MR LOAN

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Privacy Policy & Terms and Conditions

Welcome to MR LOAN


Our privacy policy and terms and conditions applies to all current and former clients and may change at any time.

I the undersigned hereby declare that by signing the printed application form, or completing the online application form that I have read, understood and agreed to the following as set out on this page below.

It is the readers responsibility to read and understand the privacy policy and terms and conditions.
If you object to any of the privacy policies or terms and conditions, please donot apply for a loan.

  • I hereby confirm that the information supplied by me is true, correct and accurate to the best of my knowledge.
  • I authorise MR LOAN and its associated credit providers and any other 3rd party involved in this application, to obtain my personal information from any credit bureau to enable the lender to assess my loan application.
  • All loans underwritten by MR LOAN.
  • I authorise Mr Loan to debit my bank account supplied for R85.00 in respect of processing fee.
  • I agree to pay the R85.00 processing fee whether my loan application is approved or declined.
    Please note that you will be liable to pay the R85.00 processing fee for each new loan application, so if you apply for a loan every month, you will pay R85.00 for the processing fee each month, for example: month 1 = R85 for processing fee, month 2 = R85 for processing fee, month 3 = R85 for processing fee and so on.
  • I am not under administration, debt review or in the process of applying for debt counselling. Should it show otherwise on any credit bureau, I understand that this application will be declined immediately.
  • I am a South African Citizen over the age of 18.
  • I understand that MR LOAN or any of their associated credit providers may cancel this loan application at any time for any reason whatsoever.
  • By adding my signature to this document / or submitting the online application, I acknowledge that should MR LOAN wish to obtain from or to disclose to a third party my credit record and payment history, I will be deemed to have given my consent to supply or obtain such information.
  • Minors are forbidden from using this service.
  • I understand that I may apply for a payday loan only once a month and this shall be repaid by my next salary date via debit order.
  • I shall apply for a loan amount that I can afford to repay by my next salary date via debit order.
  • I agree that I will be liable for all additional costs involved with any unpaid debit orders.
  • My contact details may be used in future for general marketing and correspondence by MR LOAN and its associated credit providers.
  • I will notify MR LOAN of any changes to my personal and contact details to ensure that my details are always up to date.
  • All content, text, pictures, data etc. remain copyright of MR LOAN. No unauthorised use of this website is allowed. MR LOAN website may NOT be reproduced, distributed or copied for any purpose whatsoever.
  • MR LOAN reserves the right to alter, change, update or modify any of the Privacy Policy and Terms and Conditions without notice.
  • APR
  • Renewal policy and fees
  • Breakdown of fees
  • Potential impact to applicants creditscore
  • Collections for overdue loans
  • Financial implications
Our monthly interest rate is 5%. Which is approximately 0.17% per day.
There are no renewal fees involved. Each new loan application requires verification and credit assessments.
Our sliders will give you a breakdown of all the interest and fees you will need to pay back.
The interest and fees is based on the amount you want to borrrow and the period you want to borrow it for.
We calculate interest and fees according to the National Credit Act of 2005.
We charge a daily interest of approxamitely 0.17%.
Service fee: R50 per month.
Initiation fee: 15% on the first R1000, plus 10% on any value above R1000, to a maximum of R1000.
Applicants information is submitted to our credit bureaus.
This information is then updated and reflects on the applicants credit report.
Clients are contacted via email and telephone regarding their unpaid / overdue loans.
Clients are given a final letter of demand and are then given a further 12 days to settle the overdue account.
Clients are handed over to our bad debt accounts department who will then continue to recover the outstanding loans.
Late interest is incured on a daily basis for unpaid / overdue loans at a rate of approximately 0.17%.