Cash Loan Terms and Conditions

Cash Loan Terms and Conditions

Applying for a cash loan often means that you have to be willing to uphold the terms and conditions in the contract. By agreeing to a cash loan agreement, you must fully understand the terms and conditions.

In South Africa, the terms and conditions of any credit agreement should be in accordance with the National Credit Act No.34 of 2005.

Description of the lender

  • This section includes details pertaining to the lender

Description of the payment schedule

  • This includes information about the interest rate (whether it will be fixed or variable). The section also provides details about non-payment of the loan and the results thereof.

Pre-payment disclosure

  • Some lenders charge penalties for early-prepayment, while others have no penalties.

Details of repayment

  • This section clearly states what the loan amount is, the interest charged as well as all other admin charges relates.

Debit order

  • Payment is often arranged via debit order with many lenders. This section highlights the relevant collection date, the reference that will be used in your bank statement as well as the option to make alternate payment arrangements if you are struggling to keep up with payments.

Lender’s right to terminate the agreement

  • Should the lender decide to terminate the agreement, this section describes how you will be informed of such changes.


  • This section discloses how and when you will receive statements indicating your loan balance.


  • This section of the agreement details legal proceedings in terms of the relevant Act


  • Most lenders require you to inform them if you change your address

Marketing options

  • You will be given the option to choose how you would like to receive marketing messages form the lender

Personal Information Consent

  • This section pertains to the use of your personal information in order to verify your background

Credit Enquiry and reporting

  • This part of the contract outlines whether or not the lender will conduct credit checks

Declaration that information is correct

  • You will be required to agree that all information you have provided about yourself is truthful and honest


Categories: Loans