1. Loan Approval & Agreement
snapcash approves loan applications based on several critical factors, including the requirement that the customer has a fixed and guaranteed income. Before funds are disbursed, you must agree to the terms of the Loan Agreement and the Debit Order Authorization. Under South African law, this electronic signature carries the same legal weight as a handwritten signature on a paper document.
2. Our Commitment to Transparency
We prioritize building relationships based on trust. To ensure you are fully informed, we want to clearly outline the consequences of failing to meet the repayment terms of your Loan Agreement:
Credit Bureau Reporting: Snapcash collaborates with leading credit bureaus. Information regarding late or missed repayments will be shared with these agencies. This will negatively impact your credit score, making it difficult to obtain credit from Snapcash or other financial institutions in the future.
Continued Interest Accrual: Failure to settle your loan on the due date does not stop the accrual of interest. Interest will continue to be charged for every day the loan remains unpaid.
Fixed Interest Rates: While we charge penalty fees for late payments in accordance with your agreement, Snapcash is a responsible lender. We do not “hike” or increase your interest rate as a penalty; the original interest rate remains the same, but it continues to apply to the outstanding balance until settled.
Collection & Legal Costs: In the event of default, the customer will be liable for all costs associated with legal proceedings and the fees charged by external debt collection agencies.
3. Managing Your Repayment
If you are uncertain of your ability to repay a loan, we strongly advise that you do not utilize our services. However, we understand that financial circumstances can change.
If you are unable to make a payment:
Contact Us Immediately: We prefer to work with our customers. If you reach out before defaulting, we can often negotiate a manageable repayment plan.
Communication is Key: We will always attempt to contact you first to resolve the matter amicably.
Escalation: If a customer does not cooperate or communicate, we will be forced to hand the account over to professional debt collection agencies and, if necessary, pursue legal action through the courts.