off period here, because whether one applies depends on the type of agreement and how it was concluded. Cancelling an application before you sign is always possible and costs nothing.

Credit bureau reporting

We check your credit record when you apply and report how the account is repaid to registered credit bureaus, as the law requires. Paying on time is recorded as well as missed payments.

One loan at a time

You can have one active RandLeaf loan at a time. We don’t roll loans over, top them up or renew them automatically.

Complaints and language

Our complaints process explains how to raise a problem and where to escalate it. The agreement is available in the languages set out in our language policy.

Downloadable version

A PDF of the general terms will be added here with its title, language, version and date once RandLeaf opens its own applications. Until then there is nothing to download, and this page is the current summary.