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Loan Interest Rates and Fees

Your rate is fixed during the life of the loan. The interest rate you pay will be determined when you apply for the loan. It will be based on the lesser of 5%. This means that your rate will not vary from the rate it was awarded. Interest begins to accrue from the date of signing for the loan.

How Do I Get a Personal Loan?

In order to get a cash advance or cash loan you must first complete and submit an application form. Keep in mind that EC Finance is not a direct lender, we will not provide loans to consumers; instead we aid in the process, so that you will get the loans that best match your needs.

Once the application has been submitted, EC Finance will find a suitable lender based on your profile and loan requirements. The lender will disclose all payment information before you have any obligation to actually take out a loan. Before accepting and signing for the loan, be sure to thoroughly review all information regarding fees and rates. Lenders are required by the Truth and Lending Act to disclose any and all fees that you may be required to pay.

Be aware that any fees and expenses for getting a cash loan are decided by the lender based on your customer profile as assessed in your application. Thus, rates and fees may vary depending on the lender and customer. If you do not agree to the terms set by the lender, you do not have to accept the loan. However, should you decide to accept the terms and the loan, simply fill out the e-signature form and wait for your cash loan to be transferred directly into your bank account.

What Will my Fees Be?

Fees and interest rates are dependent on the lender, which means different lenders may charge somewhat higher or lower fees. Interest rates are usually higher than those a bank would charge for a similar loan. Banks however, maintain stricter loan qualifications and issue loans only when certain requirements, like a good credit score, are met. The process of applying for a loan is generally lengthier than going with an online cash loan solution. It could take weeks to get approved and have funds disbursed with a bank loan. A cash advance loan takes a matter of minutes.

Responsible borrowing is imperative when getting back on the road to financial freedom.

Our service providers always tell you upfront what the cost of your loan will be. There are no catches or extra costs to worry about, providing you stick to your side of the deal. Our short term service providers have an annual interest rate of 32.10% to 60% APR. They also show you an example of the cost of an average loan to show you a clear breakdown of interest and fees. Included in this is their R 57,00 per month service fee that helps cover the cost of the administration of your account and an initiation fee which all fall in line with the National Credit Association (NCA). All of this is shown upfront so you can judge the cost of a loan before you accept your quotation. Fees include 14% VAT.

R50 000

Term Min Installment Max Installment
24 month R 2,746.92 R 3,249.62
36 month R 2,070.85 R 2,545.18
48 month R 1,771.86 R 2,208.84
60 month R 1,578.26 R 2,018.96

R40 000

Term Min Installment Max Installment
24 month R 2,223.85 R 2,628.25
36 month R 1,679.99 R 2,061.56
48 month R 1,439.45 R 1,790.99
60 month R 1,283.71 R 1,638.23

R30 000

Term Min Installment Max Installment
24 month R 1,749.34 R 2,006.88
36 month R 1,338.59 R 1,577.94
48 month R 1,158.89 R 1,373.14
60 month R 1,043.07 R 1,257.51

R20 000

Term Min Installment Max Installment
24 month R 1,301.84 R 1,385.52
36 month R 1,007.77 R 1,094.32
48 month R 883.67 R 955.29
60 month R 808.45 R 876.79

R15 000

Term Min Installment Max Installment
24 month R 1,074.84 R 1,074.84
36 month R 852.51 R 852.51
48 month R 746.36 R 746.36
60 month R 686.43 R 686.43