Author: Sarah Mitchell, Financial Products Analyst | Published: 2026-05-18 | Last Updated: 2026-05-18
Loan Parameters Table
| Parameter | Value |
|---|---|
| Minimum Loan Amount | R500 |
| Maximum Loan Amount | R20,000 |
| Minimum Term | 1 month (approx. 30 days) |
| Maximum Term | 9 months (approx. 270 days) |
| Interest Rate | Up to 5% per month (60% APR — NCA maximum for short-term loans) |
| Initiation Fee | 15% of first R1,000 + 10% on amount above R1,000 (max R1,000) + 15% VAT |
| Monthly Service Fee | R60 + 15% VAT = R69 per month |
| Credit Life Insurance | 0.55% of outstanding loan balance per month |
| Early Repayment | Permitted; interest charged only on actual days outstanding |
| Disbursement Method | Direct bank transfer (EFT) to borrower's nominated account |
| Repayment Method | Debit order on chosen repayment date |
| NCR Registration | NCRCP 3994 |
| FSCA FSP Number | 46412 |
| Regulatory Framework | National Credit Act No. 34 of 2005 (NCA), Chapter 5 |
Borrower Requirements
To qualify for an Atlas Finance loan, applicants must generally meet the following criteria:
- Age: 18 years or older
- Residency: South African citizen or permanent resident (valid South African ID or passport required)
- Income: Regular, verifiable income — salaried employment or pension
- Documentation: Latest payslip or pension letter; three months' bank statements; valid ID
- Bank Account: Active South African bank account in the applicant's own name, capable of receiving a debit order
Total Cost of Credit — Worked Example
To illustrate the full cost under the NCA framework, consider the following representative example:
Loan amount: R2,500 | Repayment term: 90 days (3 months) | Interest rate: 5% per month
| Fee Component | Amount |
|---|---|
| Principal | R2,500.00 |
| Interest (5% × 3 months) | R375.00 |
| Initiation fee (15% of R1,000 = R150 + 10% of R1,500 = R150 = R300 + 15% VAT) | R345.00 |
| Monthly service fee (R69 × 3 months) | R207.00 |
| Credit life (0.55% × R2,500 × 3 months approx.) | ~R41.25 |
| Total repayable (approx.) | ~R3,468.25 |
Figures are illustrative. The exact repayment amount will appear in your personalised loan agreement before signing.
Regulatory Risk Warning
IMPORTANT NOTICE: This is a short-term, high-cost credit product. The annual percentage rate (APR) can reach up to 60%. Failure to repay on time may result in additional interest charges, adverse listings on credit bureaus (TransUnion, Experian, Compuscan), and referral to debt collectors. Do not borrow more than you can afford to repay from your regular income. If you are over-indebted, contact a registered debt counsellor. The National Credit Regulator provides a list of registered practitioners: https://www.ncr.org.za/.
Frequently Asked Questions on Terms
What is the maximum amount I can borrow from Atlas Finance? Up to R20,000, subject to individual affordability assessment and credit profile.
Does Atlas Finance charge a penalty for early repayment? No. You may repay your loan early and will only pay interest for the actual number of days the loan is outstanding.
Is credit life insurance compulsory? Yes, credit life cover is included in all Atlas Finance loans at 0.55% of the outstanding balance per month. This is standard practice among South African registered credit providers.