Quick answer: A default is an adverse listing a credit bureau records when you fall behind. You can remove a default in two situations: if it is wrong, you dispute it free and the bureau…
Quick answer: Prescribed debt is old debt that has become legally unenforceable. In South Africa most ordinary debts prescribe after three years with no payment, no acknowledgement, and no legal action by the creditor. Since…
Quick answer: A pre-agreement quote is a one-page document that a registered lender must give you, free, before you sign a loan. It sets out the exact amount, interest rate, every fee, your instalment, and…
Quick answer: E-hailing loans are credit products for self-employed drivers on platforms like Uber, Bolt and inDrive, who usually have no payslip. Instead of one, registered lenders assess your bank statements and in-app earnings. Drivers…
Quick answer: A R1000 loan is a small short-term credit agreement, and South African law caps what it may cost. On a first loan repaid in about a month, expect fees and interest of roughly…
Quick answer: A debit order is a standing instruction that lets a company pull a fixed amount from your bank account on a set date each month. If the money is not there, the debit…
Quick answer: The National Credit Act (Act 34 of 2005) is the law that protects South African borrowers. It forces lenders to register with the National Credit Regulator, check that you can afford a loan,…
Quick answer: Loan apps are mobile applications that let you apply for a short-term loan straight from your phone. In South Africa, a safe loan app is run by a lender registered with the National…
Quick answer: An emergency loan is a small, short-term loan meant to cover an urgent, unexpected cost, a burst geyser, a car breakdown, a medical bill, until your next payday or over a few months.…
Said with respect: millions of South Africans borrow from a mashonisa, and they are not fools — they are people the formal system was too slow for. This article is a price comparison, not a…