| Parameter | Detail |
|---|---|
| Minimum loan amount | R500 |
| Maximum loan amount | R8,000 |
| First-time borrower limit | R4,000 |
| Minimum repayment term | 5 days |
| Maximum repayment term | 90 days |
| Loan type | Unsecured short-term personal credit |
| Maximum APR | 116.06% per annum |
| Initiation fee | R165 + 10% of (loan principal − R1,000), capped at NCA maximum |
| Monthly service fee | Calculated on a pro-rata daily basis per NCA caps |
| VAT | 15% levied on initiation fee and service fee |
| Early repayment penalty | None — early settlement is permitted |
| Currency | South African Rand (ZAR) |
Fee Calculation Example
The following example illustrates the total cost of a R2,000 loan repaid over 30 days:
- Principal: R2,000
- Initiation fee: R165 + 10% × (R2,000 − R1,000) = R165 + R100 = R265 (+ 15% VAT = R304.75)
- Interest: R2,000 × (5% per month NCA max) = R100
- Service fee (monthly, pro-rata): approximately R69 (+ VAT)
- Approximate total repayable: R2,474 – R2,550 (exact figure on your pre-agreement statement)
Note: Actual figures depend on the specific loan term, the interest rate assigned after your credit assessment, and the exact disbursement date. Always review your personalised pre-agreement statement before signing.
Borrower Requirements
To qualify for a PrimeLoans cash advance, you must meet all of the following criteria:
| Requirement | Detail |
|---|---|
| Age | 23 to 62 years old |
| Residency | South African citizen or permanent resident |
| Identity document | Valid South African ID (green barcoded ID or smart ID card) |
| Employment status | Formally employed (payslip required) |
| Income | Stable, verifiable monthly salary |
| Bank account | Active South African bank account in your own name |
| Credit history | Considered; good repayment record improves approval chances and loan limits |
What the NCA Maximum Rate Means for You
Under the National Credit Act, short-term credit agreements are subject to a regulated maximum interest rate and capped initiation and service fees. PrimeLoans operates within these statutory limits. The maximum APR of 116.06% reflects the combined effect of interest, initiation fee (amortised over the loan term), service fees, and VAT — not a simple interest rate applied to your principal.
Risk Warning
Borrowing money is a serious financial commitment. A short-term loan from PrimeLoans with a maximum APR of 116.06% is significantly more expensive than bank credit. Only take this credit if you have a specific, short-term need and a clear plan to repay in full on or before the due date. Late payment will result in default interest, credit bureau recording, and possible legal action by the lender. If you are experiencing financial difficulty, contact the National Debt Helpline at 0861 100 406 or visit a registered debt counsellor before taking on new credit.
Verifying the NCR Licence
- Visit https://www.ncr.org.za/index.php/registered-credit-providers
- Search for Prime Loans Technology or NCRCP20937
- Confirm the entity appears as a currently registered credit provider
- Match the NCRCP number on the register with the number shown in the footer of primeloans.co.za and on your pre-agreement statement
FAQ — Terms and Conditions
Does PrimeLoans charge a penalty for early repayment? No. You may settle your loan early at any time without a penalty, and you will save on interest for the remaining period.
Is the initiation fee refunded if I cancel? If you cancel within the five-business-day cooling-off period before funds are disbursed, no initiation fee is charged. Contact support@primeloans.co.za immediately.
What is the maximum I can borrow on my first application? First-time borrowers are limited to R4,000. Returning borrowers with a good repayment record may access up to R8,000.
Are the fees negotiable? No. All fees are set by the NCA maximum formula and are non-negotiable. The lender cannot legally charge more than the NCA cap.