PrimeLoans

PrimeLoans is a mobile application-based lending platform operating in South Africa, designed to provide quick access to short-term credit for personal use. The service emphasizes compliance with national financial regulations.

The application process is streamlined for mobile devices. Users must first download and install the app, complete a brief registration with their personal details, select their desired loan amount from the available range, and then submit the application for a lending decision.

Eligibility Requirements
Prospective borrowers must meet specific criteria: they must possess a valid South African ID document, be between the ages of 23 and 62, and have official employment with a verifiable, confirmed income.

Loan Product Details
The platform offers loans ranging from ZAR 500.00 to ZAR 4,000.00. The repayment term is short, with a minimum period of 62 days and a maximum of 90 days. The total cost of the loan is capped at a maximum Annual Percentage Rate (APR) of 116.06%. The cost structure includes two main fees: an Initiation Fee charged upfront when the loan is activated, and a recurring Service Fee.

Detailed Fee Structure and Example
The Initiation Fee is calculated based on the loan principal:

For loans of ZAR 1,300 or less: A fee of 15% of the principal amount is charged.

For loans above ZAR 1,300: A fee of ZAR 165 plus 10% of the amount by which the principal exceeds ZAR 1,000 is charged.

The Service Fee is a monthly charge. In the first month, it is calculated pro-rata based on the number of days remaining. A standard monthly fee also applies in subsequent months.

A Representative Example:
For a loan of ZAR 2,000 over 90 days at a daily interest rate of 0.167%:

Principal: ZAR 2,000

Interest (90 days): ZAR 300.60

Initiation Fee (for ZAR 2,000): ZAR 265

Service Fee (example): ZAR 150

Total Estimated Repayment: ZAR 2,715.60

Company and Compliance
The service is provided by Prime Loans Technology (Pty) Ltd, a registered South African company (Registration No.: 2024/739416/07) and a registered credit provider with the National Credit Regulator (NCRCP20937). Potential borrowers are strongly advised to thoroughly review all terms and conditions before proceeding.