Terms & Conditions
Last updated: April 2026
1. Agreement to Terms
By accessing and using PayDat Loans services, you acknowledge that you have read, understood, and agree to be bound by these Terms and Conditions. If you do not agree with any part of these terms, you must not use our services.
2. Eligibility
To qualify for a loan from PayDat Loans, you must:
- Be a South African citizen or permanent resident
- Be at least 18 years of age
- Have a valid South African ID number
- Have a regular source of income
- Have an active South African bank account
- Provide proof of income (payslips and bank statements)
3. Loan Terms
3.1 Loan Amounts
We offer loans ranging from R500 to R5 000. The actual amount you qualify for depends on our affordability assessment.
3.2 Repayment Period
Loans must be repaid within 30 to 60 days from the date of disbursement. You select your preferred repayment date during the application process.
3.3 Interest and Fees
Our fees and charges include:
- Daily Interest Rate: 6.00% per day
- Service Fee: R50
- Initiation Fee: 0.0% of loan amount (capped at R0)
- Credit Life Insurance: 1.00% per day
All fees are calculated and displayed in your loan agreement before you accept the loan. We comply with National Credit Act regulations regarding maximum interest rates and fees.
4. Application Process
When you apply for a loan, you must:
- Provide accurate and truthful information
- Upload required documentation (3 months payslips and bank statements)
- Consent to credit and affordability checks
- Agree to these Terms and Conditions
We reserve the right to verify all information provided and may request additional documentation. Providing false information is grounds for immediate loan denial and may result in legal action.
5. Loan Approval and Disbursement
Loan approval is subject to successful affordability assessment and credit checks. Approval is not guaranteed. If approved, funds will be transferred to your nominated bank account within 1-24 hours.
6. Repayment
You agree to repay the full loan amount plus all applicable fees and interest on or before the agreed repayment date. Repayment will be collected via debit order from your nominated bank account.
If you cannot make the payment on the due date, you must contact us immediately to discuss alternative arrangements.
7. Late Payment and Default
If you fail to repay on time, we may:
- Report the default to credit bureaus
- Charge late payment fees (as permitted by law)
- Take legal action to recover the debt
- Hand over the account to a debt collection agency
8. Data Protection and Privacy
We collect and process your personal information in accordance with the Protection of Personal Information Act (POPIA). See our Privacy Policy for full details.
9. Cancellation Rights
You have the right to cancel your loan agreement within 5 business days of signing, provided you have not yet received the loan funds. If funds have been disbursed, you must return them in full before cancellation can be processed.
10. Complaints and Disputes
If you have a complaint, please contact us first at support@paydat.co.za. If we cannot resolve your complaint, you may escalate it to the National Credit Regulator (NCR).
11. Changes to Terms
We reserve the right to modify these terms at any time. Changes will be posted on this page with an updated revision date. Continued use of our services after changes constitutes acceptance of the new terms.
12. Governing Law
These Terms and Conditions are governed by the laws of the Republic of South Africa. Any disputes will be subject to the exclusive jurisdiction of South African courts.
13. Contact Information
For questions about these terms, please contact us:
Email: support@paydat.co.za
Phone: 0800 123 456