PrimeLoans
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| Rating | |||
|---|---|---|---|
| South Africa | 100%1 | 5.00 |
Description
PrimeLoans Product Description:
Loan amounts: ZAR 500 – ZAR 4,000
Loan terms: minimum 61 days, maximum 90 days (we offer loan terms ranging from 61 to 90 days. If the repayment date falls on a weekend or public holiday, the loan term will be automatically adjusted to the nearest business day — making repayments simple and convenient).
Maximum APR: 29.2%
Initiation fee and Service fee shown in the app include VAT (15%)
Fees:
Initiation fee — charged once, on activation.
Fee depends on Loan amount:
For loans up to ZAR 1,300: 15% of the loan amount.
For loans from ZAR 1,300 up to ZAR 4,000.
The fee is calculated as: ZAR 165 + 10% × (loan amount − ZAR 1,000).
The initiation fee is shown VAT-inclusive, with VAT (15%) on the initiation fee amount charged at the same time.
Service fee — depends on the number of calendar months covered by the loan.
Charged on activation.
Calculation:
If loan spans two months:
Service fee = (number of days until the end of the month in current month) × (ZAR 60 ÷ days in disbursement month) + ZAR 60 for the final month.
If loan spans more than two months:
Service fee = (number of days until the end of the month in current month) × (ZAR 60 ÷ days in disbursement month) + ZAR 60 × number of subsequent months.
The service fee is shown VAT-inclusive, with VAT (15%) on the service fee amount charged at the same time.
Interest is calculated at the applicable daily rate and displayed in the pre-agreement calculation.
Interest amount = (loan amount + Initiation fee) × daily interest rate × term.
Example:
Loan amount (Disbursement): ZAR 2,000.00
Term: 75 days (Disbursement date 17 Oct → Maturity date 30 Dec)
Daily rate: 0.08% = 0.0008
Interest = (2,000 + 265) × 0.0008 × 75 ≈ ZAR 136.50 (The calculation amount has been rounded)
Initiation fee = 165 + 0.10 × (2,000 − 1,000) = ZAR 265.00
Service fee = 14 × (60 ÷ 31) + 120 = ZAR 147.10
VAT (15%) on Initiation fee: 265.00 × 0.15 = ZAR 39.75
VAT (15%) on Service fee: 147.10 × 0.15 = ZAR 22.07
Total VAT = ZAR 61.82
Final calculation:
Principal 2,000.00 + Interest 136.50 + Initiation 265.00 + Service 147.10 + VAT 61.82 = ZAR 2,610.42
Total repayable (VAT on top): ZAR 2,610.42
For any questions, feedback, or hesitations, please contact us via the following methods:
Website: https://PrimeLoans.co.za/
Phone: +27 21 139 0909
email: [email protected]
General information: Prime Loans Technology (Pty) Ltd is a company duly incorporated and registered under the laws of South Africa, with a company registration no. 2024/739416/07 and the National Credit Regulator registration number NCRCP20937
Privacy policy: https://primeloans.co.za/privacy-policy/