DebiCheck Debit Order (Default Method)
DebiCheck is the Reserve Bank-mandated authenticated debit order system used by most South African credit providers. At contract signing:
- The lender submits a DebiCheck mandate request to your bank.
- You receive an authentication request from your bank via your banking app or USSD.
- You approve the mandate once — specifying the amount, date, and frequency.
- Monthly instalments are automatically collected from your account on the agreed date.
This is the standard repayment method for loans matched through EC Online Loans. It eliminates the risk of a missed payment due to forgetting.
Manual EFT to the Lender
If you prefer to pay manually or want to make an early payment:
- Log in to your bank's internet or mobile banking platform.
- Add the lender's business bank account as a beneficiary (details will be in your credit agreement).
- Use your loan reference number as the payment reference.
- EFT payments are typically processed within 1–2 business hours.
Card Payment via the Lender's Portal
Most ECOnline-partnered lenders also accept card payments (Visa / Mastercard) through their online portals using secure South African payment gateways such as Ozow or Peach Payments.
Early Settlement
Under Section 125 of the National Credit Act, you are entitled to settle your credit agreement in full at any time without penalty. The settlement amount equals:
- Outstanding capital balance.
- Interest accrued to the settlement date.
- Pro-rated portion of the monthly service fee for the partial period.
- Any pro-rated credit life insurance premium.
No additional charges or break fees are permitted under the NCA for early settlement.
Payment Date Deferment (Extension / Prollongation)
Some partner lenders allow a one-cycle payment deferral if requested before the due date. Contact the lender directly. Expect that interest will continue to accrue during the deferral period, and an extension fee may apply (capped by the NCA).
Consequences of a Missed Payment
| Timeline | What Happens |
|---|---|
| Day 1 | Penalty interest accrues; SMS or email reminder issued |
| Day 5–10 | Second DebiCheck collection attempt |
| Day 20–30 | Account flagged as delinquent; credit bureau notification possible |
| Day 30–60 | Formal demand letter; collections process initiated |
| Day 60–90 | Handover to internal or external collections |
| Day 90+ | Potential legal action, judgment, and garnishee order |
Best Practices for Repayment
- Align your DebiCheck date with your salary payment date.
- Keep a buffer of at least one instalment in your account around the debit date.
- Pay any optional extra amounts early — interest accrues daily on the capital balance.
- Contact the lender proactively if you anticipate a shortfall; most lenders will negotiate before a missed payment.
- Retain proof of every payment (bank statement, reference number) for at least three years.
FAQ — Repaying
Can I repay EC Online Loans directly? No. All repayments go to the NCR-registered lender that issued your credit agreement.
Are there penalties for early settlement? No. The NCA explicitly prohibits early-settlement penalties on consumer credit agreements.
What if my DebiCheck bounces? A failed debit triggers penalty interest. Contact your lender immediately to arrange a manual payment and reschedule the mandate.