Terms and Conditions

1. Definitions

In these Terms and Conditions:

• "Lender" means VulaCheck, a registered credit provider.
• "Borrower" means the natural person who applies for and receives credit.
• "Agreement" means the loan agreement entered into between the Lender and Borrower.
• "NCA" means the National Credit Act 34 of 2005, as amended.
• "NCR" means the National Credit Regulator.
• "POPIA" means the Protection of Personal Information Act 4 of 2013.
• "Platform" means the online application portal operated by the Lender.

2. Eligibility

To apply for a loan, you must:

• Be a South African citizen or permanent resident;
• Be 18 years of age or older;
• Have a valid South African ID document or passport;
• Have a valid South African bank account;
• Be in regular employment or have a regular source of income;
• Not be an unrehabilitated insolvent or under debt review; and
• Not have a judgment or administration order against you that would affect your ability to repay.

3. Application Process

Submitting an application does not constitute an offer or guarantee of credit. The Lender will conduct an affordability assessment in accordance with the NCA before making any credit decision. We reserve the right to decline an application without providing reasons.

You warrant that all information provided in your application is true, accurate, and complete. Providing false or misleading information may result in immediate cancellation of any loan and legal action.

4. Credit Agreement

If your application is approved, you will receive a pre-agreement statement and quotation in accordance with Section 92 of the NCA. No credit agreement will be concluded until you have had an opportunity to review and sign the agreement electronically.

The credit agreement will set out all terms, fees, interest rates, and repayment obligations. The interest rate applied will not exceed the maximum rate prescribed by the NCR under the NCA.

5. Fees and Interest

All fees charged are in accordance with the NCA and include:

• Initiation Fee: A once-off fee charged at loan inception, calculated per NCA regulations.
• Service Fee: A monthly administration fee as permitted by the NCA.
• Interest: Calculated on a monthly reducing balance at the rate disclosed in your agreement.
• Default Administration Charges: May apply where payments are missed, subject to NCA limits.

No other fees will be charged without your express agreement.

6. Repayments

Monthly instalments are due on the date specified in your loan agreement, typically aligned with your salary payment date. Payments must be made via debit order or the payment reference shown in your account.

If a debit order is returned unpaid, you may incur bank charges and default fees as set out in your agreement. Persistent non-payment may result in legal action and adverse credit bureau listing.

7. Right to Cancel

You have the right to cancel this agreement within five (5) business days of signing, as provided under Section 121 of the NCA, by giving written notice to the Lender and returning the full loan amount advanced to you. Cancellation after this period does not relieve you of your repayment obligations.

8. Default and Collections

You will be in default if any monthly instalment remains unpaid for more than 20 business days. Upon default, the Lender will issue a Section 129 notice as required by the NCA. You have the right to approach a debt counsellor, alternative dispute resolution agent, consumer court, or ombud with jurisdiction before the matter is referred to a court.

9. Personal Information

We collect and process your personal information in accordance with POPIA and our Privacy Policy. By applying for a loan, you consent to us sharing your information with credit bureaus, payment processors, and relevant third parties as required for credit assessment, loan administration, and legal compliance.

Please read our Privacy Policy for full details of how we handle your information.

10. Electronic Communications

You agree to receive communications from us electronically, including via email and SMS, for the purposes of application updates, statements, payment reminders, and legal notices. You may opt out of marketing communications at any time by contacting us, but you cannot opt out of legal and contractual notices.

11. Complaints and Disputes

If you have a complaint, please contact us first to allow us to resolve the matter. If we are unable to resolve your complaint, you may escalate it to the National Credit Regulator (NCR) at www.ncr.org.za or call 0860 627 627.

12. Governing Law

These Terms and Conditions and any credit agreement concluded with us are governed by the laws of the Republic of South Africa, including the National Credit Act 34 of 2005 and the Consumer Protection Act 68 of 2008.

13. Changes to These Terms

We reserve the right to update these Terms and Conditions. Material changes will be communicated to you via email or SMS. Continued use of our services after such notification constitutes acceptance of the revised terms.