Terms & Conditions

1Definitions

“Nokana Financial Services” refers to Nokana Investments CC, Registration number 2000/049126/23, the registered credit provider.

“Borrower” refers to the person applying for and accepting the loan.

“Loan” means the microloan facility granted under this agreement, repayable within 1 to 6 months.

“Business Day” means any day other than a Saturday, Sunday, or public holiday in South Africa.

2Loan Amount & Term

• Loan amounts range from R1,000 to R8,000.
• Repayment terms are minimum 1 month and maximum 6 months, as agreed upon in the credit agreement.
• The total loan cost includes the principal amount, initiation fee, service fees, and interest as per the National Credit Act (NCA).

3Interest & Fees

• Interest Rate: Charged at the maximum prescribed rate under the NCA for short-term and unsecured credit.
• Initiation Fee: Payable once at the start of the loan (deducted from disbursement or added to balance).
• Monthly Service Fee: As per NCA regulations.
• All fees and charges will be disclosed in the pre-agreement statement and quotation.

4Repayment

• Repayments are made monthly via debit order or other agreed methods.
• Early settlement is allowed at any time without penalty, with recalculation of interest and fees up to the settlement date.
• Late payments will incur default charges as permitted by the NCA.

5Default & Consequences

• Failure to pay on time constitutes default.
• Nokana Financial Services may take legal action, list the Borrower with credit bureaus, and recover all collection costs as allowed by law.
• Persistent default may lead to legal judgment and garnishee orders.

6Credit Assessment

• Loan approval is subject to affordability and credit checks under the NCA.
• Providing false information will result in rejection or legal action.

7Right to Rescind

Borrower may cancel the loan within 5 business days of signing, provided all funds received are returned with any accrued interest.

8Communication

• Nokana Financial Services may communicate via SMS, WhatsApp, email or phone for loan-related matters.
• The Borrower is responsible for keeping contact details updated.

9Data Privacy

• Personal information will be processed in compliance with POPIA (Protection of Personal Information Act).
• Information may be shared with credit bureaus and regulatory bodies as required by law.

10Governing Law

This agreement is governed by the laws of the Republic of South Africa.