Terms and Conditions

  1. Definitions

    In these terms and conditions, the following words will have the following meanings, unless the context clearly indicates another meaning:

    1. Account” means the credit account created by us in respect of your the loan that you obtained from us whereby we record all transactions processed against your loan;
    2. Agreement” means the terms and conditions contained in this document, read with the pre-agreement and the application form completed by you, and any changes thereto;
    3. Debit order” means (at our choice) a standard debit order or an early debit order whereby we instruct your bank to deduct an amount from your bank account and to pay that amount directly over to us on your behalf. The amount deducted may vary every month depending on your monthly instalment and may include any other amounts that may be due to us, from time to time;
    4. Initiation fee” means a fee charged by us to you in order to create a loan for you;
    5. Personal information” means any information that we receive about you, including but not limited to your name, identity number, contact information, employment and financial information;
    6. Reference rate” means the rate used by us to determine the interest charged by us to you for use of the loan;
    7. Service fee” means a fee charged by us to you for the administration of your account
    8. All information that you provide us with must be truthful, complete, accurate and correct. You must immediately notify us if any of your information changes. If your application is not complete or if you don’t provide us with any required documentation, we may contact you to obtain the required information or documentation; or we may approve or reject your application.
    9. Your application for a loan is subject to our credit approval criteria and to the conditions for granting credit as set out in the Act. We are, however, not obliged to grant your application.
    10. You consent to us obtaining any information or documentation directly from your employer, bank, credit bureau or any other source for the purposes of assessing your application.
    11. The loans we offer range from R 500.00 – R 3000.00 and our payment terms for loans will range from month to month.  The said loan amount should not be more than one third (¹/³) of you monthly Nett Salary.
    12. If your application is approved, the loan amount for which you qualify and as requested by you will be paid as soon as possible through electronic fund transfer and in South African Rand. Under no circumstances will a cash payment be made.

       

    13. You must pay your account through a debit order. You therefore authorize us (and mandate your bank) to deduct your monthly payments, as well as any other amount that may be due from time to time by you to us in terms of this agreement, from your bank account. If your account is in arrears, you authorize us (and mandate your bank) to also deduct such arrear amount, as well as any other amount that may be due, monthly, by you to us in terms of this agreement, from your bank account through an additional debit order.
    14. We will deem all payments made by you to be made paid on the date that we receive such payment and the payments shall be allocated in the following order:
      1. payment of due or unpaid interest, and thereafter
      2. payment of due or unpaid fees and charges (including any insurance), and finally
      3. payment of the principal debt, it being agreed that your oldest debt will be paid first.
    15. You may prepay any amount owed to us at any time, however, making a prepayment will reduce your outstanding balance and not entitle you to skip a payment.
    16. If your debit order is unpaid by your bank, you must make the minimum payment due as indicated on your statement directly to us by the due date for such payment in order to keep your account from going into arrears.
    17. If your debit order authorization lapses due to there being no funds available in your bank account, you must contact us to provide us with a new debit order.
    18. If you wish to settle your account, you must first contact us to obtain a settlement amount. Settling your account means that we will automatically also close your account.
    19. You must immediately let us know if during the term of this agreement:
      1. You apply for sequestration or to be placed under administration;
      2. You are placed under curatorship so that you are no longer able to manage your own financial affairs; or
      3. You apply for debt review.

         

    20. If you do not comply strictly with the rules set out in this agreement, make any untrue statements or representations, fail to disclose any information that is pertinent to the loan application or do anything that may prejudice the rights of My Little Loan, My Little Loan may, without prejudice to any other right that may accrue to My Little Loan claim the full amount outstanding which includes, without limitation, the loan amount, arrear interest or any other monies owing against the outstanding loan amount.

       

    21. You consent to My Little Loan conducting a credit enquiry about you and confirming your details with any credit bureau, credit provider or third party and providing your Pl including the manner in which you conduct your account to:
      1. credit risk management services (including credit bureaux); and/or
      2. crime prevention agencies.

        TransUnion Credit Bureau (Pty) Ltd
        T: 0861 482 482
        Email:
        contactcentreadmin@transunion.co.za

        Compuscan Information Technologies (Pty) Ltd
        T: 021 888 6000
        Email:
        info@compuscan.co.za

        Experian South Africa (Pty) Ltd
        T: 011 799 3400
        Email:
        consumer@experian.co.za

        XDS (Xpert Decision System)
        T: 011 645 9100
        Email:
        vasb@kqf.pb.mn

    22. My Little Loan may transfer and share your PI and information about your loan application, termination and non-compliance with this terms and conditions to the following credit bureaus:


  1. Application
    1. By completing and submitting an application, you:
      1. are applying to us for a loan. This agreement, read together with our self-service portal terms and website terms of use, where applicable, contains the terms and conditions upon which we are willing to provide such a loan to you; and
      2. confirm that you have read and understand these terms and conditions, the meaning and consequences of this agreement; and
      3. confirm that you are the person whose details you have given to us as the applicant in the application form.
  2. Interest & fees
    1. Subject to the provisions of the Act and each individual application, we will determine the amount of any interest, fees and other costs that will be charged to your account.
    2. The rate of interest that we charge to your account will be reflected on your pre-agreement, but will never be more than the maximum annual interest rate permitted by the Act from time to time. The interest rate will be linked to the reference rate and will be fixed for the period of the agreement.
    3. Interest will be calculated on a daily basis and added to your principal debt (in other words, compounded) on a monthly basis.
    4. If you are in arrears, additional interest will be charged on overdue amounts at the same rate as the interest rate applicable. This arrear interest will be collected with your next monthly debit order.
    5. We will periodically charge you a service fee. This will apply for as long as your account is open. The amount and frequency of the service fee will be set out in your pre-agreement, however, we may change this amount on notice to you. 
  3. Payment & settlement
    1. You must pay at least the minimum amount payable as indicated on your statement by the due date, which amount is made up of the sum of:
      1. the instalment
      2. any arrears; and
      3. fees and charges.
  4. Termination and Loan Agreement Default
    1. If you fail to make any payment punctually, you agree that My Little Loan may immediately claim the entire amount you owe in terms of the agreement from you (which includes, without limitation, loan amounts, arrear interest and any other monies owing against the outstanding loan amount). In these circumstances, My Little Loan may enforce the agreement by taking the following steps:
      1. My Little Loan may advise you in writing or by way of SMS that you are in default and propose that you refer the agreement to a debt counsellor, alternative dispute resolution agent, consumer court or ombud with jurisdiction in order to resolve any dispute under the agreement or agree on a plan to bring the payments up to date;
      2. If you have been in default for at least 20 business days and at least 10 business days have elapsed since My Little Loan sent you notice as set out in 6 and you have not responded to the notice, or have responded by rejecting My Little Loan’s proposals, My Little Loan may approach a court for an order to enforce the agreement.
      3. You may at any time before My Little Loan has cancelled the agreement, remedy your default by paying to My Little Loan all amounts that are overdue, together with My Little Loan permitted default charges and reasonable costs of enforcing the agreement up to the time you remedy your default.
  5. Jurisdiction

    In terms of section 45 of the Magistrates’ Court Act, 32 of 1944, you hereby consent that My Little Loan may institute any legal proceedings that have to do with this agreement or your account, in the Magistrates’ Court. You consent that we may institute action in any Magistrates’ Court, which, in terms of section 28 of the Magistrates’ Court Act, has jurisdiction over you. If we have to go to court for any reason related to this agreement, you will have to appear in the Magistrates’ Court. We can however choose to institute action against you in any court having jurisdiction.

     

  6. Default Administration and Collection Costs

    Should you be in arrears with your monthly instalments and should My Little Loan take steps to enforce the agreement in terms of the Act, you shall be liable for all default administration charges and collection costs incurred by My Little Loan or its appointed collections agent, including collection commissions, costs of an attorney and such other reasonable expenses incurred by My Little Loan or its appointed collections agent, in enforcing this agreement (such as telephone calls and letters to you), subject to the provisions of the Act.

  7. Personal Information Consent and Credit Inquiry and Reporting
    1. You consent to:
      1. The processing of your personal information (“PI”) by My Little Loan, on condition they will keep such information confidential;
      2. The collection of your PI from any other sources to add to the PI which My Little Loan has about you;
  8. Addresses
    1. You choose the address as stated in the agreement as your domicilium citandi et executandi address and the address at which you will accept service of legal documents and notices.
    2. If you have an address change, you are responsible for informing Capfin of the new address either in writing or telephonically as soon as possible.
    3. My Little Loan chosen address and contact detail for all purposes under this agreement is as follows, namely:    

      430 Pelargonium Road Magalieskruin Pretoria 0182

      072 297 7657 My Little Loan

  9. Declaration and Authorization by Applicant

 

I, the applicant declare and agree that:

 

The information that I have provided for the purposes of concluding this agreement is true and correct;

I have not taken up any further credit other than that which already existed at the time I applied for this loan from My Little Loan;

Where instalments are deducted from my bank account, I may not close the bank account unless I have informed My Little Loan of the change and My Little Loan has agreed to it and I will make sure that my salary is paid into the indicated account until the entire loan (together with all administrative charges and interest) has been repaid;

Notification in terms of Section 72 (1) of the National Credit Act may be given to me by way of sms;

I will personally contact My Little Loan to obtain a settlement quote in the event that I want to settle my loan before the end of its term. I acknowledge that a third party may not settle my loan on my behalf;

By accepting this agreement I give My Little Loan - permission to:

  • Contact anyone to check that the information which I have provided for the purposes of concluding this agreement is correct;
  • Obtain details from any party about my financial status and banking details, including my credit record and payment history;
  • Give information about this loan to any party, including any credit bureau or National Loans Register;
  • Disclose to a third party my credit record and payment history;

 

Disclose my PI in the following instances:

  • where Capfin is legally compelled to do so;
  • where it is in the public interest to disclose my PI;
  • where disclosure is made at my request or with my written consent