Terms of Loans

Our Loans Terms

Terms and Conditions of Loans with EC Online Loans

The loans we provide vary from R 1000 – R 120 000 and our payment terms for loans vary from one month to eighty four months. Interest rates square measure supported every individual application and befits the National Credit Act and National Credit laws.

Implications recently or No Payments

We totally support the National Credit Act and it’s our aim to fulfill your loan wants in an exceedingly accountable manner.

The sole manner prices can mount on the far side our initial calculation is that if you don’t keep your promise.

In alternative words, if you raise our service suppliers to vary your compensation date, or don’t guarantee comfortable funds square measure accessible for automatic assortment. If there’s associate early morning assortment try and therefore the payment is declined by your bank – as a result of you haven’t created certain there square measure enough funds accessible– they’re going to do their best to contact you throughout the day. They forever hope to resolve the case that day however your bank could charge you for not having comfortable funds accessible in your account.

Our service suppliers can then create any makes an attempt to gather the cash from your account and their skilled collections team also will keep attempting to contact you to debate the case. If your circumstances have modified considerably, they’re going to do their best to supply an answer and are available to an appointment that helps you retreat to heading in the right direction.

They can attempt their utmost to stay penalty fees and charges to a minimum however interest and repair fees will still mount on your balance for up to ninety days if they can’t reach a good agreement within the meanwhile. If you don’t work with them and that they can’t recover the cash over an inexpensive amount, your account is also passed to associate external collections partner.

Continued failure to repay a loan {will also|also can|will} mean credit bureaus will record the outstanding debt. Records stay on file for variety of years once they’re closed, whether or not settled by you or defaulted.

Please Note:

In the event that the payment day falls on a weekday, Sunday or recognized South African public vacation, the payment day can mechanically be the terribly next standard business day. Further, if there square measure deficient funds within the appointive account to fulfill the requirement, we have a tendency to square measure entitled to trace your account for seven days and re-present the instruction for payment as before long as comfortable funds square measure accessible in your account.

If you still miss your payments on the far side ninety or a hundred and twenty days, the subsequent records can also hurt your credit score:


Collections square measure the results of late payments. There square measure 2 varieties of assortments; people who are sold to a 3rd party assortment agency or people who are turned over to an inside collection department. notwithstanding that one shows an currant your credit reports, your scores can suffer

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

Renewal Policy

We do assist shoppers with quite one active loan as long as their current loan with our suppliers is up to this point. Once you created 3 payments on your current loan you’ll apply for one more loan with us. we’ll compute if you are doing qualify for one more loan according the NCR rules like the primary loan.

The National Credit Act:

Provides one set of rules for all credit & loan activities
Aims to forestall reckless disposal and over-indebtedness
Establishes new and improved rights for credit customers

Personal Loan Terms & Conditions

By applying for a private Loan with EC Online Loans and sign language the applying type received from this web site I make sure the following:

I authorize our agent  to debit my account on your behalf. The debit order agreement is also off by giving thirty days written notice in writing however I perceive that any amounts withdrawn whereas this agreement was effective in owing.

Credit Report

With the EC Online Loans you furthermore might get your Credit Report with information on the way to repair your credit. we’ll e-mail you the login details to access the Credit Report once fee is paid. With that, some tools on the way to improve your Credit Rating also will be sent to you. {you can|you’ll|you may} have an obsessive person in our workplace EC Online Loans will guide you thru the method.

We will keep you updated on the entire method of seeking a loan for you that most closely fits you and have quite one possibility accessible to most shoppers.

We can conjointly assist our shoppers with the following:

Assisting shoppers to find a loan from completely different Service suppliers (All registered with NCR)
Medical Aid Quotes (from quite one company)
Insurance Quotes

If a loan is declined we will forward your details for Debt-Restructuring so as to induce your Credit Profile in smart standing thus you’ll apply for Home-Loans, automotive Finance etc. in future (Not Debt Review or Counselling). Please contact us regarding this supply.

For a lot of data on Home Loans & Bonds (Non-Blacklisted) please e-mail details to queries@econlineloans.co.za

In order to use any of the on top of services please decision our call center on 021 207 3854 and request the shape traditional turnaround latent period is twenty four hours.

I offer permission for EC Online Loans to debit my account with a Once Off Fee of R 249.99 to cover cost in sourcing a Loan for me. This Fee is payable whether the loan is Approved, Declined or not accepted by me.  If the R 249.99 isn’t accessible EC Online Loans can deduct this account over a amount of four months to recover funds from same account.

Settlements square measure deals created between you and a someone World Health Organization is attempting to gather a late debt. Normally, you and therefore the someone would agree on associate quantity that’s but what you actually owe them. Once you pay them, they take into account the matter closed and paid off. However, they’re going to report that you just have created a debt settlement for fewer than your written agreement obligation. this can hurt your scores the maximum amount as the other serious delinquency.

Implications of Late Payment

This record will damage your credit scores only when it is reported as currently 30 days late. The exception is if you are 30 days late often. Otherwise, a 30-day late payment will not cause lasting damage.

This record will also damage your credit scores when it is reported as currently 60 days late. Again, the exception is if you are 60 days late often. Otherwise, it will not cause long term damage.

This record will damage your credit scores significantly for up to 7 years. It doesn’t make a difference whether or not your account is currently 90 days late. Remember, the goal of the scoring model is to predict whether or not you will pay 90 days late or later on any credit obligation. By showing that you have already done so means that you are more likely to do it again compared to someone who has never been 90 days late. As such, your credit scores will drop.

Late payment reporting beyond the initial 90 day missed payment does not cause additional credit score damage directly. However, there is an indirect impact to your scores. At this point, your debt is usually charged off or sold to a 3rd party collection agency. Both of these occurrences are reported on your credit files and will lower your credit scores further.

Cost of credit and Application Requirements

Our financial service(s)/credit provider(s) offer between R1000 and R100 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 R1500 per month, have proof of your current residential address and your own a bank account into which your salary is deposited. 

Terms of Loans