| Parameter | Value |
|---|---|
| Minimum loan amount | R100 |
| Maximum loan amount | R15,000 |
| Minimum repayment term | 61 days |
| Maximum repayment term | 365 days |
| Minimum annual interest rate (APR) | 0% (new-client promotional offers via select partners) |
| Maximum annual interest rate (APR) | 36% |
| Platform fee | R0 — free comparison service |
| Disbursement method | Bank transfer or card, by the individual lender |
| Lender regulation | NCR-registered under the National Credit Act 34 of 2005 |
Note. The 0% promotional rate is typically a limited first-loan offer from specific partner lenders and is not available to all applicants. Repeat loans are subject to the standard rate schedule of the chosen lender.
Borrower Requirements (Typical — Verify with Chosen Lender)
Requirements vary by partner lender. Typical criteria across the Letocredit partner network are:
- 18 years of age or older.
- Valid South African ID document or smart card.
- South African resident.
- Active South African bank account in your own name.
- Verifiable source of regular income.
- Active mobile number for OTP verification.
- Latest payslips or 3 months' bank statements (some partners use automated bank-feed verification tools).
Cost-of-Credit Example
Illustrative example only. Actual figures are set by the individual lender in the pre-agreement quotation.
Assume a loan of R5,000 over 91 days at the maximum disclosed rate of 36% per annum with typical NCA-capped fees:
| Cost component | Illustrative amount |
|---|---|
| Principal | R5,000 |
| Interest (36% p.a. × 91/365) | ≈ R450 |
| Initiation fee (NCR cap) | ≈ R626 |
| Monthly service fee × 3 months (NCR cap R69/month) | R207 |
| Total repayable (approx.) | ≈ R6,283 |
This is a simplified illustration. Your lender will provide an exact pre-agreement statement of account before you sign.
NCA Cost Caps That Apply to All Partner Lenders
All NCR-registered lenders in South Africa are bound by the National Credit Act interest and fee caps:
- Interest rate cap: 5% per month on short-term credit ≤ R8,000 (first agreement); otherwise 21% per annum + repo rate for longer agreements.
- Initiation fee cap: R165 + 10% of principal above R1,000 (maximum R1,207.50 incl. VAT).
- Monthly service fee cap: R69 incl. VAT.
- Credit life insurance cap: R4.50 per R1,000 per month.
Risk Warning
Letocredit partner loans are credit products regulated by the National Credit Act 34 of 2005. Failure to repay on time results in penalty interest, debit-order return fees, adverse listings on your credit bureau record (TransUnion, Experian, Compuscan, XDS) and possible referral to debt collectors or legal proceedings. Assess affordability carefully before accepting any loan offer. If you are over-indebted, contact a registered debt counsellor. NCR debt counsellors can be found at https://www.ncr.org.za.