LendPlus Online Loans

LendPlus is a mobile application designed to facilitate quick, short-term personal loans for residents of South Africa. The platform operates in full compliance with the country's national credit regulations, providing a digital channel for urgent borrowing needs.

The application process is streamlined for speed and convenience:

Download and install the LendPlus app on your smartphone.

Complete a brief registration by providing the required personal and financial information.

Select your desired loan amount within the available range.

Submit your application and await a prompt lending decision.

Eligibility Requirements:
To qualify for a loan, applicants must meet the following criteria:

Possess a valid South African ID document.

Be between the ages of 23 and 62 years.

Be formally employed and able to provide proof of a regular, verifiable income.

Loan Product Details:

Loan Amount Range: Borrowers can access funds from ZAR 500.00 to ZAR 4,000.00.

Loan Tenure: The repayment period is short-term, with a minimum of 65 days and a maximum of 90 days.

Interest Rate: The annual interest rate is tiered, with first-time users offered a rate of 60% and returning users offered a reduced rate of 36%.

Fee Structure:
The total cost of the loan includes several fees:

Initiation Fee: This is an upfront fee calculated as follows:

For loans of R 1,300 or less: 15% of the principal amount.

For loans above R 1,300: A fixed charge of R 165 plus 10% of the principal, capped at a maximum of R 1,000 in total.

Monthly Service Fee: A recurring charge calculated pro-rata. In the month the loan is disbursed, the fee is based on the number of days remaining in that month. A full monthly service fee of R 60 is also charged in the month the loan is scheduled for repayment.

Cost Illustration (Representative Example):
For a ZAR 1,000 loan taken over 90 days at a daily interest rate of 0.1%:

Principal Amount: ZAR 1,000

Interest: ZAR 90

Initiation Fee (15%): ZAR 150

Service Fee (if disbursed Sept. 15th): ZAR 91

Total Repayment Amount: ZAR 1,331
This results in an interest rate of 36% and an Annual Percentage Rate (APR) of 60.1%. The APR, which includes all fees, can range from a minimum of 51.85% to a maximum of 102.14%, depending on the loan specifics.

Regulatory Compliance:
LendPlus is operated by Lendplus Technology (Pty) Ltd, a registered South African company (Registration No.: 2023/805154/07). It is also a registered credit provider with the National Credit Regulator (NCRCP17814). Users are strongly advised to thoroughly review all terms, conditions, and disclosure statements before accepting any loan agreement.