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Please note that these are only approximate figures. All rates are calculated on a daily basis as stipulated by the National Credit Regulator. Please request a quote from us to determine the actual repayment amount and installment(s) should you wish to apply for a loan.

APR

3% per month (which equates to a maximum of 36% APR).

Repayment Terms

Repayments will be made over no less than 1 month and no more than 2 months. 

RENEWAL POLICY

No Renewals of Loans are automatic. All New loans are subject to employment and affordability criteria. A Consumer will qualify for the same amount if it is paid successfully for 3 times. Thereafter limit may be reviewed depending on consumer’s Financial circumstances and affordability. No additional fees are charged to Renew a loan. Each loan carries its standard fees in terms of Chapter 5 of the Credit Act No 34 of 2005.

COLLECTION POLICY

All Collections are done by NAEDO Debit orders and soon to be introduced AC (Authenticated Collections) via FNB.

NON-PAYMENT

Non-payment will result in a R60 service fee charge if the loan is arrears for 30 days. Additional Interest of 3% per month may also be added for up to 2 months. After this the Debt will be handed over to our external collection agency and their Attorneys. Not paying your loan could impact your Credit Rating and make it difficult to qualify for finance at other Credit Providers.

EXAMPLE

If R2000 is borrowed for 20 days.
Initiation Fee: R265.00
Service Fee: R40.00
Interest: R45.30
VAT: R42.70

Total to Repay: R2393.00

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IMPORTANT INFORMATION

IMPORTANT INFORMATION

Please keep this with your policy documents for ease of reference

Credicover cc FSP 45735

78 Edelvalk Street, Monument Park

Tel: 0861 273 342

Email: frans@credicover.co.za

Compliance Officer :S Liebenberg 011 – 425 4603

Claims

-       In the event of any occurrence which could lead to a claim you must advise us as soon as possible, but not later than within 30 days after the event;

-       The police must be advised as soon as possible where relevant;

-       Where possible the claim should be submitted in writing with supporting documentation;

-       You must not admit liability under any circumstances;

-       You must forward to us any correspondence relevant to a claim from any other person as soon as possible;

-       We will inform you in the event that a claim is rejected, however any recourse or enquiry must be addressed to the Insurer at the contact numbers given in your policy, or us at the contact details given above.

In the event you are dissatisfied with the handling of a claim you have the right to approach the Ombud s for Long or Short Term Insurance. Their details are provided on your policy schedule. Their services are free and the decisions are accepted by the Insurance companies

Credicover cc is authorised to provide Advice and Intermediary Services in the following Classes of Business

·          Short Term Insurance Personal Lines

·          Long Term Insurance

·          Pension Fund Benefits

·          Investments

·          Cat IV asdministration

We have agreements to place cover with the following Underwriters; Turnberry;TRA;Discovery;Old Mutual; Momentum; Sanlam; Ecsponent; Liberty

Credicover accepts responsibility for the Advice and Intermediary Services rendered by their authorised representatives in the course and scope of their work . You are entitled to ask for sight of their representative’s authorisation letter.

The premium

-       The manner of payment of premium, due date, and consequences of non-payment are explained at the time of quote and in the policy wording.

-       If the premium is paid by debit order;

o    It may only be in favour of one person and may not be transferred without your approval; and

o    The insurer must inform you at least 30 days before the cancellation thereof, in writing, of its intention to cancel such debit order.

Cover is only in force if the premium is paid.

Please contact us immediately if there is a problem with a premium payment  to ensure that the cover remains in place

·          Commission is payable as stipulated in  Regulations and is disclosed with your policy schedule

·          We earn more than 30% remuneration from liberty Insurance Company

·          A written mandate to act on behalf of each Product Supplier is available at our offices on request.

·          Professional Indemnity cover is in force.

·          The insurer may not cancel your insurance merely by informing the intermediary. There is an obligation to make sure the notice has been sent to you

·          We will inform you of any material change in the information given to you.

·          We will ensure that you are notified of any change in these details, in writing, within 30 days

·          Your voice recordings will be provided if requested

·          You have a cooling off period of 14 days from the date that a variation of your policy is received by you.

Your Obligations

·          You have an obligation to review the cover, descriptions provided by you and the sums insured to ensure these are accurate and adequate

·          You must advise us of any change to address, descriptions, values, use or ownership as soon as reasonably possible to ensure that you are correctly and adequately insured

·          You have an obligation to advise us of any material  information which could affect the risk of the items insured

·          Incorrect or non-disclosure by you may impact on any claims arising from your contract of insurance

If you are not sure about or do not understand any part of your policy, please contact us – we are here to to assist you.

Warning

·          Do not sign any blank or partially completed forms

·          Keep all documents handed to you

·          Do not be pressurised to buy the product

Conflict of Interest: There is no conflict of interest between us and our product suppliers. We ensure that our client’s interests are foremost at all times. Our Conflict of Interest policy is available for perusal at our offices during business hours.

Complaints

Credicover is committed to ensuring that your interests are our priority. However, should you have a complaint, please address it to us in writing at the above address and we will attend to it immediately. Where required, we will make our facilities available to you to assist with the submitting of the complaint.

-       We will confirm receipt of the complaint

-       You will be kept advised of the progress of the complaint

-       You will be advised in writing of the resolution of the complaint

-       You may contact our Compliance Officer : S Liebenberg : Email : suel@mweb.co.za   Tel : 011 425 4603

In the event that a complaint can not be resolved within 6 weeks or the resolution was not to your satisfaction, you have the right to then approach the Financial Services (FAIS) Ombud. Contact details;

The Ombud for Financial Services

Tel    :  012 762 5000 / 012 470 9080      Fax   :  012 348 3447 / 012 470 9097

Post :  Box 74571, Lynwoodridge, 0040

e-mail:  info@faisombud.co.za  Website : 012 348 3447 / 012 470 9097