Terms and Conditions

1. Definitions and Interpretation

In these Terms and Conditions, unless the context indicates otherwise:

• "Agreement" means the Credit Agreement, including the Pre-Agreement Statement and Quotation, and these Terms and Conditions.
• "Borrower" means the person applying for and/or receiving a loan from Indigo Loans.
• "Credit Provider" means Indigo Loans (Pty) Ltd, registration number 2015/239349/07.
• "NCA" means the National Credit Act 34 of 2005.
• "Website" means www.indigoloans.co.za and all associated web pages.

2. Loan Terms and Conditions

2.1 Loan Eligibility

To be eligible for a loan, you must:

• Be at least 18 years of age
• Be a South African citizen or permanent resident
• Have a valid South African ID document
• Have a regular source of income
• Have an active bank account
• Not be under debt review or administration
• Not be an unrehabilitated insolvent

2.2 Interest and Fees

• Interest is charged at 5% per month for first-time borrowers
• Subsequent loans within 12 months may qualify for reduced interest of 3% per month
• Initiation fee and service fees apply as per NCA regulations
• All fees and charges will be clearly disclosed in the loan agreement

3. Borrower Obligations

The Borrower agrees to:

• Provide accurate and truthful information during the application process
• Inform the Credit Provider of any changes in contact details or employment status
• Make payments on the agreed dates
• Maintain sufficient funds in their account for debit order payments
• Not apply for debt review while having an active loan
• Cooperate with any reasonable requests for additional information

4. Payment Terms

4.1 Payment Methods

• Payments will be collected via DebiCheck debit order system
• The Borrower must authenticate and approve the DebiCheck mandate
• Alternative payment arrangements must be approved in writing

4.2 Default and Late Payments

In the event of default:

• Late payment fees may be charged
• Default may be reported to credit bureaus
• Legal action may be taken to recover the debt
• Collection costs will be charged as per NCA regulations

5. Privacy and Data Protection

• Personal information will be collected and processed in accordance with POPIA
• Credit information will be shared with credit bureaus
• Information may be used for credit assessment and fraud prevention
• The Borrower consents to credit checks being performed

6. Early Settlement

The Borrower may settle the loan early by:

• Paying the outstanding principal amount
• Paying accrued interest and fees up to the settlement date
• No early settlement penalties will be charged

7. Dispute Resolution

In case of disputes:

• Contact our customer service department first
• Complaints may be escalated to the National Credit Regulator
• Matters may be referred to the National Consumer Tribunal
• The Borrower has the right to apply for debt counseling

8. Changes to Terms

Indigo Loans reserves the right to modify these terms and conditions. Changes will be communicated to borrowers and posted on our website.

10. Acceptance

By checking the "I accept the terms and conditions" box during registration, you acknowledge that you have read, understood, and agree to be bound by these terms and conditions.