Terms & Conditions
B. Mankqunkquza Lending Services (Pty) Ltd • Short Term Loan Agreement
Short Term Loan Agreement Framework
This document sets out the core terms, conditions, and statutory obligations governing short-term micro-loans provided by B. Mankqunkquza Lending Services (Pty) Ltd (the Lender) to approved borrowers. All credit agreements are formalized using the official Short Term Loan Agreement Form and executed in accordance with South African lending regulations.
Parties to the Agreement & Disbursement
Every loan agreement is entered into between:
- Lender: B. Mankqunkquza Lending Services (Pty) Ltd, including full corporate details, registered address, authorized representative, and official contact numbers.
- Borrower: The client whose identity is verified through a valid South African identity document, permanent physical residential address, and current contact phone number.
Disbursement Method: The borrower agrees to receive the approved loan capital directly via electronic bank transfer into their designated South African bank account.
Repayment Obligations & Schedule
- Monthly Term: The full repayment amount is due and payable on the exact same date in the following month corresponding to the date on which the capital was disbursed.
- Prompt Repayment: The borrower unconditionally agrees to repay the total repayment amount exactly on or before the due date specified on the loan agreement form.
- Allocation of Repayments: Payments received are allocated to outstanding interest and applicable charges before being applied to the reduction of the loan principal.
Interest Rates, Fees & Applicable Charges
In terms of the credit agreement, the following statutory fees and interest charges apply. Individual rates, fees, and total repayment amounts are explicitly detailed on each borrower's pre-agreement statement and loan agreement schedule:
Tiered Interest Rate
Monthly interest is charged on the outstanding loan amount. Differential interest rates apply based on borrower status, distinguishing between first-time borrowers and returning borrowers taking out credit within the same calendar year.
Initiation Fee
A once-off initiation fee is charged upon origination, covering credit assessment, regulatory processing, and onboarding.
Monthly Service Fee
A regular monthly service fee is charged for administering, servicing, and maintaining the active credit account.
Threshold Capital Surcharge
For loan amounts exceeding the standard threshold, an additional percentage-based surcharge is applied to the facility.
Value-Added Tax (VAT)
Statutory Value-Added Tax (VAT) is levied on all applicable fees and service charges in compliance with South African revenue legislation.
Borrower Declaration & Signatures
Declaration: By signing the agreement form, the borrower confirms and declares that:
- They understand their repayment obligations and the due date for full settlement.
- They have reviewed and understand all interest rates, fees, and applicable charges.
- They agree unconditionally to the terms, conditions, and declarations set forth in the agreement.
Execution:The agreement is validated and becomes legally binding upon execution, bearing the physical or verified signatures and dates of both the Borrower and the Lender's authorized signatory.