What a loan costs
These worked examples show every charge for R2,000, R5,000 and R8,000 over three months. The annual interest rate for a first loan is 60% per annum.
R2 000 examples
| Loan amount | R2,000 |
|---|---|
| Initiation fee (once-off) | R265 |
| Interest over 3 months | R300 |
| Service fees (R60 x 3) | R180 |
| Total repayable | R2,745.00 |
| Monthly instalment | R915.00 |
| Credit cost multiple | 1.37 |
| Interest rate | 60.00000000000001% per annum |
| Loan amount | R2,000 |
|---|---|
| Initiation fee (once-off) | R265 |
| Interest over 3 months | R180 |
| Service fees (R60 x 3) | R180 |
| Total repayable | R2,625.00 |
| Monthly instalment | R875.00 |
| Credit cost multiple | 1.31 |
| Interest rate | 36% per annum |
R5 000 examples
| Loan amount | R5,000 |
|---|---|
| Initiation fee (once-off) | R565 |
| Interest over 3 months | R750 |
| Service fees (R60 x 3) | R180 |
| Total repayable | R6,495.00 |
| Monthly instalment | R2,165.00 |
| Credit cost multiple | 1.30 |
| Interest rate | 60.00000000000001% per annum |
| Loan amount | R5,000 |
|---|---|
| Initiation fee (once-off) | R565 |
| Interest over 3 months | R450 |
| Service fees (R60 x 3) | R180 |
| Total repayable | R6,195.00 |
| Monthly instalment | R2,065.00 |
| Credit cost multiple | 1.24 |
| Interest rate | 36% per annum |
R8 000 examples
| Loan amount | R8,000 |
|---|---|
| Initiation fee (once-off) | R865 |
| Interest over 3 months | R1,200 |
| Service fees (R60 x 3) | R180 |
| Total repayable | R10,245.00 |
| Monthly instalment | R3,415.00 |
| Credit cost multiple | 1.28 |
| Interest rate | 60.00000000000001% per annum |
| Loan amount | R8,000 |
|---|---|
| Initiation fee (once-off) | R865 |
| Interest over 3 months | R720 |
| Service fees (R60 x 3) | R180 |
| Total repayable | R9,765.00 |
| Monthly instalment | R3,255.00 |
| Credit cost multiple | 1.22 |
| Interest rate | 36% per annum |