Legal
Responsible Lending Notice
Our commitments about how we lend, and plain warnings about the cost of borrowing.
1. Affordability
This section must set out: The affordability rule applied to every application, which income figure it is measured against, and that we may offer less than requested.
2. What we check
This section must set out: Income verification, employment confirmation, existing commitments and any credit reference check.
3. The cost of borrowing
This section must set out: A plain statement that interest and the arrangement fee are shown in full before signing. The worked examples below are generated from the live product settings and update automatically.
Payroll Loan
| Amount borrowed | K10,000.00 |
| Arrangement fee (18%) | −K1,800.00 |
| Amount you receive | K8,200.00 |
| Interest (8% x 6 months) | K4,800.00 |
| Total cost of credit | K6,600.00 |
| Total you repay | K14,800.00 |
| Repayment | K2,466.67 a month for 6 months |
Payday Loan
| Amount borrowed | K5,000.00 |
| Arrangement fee (18%) | −K900.00 |
| Amount you receive | K4,100.00 |
| Interest | K1,650.00 |
| Total cost of credit | K2,550.00 |
| Total you repay | K6,650.00 |
| Repayment | One instalment on your due date |
| Settle 7 days early | K6,500.00 — you save K150.00 |
4. Short-term borrowing warning
This section must set out: That a payday loan is expensive relative to its term and is not suitable for long-term or repeat borrowing.
5. If you are struggling to repay
This section must set out: Who to contact, that we would rather restructure than recover, and that contacting us early does not disadvantage you.
6. This is not financial advice
This section must set out: That we provide credit, not advice, and that borrowers should consider whether the loan is right for them.
7. Alternatives
This section must set out: That borrowers may wish to consider employer advances, savings groups or other options first.
Once approved wording is supplied it is inserted here and this notice is removed. Each section is stored separately so it can be updated without rebuilding the site.