Rates and interest


LOAN AMOUNT R500 R600 R700 R800 R900 R1000
Interest @5% pm* R25.00 R30.00 R35.00 R40.00 R45.00 R50.00
Initiation Fee R75.00 R90.00 R105.00 R120.00 R135.00 R150.00
Service Fee R50.00 R50.00 R50.00 R50.00 R50.00 R50.00
VAT @14% R17.50 R19.60 R21.70 R23.80 R25.90 R28.00
Credit Life Insurance ** R6.68 R7.90 R9.12 R10.34 R11.56 R12.78
Total Interest, Charges and Insurance R174.18 R197.50 R220.82 R244.14 R267.46 R290.78
TOTAL AMOUNT TO REPAY R674.18 R797.50 R920.82 R1044.14 R1167.46 R1290.78

* The above table interest rates assumes interest payable for a full month. Interest is charged on actual number of days from date borrowed to payment date.

** Credit Life Insurance covers retrenchment, death and disability. The total outstanding balance is recovered from the Insurer (Mutual & Federal).

All additional charges (bank charges, debit order fees, credit checks, employer payroll interface/integration, bank validations, etc) are not charged to the client. Res Q Loans pays for these costs.