1. INTRODUCTION
1.1 These Terms and Conditions govern the provision of credit by FinTrust Loans (“FinTrust”, “we”, “us” or “our”) to a consumer (“the Consumer”, “you” or “your”).
1.2 FinTrust operates as a credit provider and conducts its lending activities in accordance with the National Credit Act 34 of 2005 (“NCA”), the NCA Regulations and other applicable South African legislation.
1.3 These Terms and Conditions must be read together with the relevant Pre-Agreement Statement and Quotation, Credit Agreement, application documentation and any other documents forming part of the Consumer’s credit agreement.
1.4 In the event of a conflict between these Terms and Conditions and any mandatory provision of the NCA or applicable law, the mandatory provision of the law will prevail.
2. DEFINITIONS
For purposes of these Terms and Conditions:
“Consumer” means the person applying for or receiving credit from FinTrust.
“Credit Agreement” means the agreement concluded between FinTrust and the Consumer in terms of which FinTrust provides credit to the Consumer.
“Principal Debt” means the amount of credit actually advanced to the Consumer, together with any amounts lawfully included in the principal debt.
“Instalment” means the amount payable by the Consumer on each agreed payment date.
“Business Day” means a day other than a Saturday, Sunday or public holiday in the Republic of South Africa.
“NCA” means the National Credit Act 34 of 2005, as amended.
“NCR” means the National Credit Regulator.
“Default” means the failure by the Consumer to make a payment or comply with a material obligation under the Credit Agreement.
3. APPLICATION FOR CREDIT
3.1 The Consumer must complete the FinTrust credit application accurately and honestly.
3.2 FinTrust may request information and supporting documentation reasonably required to assess the Consumer’s application.
3.3 Information may include, where applicable:
- South African identity documentation;
- proof of residential address;
- proof of income;
- bank statements;
- employment information;
- existing financial obligations; and
- any other information reasonably required for an affordability assessment.
3.4 The Consumer warrants that all information supplied to FinTrust is true, accurate, complete and not misleading.
3.5 FinTrust reserves the right to verify information supplied by the Consumer through lawful and appropriate sources.
3.6 Submission of an application does not constitute an approval of credit.
3.7 FinTrust may approve, decline or make a conditional offer of credit following the applicable assessment process.
4. AFFORDABILITY ASSESSMENT AND RESPONSIBLE LENDING
4.1 FinTrust is committed to responsible lending and will conduct the affordability assessment required by applicable legislation and regulations before granting credit.
4.2 FinTrust will consider the Consumer’s income, living expenses, financial obligations and other relevant information in determining whether the proposed credit is affordable.
4.3 FinTrust will not knowingly grant reckless credit.
4.4 The Consumer must provide complete and accurate information for purposes of the affordability assessment.
4.5 Providing false, incomplete or misleading information may result in the application being declined or, where legally permissible, further action being taken in accordance with the Credit Agreement and applicable law.
5. CREDIT OFFER
5.1 If the application is approved, FinTrust will provide the Consumer with the applicable pre-agreement documentation and quotation before the Credit Agreement is concluded.
5.2 The quotation will disclose the applicable costs of credit, including the principal debt, interest, applicable fees and repayment obligations.
5.3 The quotation will remain valid for the period prescribed by the NCA.
5.4 The Consumer is not required to accept the credit offer.
5.5 The Consumer should carefully review the quotation and Credit Agreement before signing or accepting the offer.
6. CREDIT AMOUNT
6.1 The amount of credit made available to the Consumer will be specified in the Credit Agreement.
6.2 FinTrust may determine the amount offered based on the Consumer’s application, affordability assessment, credit profile and applicable lending criteria.
6.3 The minimum and maximum loan amounts offered by FinTrust may vary from time to time, subject to applicable legislation and FinTrust’s lending policies.
6.4 FinTrust will not charge or recover amounts that are prohibited by applicable law.
7. INTEREST
7.1 Interest will be charged at the rate disclosed in the Consumer’s quotation and Credit Agreement.
7.2 The applicable interest rate will comply with the maximum rates permitted under the NCA and applicable Regulations.
7.3 FinTrust will clearly disclose the applicable interest rate before the Consumer enters into the Credit Agreement.
7.4 Interest will be calculated and charged in accordance with the Credit Agreement and applicable law.
8. FEES AND CHARGES
8.1 The Consumer will only be charged fees and costs permitted under the NCA and applicable Regulations.
8.2 Where applicable, the Credit Agreement may provide for:
- an initiation fee;
- a monthly service fee;
- interest; and
- lawful default-related charges or other permitted costs.
8.3 All applicable fees and charges will be disclosed to the Consumer before the Credit Agreement is concluded.
8.4 FinTrust will not impose undisclosed or unlawful charges.
8.5 No fee or charge will exceed the maximum amount permitted by applicable legislation.
9. REPAYMENT
9.1 The Consumer must repay the credit in accordance with the repayment schedule contained in the Credit Agreement.
9.2 The repayment schedule will specify:
- the amount of each instalment;
- the payment frequency;
- the first payment date;
- subsequent payment dates;
- the final payment date; and
- the total amount payable.
9.3 Payments must be made using the payment method communicated by FinTrust.
9.4 The Consumer remains responsible for ensuring that sufficient funds are available when a debit order or other agreed payment is processed.
9.5 Payments will be allocated to the Consumer’s account in accordance with applicable law and the Credit Agreement.
10. EARLY SETTLEMENT
10.1 The Consumer may request to settle the outstanding balance before the scheduled maturity date, subject to the Consumer’s rights under the NCA.
10.2 FinTrust will provide the Consumer with the applicable settlement amount upon request.
10.3 Any settlement amount will be calculated in accordance with the NCA and applicable law.
10.4 FinTrust will not impose a prohibited early settlement penalty.
11. MISSED OR LATE PAYMENTS
11.1 If the Consumer fails to make a payment when due, the account may be treated as being in arrears.
11.2 FinTrust may contact the Consumer regarding the overdue payment and request payment of the amount outstanding.
11.3 Any default interest, collection costs or other charges imposed following non-payment will be limited to amounts permitted by applicable law.
11.4 FinTrust will follow the required legal process before taking enforcement action.
11.5 Nothing in these Terms and Conditions permits FinTrust to use unlawful, abusive, threatening or harassing debt collection practices.
12. DEFAULT
12.1 The Consumer may be considered in default if the Consumer fails to comply with a material obligation under the Credit Agreement, including failure to make required payments.
12.2 Where the Consumer is in default, FinTrust may exercise its rights under the Credit Agreement and the NCA.
12.3 Before taking enforcement action, FinTrust will comply with applicable statutory notices and procedures.
12.4 FinTrust may, where legally permitted, refer the account for lawful debt collection or enforcement.
12.5 Nothing in this clause limits any rights the Consumer may have under the NCA.
13. CREDIT BUREAU INFORMATION
13.1 The Consumer acknowledges that FinTrust may, where permitted or required by law, submit information relating to the Consumer’s credit agreement and payment performance to registered credit bureaux.
13.2 Information may include information relating to:
- the opening of the credit account;
- the amount of credit granted;
- payment history;
- arrears;
- defaults; and
- settlement of the account.
13.3 FinTrust will process and submit credit information in accordance with applicable legislation and regulatory requirements.
13.4 The Consumer may exercise their rights in relation to credit information in accordance with applicable law.
14. CONSUMER RIGHTS
The Consumer has rights under the NCA, which may include, where applicable:
14.1 The right to apply for credit.
14.2 The right to receive information in an official language as required by law.
14.3 The right to receive the required pre-agreement statement and quotation.
14.4 The right to receive a copy of the Credit Agreement.
14.5 The right to receive information regarding the cost of credit.
14.6 The right to apply for debt counselling where the Consumer is over-indebted.
14.7 The right to lodge a complaint with FinTrust and, where appropriate, the NCR or another competent authority.
14.8 The right to fair and lawful treatment.
14.9 The right not to be subjected to reckless lending or prohibited credit practices.
15. DEBT COUNSELLING AND OVER-INDEBTEDNESS
15.1 If the Consumer experiences financial difficulty or believes that they are over-indebted, they are encouraged to seek appropriate assistance.
15.2 The Consumer may exercise any rights available under the NCA relating to debt counselling and over-indebtedness.
15.3 FinTrust will cooperate with lawful debt counselling and statutory processes as required by applicable law.
16. PERSONAL INFORMATION
16.1 FinTrust will collect and process the Consumer’s personal information for purposes including:
- processing credit applications;
- conducting affordability assessments;
- verifying identity and information;
- administering credit agreements;
- processing payments;
- communicating with the Consumer;
- complying with legal and regulatory obligations;
- preventing fraud; and
- managing and collecting outstanding accounts where legally permitted.
16.2 FinTrust will process personal information in accordance with applicable privacy and data-protection legislation, including the Protection of Personal Information Act 4 of 2013 (“POPIA”), where applicable.
16.3 The Consumer may request information concerning the processing of their personal information in accordance with applicable law.
17. MARKETING AND COMMUNICATION
17.1 FinTrust may communicate with the Consumer regarding their account, application, payments, statements and other matters relating to the Credit Agreement.
17.2 Marketing communications will be conducted in accordance with applicable law.
17.3 The Consumer may exercise any applicable right to opt out of direct marketing communications.
17.4 FinTrust will not use misleading or prohibited advertising or marketing practices.
18. FRAUD AND MISREPRESENTATION
18.1 The Consumer must not provide false information, fraudulent documents or misleading information in connection with an application or Credit Agreement.
18.2 FinTrust may verify documents and information supplied by the Consumer.
18.3 Where fraud or material misrepresentation is suspected, FinTrust may take appropriate lawful action.
18.4 FinTrust reserves all rights available to it under applicable law.
19. CHANGES TO CONTACT DETAILS
19.1 The Consumer must notify FinTrust of any change to their:
- residential address;
- postal address;
- telephone number;
- email address;
- employment details; or
- banking details.
19.2 FinTrust may use the latest contact information supplied by the Consumer for lawful communication regarding the Consumer’s account.
20. NOTICES AND COMMUNICATIONS
20.1 FinTrust may communicate with the Consumer by lawful means, including telephone, email, SMS, WhatsApp, post or other electronic communication channels where appropriate.
20.2 Statutory notices will be delivered in the manner required by applicable law.
20.3 The Consumer should ensure that their contact details remain current.
21. COMPLAINTS
21.1 FinTrust is committed to dealing with consumer complaints fairly, promptly and transparently.
21.2 A Consumer wishing to lodge a complaint should first contact FinTrust using:
Email: [Insert Complaints Email]
Telephone: [Insert Number]
Physical Address: [Insert Address]
21.3 The Consumer should provide sufficient information to enable FinTrust to investigate the complaint.
21.4 If the Consumer is dissatisfied with the outcome of the complaint, the Consumer may exercise any further rights available under applicable legislation, including approaching the appropriate regulatory or dispute-resolution body.
22. NATIONAL CREDIT REGULATOR
22.1 The Consumer may contact the National Credit Regulator where they require information or wish to lodge a complaint falling within the NCR’s jurisdiction.
National Credit Regulator
Call Centre: 0860 627 627
Website: www.ncr.org.za
22.2 Nothing in these Terms and Conditions limits the Consumer’s statutory right to approach the NCR or another competent authority.
23. GOVERNING LAW
23.1 These Terms and Conditions and the Credit Agreement are governed by the laws of the Republic of South Africa.
23.2 FinTrust and the Consumer agree to comply with all applicable South African legislation governing the credit relationship.
23.3 Where the NCA provides a specific procedure or remedy, that procedure will apply.
24. GENERAL
24.1 These Terms and Conditions must be read together with the Consumer’s individual Credit Agreement.
24.2 The Consumer should not sign or accept a Credit Agreement unless they understand the terms and obligations contained in it.
24.3 If any provision of these Terms and Conditions is found to be invalid or unenforceable, the remaining provisions will continue to apply to the extent permitted by law.
24.4 No provision of these Terms and Conditions is intended to waive, exclude or limit a Consumer’s statutory rights.
24.5 FinTrust reserves the right to amend its general Terms and Conditions from time to time, subject to applicable law and without unlawfully altering the terms of an existing Credit Agreement.
25. ACKNOWLEDGEMENT BY THE CONSUMER
By signing or electronically accepting the applicable Credit Agreement, the Consumer confirms that:
- They have received and had an opportunity to consider the applicable pre-agreement statement and quotation.
- They have been provided with information concerning the cost of credit.
- They have had an opportunity to ask questions regarding the Credit Agreement.
- The information supplied by them is true and correct.
- They understand their repayment obligations.
- They understand the applicable interest, fees and charges disclosed in the Credit Agreement.
- They understand that failure to make payments may result in lawful collection and enforcement action.
- They understand their rights under the NCA.
- They understand that these Terms and Conditions must be read together with the applicable Credit Agreement.
- They acknowledge that FinTrust is required to comply with applicable credit legislation and regulatory requirements.
FINTRUST LOANS
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