Quick Loans Terms and Conditions

1 INTERPRETATION

1.1 In this agreement clause headings are for convenience only and should not be used to interpret the agreement.

1.2 Unless the context shows otherwise, the following expressions have the meanings assigned to them below and similar expressions will mean the same:

1.2.1 Agreement – the Nedbank Quick Loan product agreement that you enter into, which includes the application, quotation, terms and conditions and annexes to the agreement.

1.2.2 Application – the application for a loan.

1.2.3 Business day – a day other than a Saturday or Sunday or a day that is proclaimed a public holiday in South Africa.

1.2.4 Credit – a deferral of payment of money that you owe us or a promise to defer the payment, or a promise by us to advance or pay money to you or on your behalf.

1.2.5 Interest rate – the yearly interest rate as specified in the respective quotation, being a variable or fixed interest rate. Variable interest rates may change.

1.2.6 Loan – the instalment credit offered to you in the form of a Nedbank Quick Loan.

1.2.7 NCA – the National Credit Act, 34 of 2005.

1.2.8 Prime rate – the prime interest rate that we charge.

1.2.9 Prime rate factor – the percentage above or below the prime rate as stipulated in the quotation.

1.2.10 Principal debt – all amounts that you owe us in terms of the respective agreement.

1.2.11 Quotation(s) – the most recent written quotation(s) that we gave you for the respective loan.

1.2.12 Repo rate – the repurchase rate published by the South African Reserve Bank.

1.2.13 We/us/our/Nedbank – Nedbank Limited (registration number 1951/000009/06).

1.2.14 You/your – the client who applies for and enters into the agreement(s).

1.3 Any number of days prescribed will be determined by excluding the first and including the last day, or, if the last day falls on a day that is not a business day, the next business day.

2 CONDITION PRECEDENT

The agreement is conditional on our having performed a successful credit assessment in line with section 81 of the NCA.

3 DISBURSEMENT OF THE LOAN

An agreement will come into effect after a successful credit assessment and if you have given us an authenticated collection mandate where applicable.

4 PAYMENT OF INSTALMENTS

You must repay the loan amount together with interest, fees and charges as stated in the quotation.

5 INTEREST

5.1 Your loan is subject to a fixed or variable interest rate as specified in the quotation.

6 FEES, COSTS AND CHARGES

6.1 You must pay all fees, costs and charges specified in the quotation.

7 PREPAYMENT, SETTLEMENT AND ALLOCATION OF PAYMENTS

You can make payments in advance or settle the agreement(s) at any time.

8 PROCESS ON DEFAULT

8.1 If you are in default, we will notify you in writing.

9 IMPLICATIONS OF DEFAULT

9.1 If you are in default, you will pay default administration charges and collection costs.

10 YOUR RIGHT TO TERMINATE

You may terminate this agreement at any time by settling your whole outstanding balance.

11 APPLICATION FOR DEBT REVIEW

11.1 You may apply to a debt counsellor to be declared overindebted.

12 ADDRESS FOR NOTICES

12.1 Your physical or email address you gave us in the application will be the address that we will use.

13 GENERAL

13.1 The agreement contains everything that has been agreed.

Case reference no Merchant/Consultant no Client initial Name and surname Witness initial Nedbank Ltd Reg No 1951/000009/06. Licensed financial services and registered credit provider (NCRCP16).