Loan Rates and Fees

What loan rates and fees do I need to pay?

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.

When will I sign for the 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 Loans is not a direct lender, it will not provide loans to consumers; instead, it aids in the process, so that customers will get the loan that best matches their needs.

Once the application has been submitted, EC Loans 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 borrowers 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 interest rate be?

Fees and interest rates are dependent on the lender, which means different lenders may charge somewhat higher or lower fees. 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 traditional loan application process is generally lengthier than going with a cash loan solution.

Alternative loan solutions are quicker, like EC Loans, and more efficient

Our maximum APR is 28% per year as per the NCR with terms ranging from 6 months to 60 months. All our loans are longer than 60 days as we do not do payday loans.

It could take weeks to get approved and have funds disbursed with a bank loan. A cash advance loan takes a matter of minutes.
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 R57 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 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.

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.

R 50 000 Loan

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

R 40 000 Loan

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

R 30 000 Loan

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

R 20 000 Loan

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

R 15 000 Loan

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
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Cost of credit and Application Requirements

We offer between R 1000 and R 120 000,00 loans and are the best method of attending to an unforeseen financial event. Repayments are also tailored to suit your budget and your personal needs, they are also dependent upon your affordability and credit criteria. To apply for a loan you must, be a South African citizen or a permanent resident and 18 years or older with a valid identity document, earn a minimum of R 1500 per month, have proof of your current residential address and your own a bank account into which your salary is deposited.

Cost of Credit:
Insurance: 1.25% of monthly opening balance
22.50% Benefit
The Maximum APR is 28% per annum